BRIGHTSTAR RESOURCES LIMITED — Capital/Financing Update 2005

Sep 22, 2005

AUSTRALIAN STOCK EXCHANGE CODE AAM

ANNOUNCEMENT TO THE AUSTRALIAN STOCK EXCHANGE FRIDAY 23 SEPTEMBER 2005

• ACQUISITION OF HIGH GRADE PROSPECTS WITHIN THE BRIGHTSTAR FOOTPRINT
• RC DRILLING TESTS UNDERGROUND POTENTIAL AT BRIGHTSTAR BETA

ACQUISITION OF HIGH GRADE PROSPECTS WITHIN THE BRIGHTSTAR FOOTPRINT

Directors of A1 Minerals Limited (A1) are pleased to announce that they have recently concluded negotiations to acquire three high grade prospects with previous historical mining. All prospects are within the 'BrightStar Project Area Footprint'.

A1's management is confident that the three prospects have the potential to add significant upside to the BrightStar Gold Project. The lowest average grade achieved from historical mining from each of the prospects was 19 g/t.

P 38/422 and MLA 38/549

Prospecting Licence 38/422 and MLA 38/549 were acquired from Mr W Rixon, subject to the tenements being in good standing and free of any encumbrances. Consideration for the purchase is the allotment of 20,000 ordinary shares in A1.

Historical mining produced an average grade of 19.1 g/t.

P 38/2944 and MLA 38/984

A1 has entered into an agreement with Bullabulling Pty Ltd to acquire P 38/2944 and MLA 38/984 subject to the tenements being in good standing and free of any encumbrances. Consideration for the purchase is the allotment of 40,000 ordinary shares in A1.

Historical mining produced an average grade of 34.8 g/t.

ANNOUNCEMENT TO THE AUSTRALIAN STOCK EXCHANGE FRIDAY 23 SEPTEMBER 2005

M 38/241

Mining Lease 38/241 was acquired from Mr Trevor Dixon subject to the tenements being in good standing and free of any encumbrances. Consideration for the purchase is the allotment of 40,000 ordinary shares in A1 and a 1% (one percent) gross royalty on revenue from production.

Historical mining produced an average grade of 67.6g/t.

RC DRILLING PROGRAMS TEST UNDERGROUND POTENTIAL AT BRIGHTSTAR BETA

The Company has been testing extensions to known mineralisation at the BrightStar Gold Project and in addition to this, the completion of reverse circulation (RC) drilling on 20 metre spaced sections in the oxide zone. New resource models for Alpha and Beta are being generated from results of this new drilling.

Based on re-interpretation of the existing database at Beta, A1 geologists are currently testing the depth extent of mineralisation over a 500 metre strike length.

All current drilling is due for completion before the end of the month. Results are pending.

John Williams B.Sc. MAusIMM Managing Director

The information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr John Williams, who is a member of the Australasian Institute of Mining and Metallurgy. Mr Williams is a full time employee of A1 Minerals Limited and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a competent person as defined in the 2004 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Williams consents to the inclusion in the report of the matters based on his information in the form of context in which it appears.

Suite 34 : 25 Walters Drive : Osborne Park : Western Australia : 6017 Telephone (618) 9244 1400 : Facsimile (618) 9244 1600 : ASX Code AAM Email info@a1minerals.com.au website www.a1minerals.com.au ABN 44 100 727 491 : ASX Code AAM : Member of AMEC