BRIGHTSTAR RESOURCES LIMITED — Capital/Financing Update 2007

Feb 18, 2007

19 February 2007

The Manager. Company Announcements Australian Stock Exchange Svdnev, NSW

Dear Sir / Madam,

Narnoo Uranium Joint Venture

The Board of A1 Minerals Limited (A1) is pleased to announce that they have agreed terms for a Joint Venture at its Narnoo Exploration Project with Oklo Uranium Limited (Oklo) in respect of A1's 100% owned Narnoo Exploration Project, situated near the Mulga Rock ) Uranium Deposit.

Oklo Uranium Limited is seeking to list on the ASX within the next few months. Details of Oklo are available at their website www.oklouranium.com

Oklo have told A1 they see the potential for palaeo-channel hosted style uranium deposits on the Narnoo Tenements.

Under the JV arrangement Oklo would earn a 70% interest in the uranium rights (only) in the Narnoo Tenements once all of the following conditions have been met:

• 1) Payment of \$200,000 (two hundred thousand) cash to A1 Minerals by Oklo upon listing on the ASX (which must occur by 30 April 2007);
• 2) Commitment to exploration expenditure of \$1.2M over 2 years or less by Oklo. This includes Oklo spending \$260,000 by 1^st Aug 2007 and a further \$250,000 by 1^st November $2007$ : and
• 3) Oklo issues 2,000,000 (two million) options @20c to A1 exercisable within a 3 year period from the date of issue.

A1 will be free carried to the 70% interest level by Oklo. From that point A1 may elect to either contribute pro rata to retain its 30% interest in the uranium rights or dilute to a final 2% gross royalty position under the terms of the standard industry dilution formula or contribute pro rata to retain its 30% interest in the uranium rights. In addition A1 retains 100% ownership of gold and all minerals interest in all other than uranium within the Tenements. Oklo has agreed to undertake and pay the cost of sampling and assaying for gold and other minerals (as requested by A1) within the scope of Oklo's uranium exploration programs.

The Directors of A1 are very pleased with this outcome as it provides the opportunity for A1 to focus on its gold assets in the Laverton region and retain an interest in the Narnoo tenements for gold and other metals. In addition A1 shareholders will participate through A1's option holding, in Oklo's expertise being applied to the uranium potential of the project.

Background to Project

A1 owns 100% of the Narnoo Exploration Project, situated near the Mulga Rock Uranium Deposit. This comprises 12 granted exploration licences covering an area of 2000 sq km.

An independent review by geophysical consultants, of preliminary imagery from a recent government radiometric survey, shows anomalistic uranium channel radioactivity on some of the Tenements

The East Yilgarn potassium-thorium-uranium data recently released by the Geological Survey of Western Australia was reviewed by Southern Geoscience Consultants. The review was of a preliminary Ternary Radiometric image made from the raw, unlevelled data (potassium, thorium and uranium channels as red, green blue respectively).

The data indicates uranium channel anomalism along the edges of playa lake drainages.

The occurrence of uranium anomalism at surface is significant as it is near the Mulga Rock Uranium Deposit. Originally delineated by the Japanese Government's Power Reactor and Nuclear Fuel Development Corporation during the 1980s. Mulga Rock has a published resource of 10.8Mt @ 0.12% uranium (Mulga Rock Uranium and Multi-element Deposits, Officer Basin, WA G B Douglas, C R M Butt and D J Gray, CSIRO Land and Water, CRC LEME 2003).

John Williams Managing Director

The information in this report that relates to mineral exploration 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 Director and 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 (JORC Code). Mr Williams consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.