BRIGHTSTAR RESOURCES LIMITED — Capital/Financing Update 2006

Apr 2, 2006

ASX/MEDIA RELEASE

MONDAY 3 APRIL 2006

PRE-FEASIBILITY STUDY RESULTS SHINE FOR A1'S BRIGHTSTAR

DEVELOPMENT DECISION ON TRACK FOR 2006/FIRST PRODUCTION 2007

HIGHLIGHTS:

• Pre-feasibility results confirm robust nature of BrightStar Project:
• Toll treatment option indicates good profitability
• $\circ$ Metallurgical studies show scope for a potential low Capex/Opex stand alone mill option
• A1 remains on track for development decision during 2006 with first production targeted for 2007

Perth, Western Australia - 3 April, 2006 - Gold development group, A1 Minerals Limited (ASX: AAM) has taken another step in its emergence as a new Australian gold producer with the announcement today (Monday) of results of a Pre-feasibility Study being carried out to evaluate production options for the Alpha and Beta resources at its BrightStar Gold Project, near Laverton in Western Australia.

The studies, which commenced in December 2005, have been evaluating a number of mining and processing scenarios including a potential multiple open pit development of BrightStar Alpha and adjacent BrightStar Beta deposits, where a JORC compliant resource of 2.88 million tonnes @ 4.32 g/t for 400,290 ounces of contained gold (using a 1g/t lower cut-off) was announced in December, 2005.

A toll treatment scenario for the BrightStar ore, assuming access to one of three existing CIL processing facilities within a 40 kilometre haulage distance, has been completed and indicates the project's potential to generate strong profits.

A1 said today (Monday) pit optimisation studies, using a A\$750/oz gold price, showed that mining of multiple oxide pits resulted in a combined output ranging between 488,000 tonnes @ 4.91g/t Au for 77,000 oz of contained gold and 1,074,000 tonnes $@3.25g/t$ Au for 112,000 oz of contained gold, depending on final toll treatment cost. This would indicate in one year of production a pre tax profit of between \$12 million and \$25 million after consideration of all costs, including royalties payable. These outputs are based on resources that include a 40% Inferred component, which is currently being drilled to Indicated category.

Commenting on the results, A1 Minerals Managing Director, Mr John Williams, said that these early results were extremely pleasing and that metallurgical studies had also shown scope for a low Capex/Opex processing option for the BrightStar development utilising gravity separation followed by vat leach. Final testwork on this option commences this month.

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

"A low Capex/Opex option would extend the life of the operation, based on current resources. Additionally, this would provide A1 with a small, flexible treatment facility on site which could be mobilised to treat future resources as they are developed." Mr Williams said.

A1's BrightStar Project tenements cover an area of 400 square kilometres within the Burtville Domain of the Laverton Greenstone Belt in the North-eastern Goldfields region of Western Australia, an area with a known gold endowment of around 25 million ounces, mostly discovered since 1986 using modern exploration methods. Major discoveries include the Sunrise and Wallaby gold deposits, as well as BrightStar's Alpha deposit. The region also has some evidence of early high grade underground mining such as at BrightStar's Beta deposit (formerly the old Mikado Mine) acquired by A1 in 2005 and located 15 kilometres from BrightStar Alpha.

A1's gold resource has grown at a rate of around 200,000 ounces per annum which, together with a recent tenement acquisition from West Australian Metals Ltd. has enabled the company to almost double its resource inventory to 600,000 ounces over the past 2 years.

"It is important to emphasize the potential for increased resources with further drilling. The BrightStar deposits remain open and show increasingly strong grades at depth," Mr Williams said. "Based on our exploration record, we are on track to reach our target of 1 million ounces in resources within the next two years," he said.

"The Pre-feasibility Study was completed on schedule and the Board will now commission a Bankable Feasibility Study which will give consideration to both treatment options. A formal development decision will be finalised before the end of 2006, with a view to the commencement of mining in 2007."

The study was conducted largely in-house by A1 Minerals using experienced exploration and mining personnel. External consultant Metallurg Pty Ltd was used for the metallurgy with peer review on resources being undertaken by Finore Pty Ltd and on mining by Holly Mining Pty Ltd.

Completion of the Pre-feasibility Study represents an important step in A1's strategy of becoming an Australian gold producer based in the Laverton area through the exploration, acquisition and development of quality resource projects.

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 and / or Mr Tony Ryall, both of whom are members of the Australasian Institute of Mining and Metallurgy. Mr Williams is a full time employee of A1 Minerals Limited and Mr Ryall is an independent geological consultant, both men have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as competent persons as defined in the 2004 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Both Mr Williams and Mr Ryall consent to the inclusion in the report of the matters based on the information provided in the form and 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