BRIGHTSTAR RESOURCES LIMITED — Capital/Financing Update 2005

Mar 3, 2005

ANNOUNCEMENT TO THE AUSTRALIAN STOCK EXCHANGE

FRIDAY 4 MARCH 2005

ASX REGISTERED CODE: AAM

NEW, WIDE HIGH-GRADE GOLD HITS AT BRIGHTSTAR PROJECT

EXCELLENT RESULTS FROM NEW EXTENSIONS TO BRIGHTSTAR DISCOVERY ZONE

A1 Minerals Limited (ASX:AAM) has received a major boost from the latest exploration results at its Brightstar Gold Project, with drilling intersecting wide zones of high-grade, near-surface gold mineralization in a new area some 400 metres to the north west of the original Brightstar Discovery Zone (BDZ) (Figure 1).

Early results from an ongoing 10,000 metre rotary air blast (RAB)/aircore (AC) program included 3 metres at 9 g/t gold from 31 metres, 7 metres at 6.35 g/t from 32 metres (including 1 metre at 34.3 g/t), 7 metres at 4.15 g/t from 56 metres (including 1 metre at 20.5 g/t), 7 metres at 3.69 g/t from 39 metres (including 2 metres at 9.69 g/t), and 2 metres $@$ 16.77 $q/t$ from 54 metres (see Table 1).

The new results are principally from two lodes extending northwest of the original BDZ, which featured high-grade intersections of up to 12 metres at 47.7 g/t gold.

These very exciting results are from a drilling program to test the economic significance of the newly extended BDZ, particularly to the north on newly acquired ground.

The BDZ has now been extended over a 2km strike length and the presence of multiple. shallow plunging mineralised lodes over this area have been confirmed, further reinforcing the Company's original exploration model. The significant strike length and multiple lodes of the BDZ suggest the potential for a large, open pit resource.

A1 Directors are very pleased with these early positive indications, approximately 80% of drill results from the current program are yet to come.

Hole	MGA94	MGA94	From	Width	Gold
	East	North	(metres)	(metres)	(Grams/tonne)
BSA166	472255	6822950	31	3	9.0
BSA151	472223	6822996	32		6.35
			including		34.30
BSA163	472244	6822964	36	$\overline{2}$	6.84
BSA143	472200	6823018	37	4	1.80
			including		4.68
BSA160	472234	6822981	39	7	3.69
			including	2	9.69
BSA177	472027	6822817	43		2.14
BSA147	472217	6823018	44	4	1.44
			including		3.38
BSA175	472016	6822823	44		5.80
BSA159	472240	6822989	45	8	1.72
			including	3	3.14
BSA177	472027	6822817	51		4.51
BSA175	472016	6822823	54	2	16.77
BSA148	472220	6823027	56	7	4.15
			including		20.80

TABLE 1: LATEST AIR CORE DRILL RESULTS

John Williams

B.Sc, MAusIMM Managing Director

The Geological information in this report as it relates to mineral resources and ore reserves is based on information compiled by A1 Minerals Managing Director Mr John Williams, who is a member of the Australasian Institute of Mining and Metallurgy, with over 20 years experience in the mining industry.

COMPANY OVERVIEW

A1 Minerals Limited controls the largest tenement holding in the highly prospective Laverton District of Western Australia. The BrightStar Gold Project is a new gold discovery by A1 Minerals and is located on the eastern margin of the Laverton Tectonic Zone, a zone that has produced nearly 9 million ounces of gold to 2002 from a resource base of nearly 25 million ounces.

THE BRIGHTSTAR GOLD PROJECT INDICATES

• ✓ MULTI-MILLION OUNCE POTENTIAL
• ✓ LOW CAPEX REQUIRED
• ← LOW COST OF PRODUCTION
• $\checkmark$ TOLL TREATING OPTION
• $\checkmark$ EXCELLENT METALLURGY with above 98% recoveries expected

DURING 2004: A1 HAS ACHIEVED THE FOLLOWING

• $\checkmark$ EXTENDED THE BRIGHTSTAR DISCOVERY ZONE TO 2 KILOMETRES
• $\checkmark$ ACHIEVED EXCELLENT WIDTHS AND GOLD GRADES FROM SURFACE TO 200+METRES DEPTH
• √ INDICATED PROFITABLE OPEN PIT MINEABILITY
• $\checkmark$ NEW LODES AND EXTENSIONS are continually being discovered;
• $\checkmark$ MINERALIZATION REMAINS OPEN along strike in both directions and open at depth
• $\checkmark$ CONSOLIDATED LARGEST GROUND HOLDING ON GREENSTONE BELT
• √ NATIVE TITLE AGREEMENT
• $\checkmark$ MINING LEASE GRANTED AT BRIGHTSTAR

DURING 2005, A1 INTENDS TO

• $\checkmark$ CONTINUE DRILLING TO EXTEND THE BDZ
• $\checkmark$ GENERATE FIRST RESOURCES STATEMENT WITH A VIEW TO MINE 2006
• $\checkmark$ DRILL NARNOO (large 1000 square kilometre exploration project on the same greenstone belt as BrightStar. The project hosts 6 gold prospects with many kilometres of gold mineralisation)

A1 CONTINUES TO MAINTAIN A RELATIVELY TIGHT CAPITAL STRUCTURE TO PROVIDE SHAREHOLDERS WITH LEVERAGE ON EXPLORATION SUCCESS

41 MILLION ORDINARY FULLY PAID SHARES (26 MILLION TRADABLE AND 15 MILLION ESCROWED TO DECEMBER 2005) CURRENT MARKET CAPITALISATION APPROXIMATELY \$12.4M

THE DIRECTORS OF A1 HAVE THE EXPERIENCE AND TRACK RECORD TO FIND DEVELOP AND MINE MULTI-MILLION OUNCE GOLD DEPOSITS. THE DIRECTORS ARE FOCUSED ON THE DEVELOPMENT OF TWO ADVANCED GOLD PROJECTS, BRIGHTSTAR AND NARNOO, SITUATED WITHIN A CORRIDOR OF THE LARGEST MULTI MILLION OUNCE WEST AUSTRALIAN GOLD MINES OF THE PAST 20 YEARS.