BRIGHTSTAR RESOURCES LIMITED — Capital/Financing Update 2008

Dec 18, 2008

Oklo Uranium Limited

ASX Announcement 19 December 2008

Oklo Project Update - Australia

Highlights

• Oklo granted Exploration License in Queensland considered prospective for phosphate and uranium;

• The newly granted tenement is located 25km north of Phosphate Hill and has a five year term;

• According to the Queensland Department of Mines and Energy, Phosphate Hill has proven and probable reserves of eighty two million tonnes at 24.4% P2O5;

• The Queensland Burke River Phosphate Project complements Oklo’s large Tatteul Phosphate Project in Mali, which was recently granted and announced to the ASX on the 16 December;

• Oklo has given notice to A1 Minerals Limited (ASX: AAM) of its intention to withdraw from the Narnoo Joint Venture;

• Although uranium intercepts were recorded in two areas, the cost of maintaining the joint venture is considered unwarranted;

Australian based uranium company Oklo Uranium Limited (ASX: OKU) has enhanced its phosphate portfolio with the recent granting of their Burke River Project in Queensland. The tenement (EPM16055) is valid for five years as from December 2008.

Phosphate is currently being mined at Phosphate Hill, located approximately 30 kilometres south of the Burke River Project. The Phosphate Hill Mine has published proven and probable reserves of 82Mt at 24.4% P2O5. Mineralisation is associated with specific horizons within the Georgina Basin sequence.

The Burke River Project was initially selected for its uranium potential, both surfical and phosphate related types. Oklo is now also aware of the significant opportunity that also exists to explore for phosphate on the property.

The Burke River Project area is extensively covered by Georgina Basin sediments and Oklo’s Managing Director, Mr Ross Brown, considers that there is a likelihood that Georgina Basin sediments horizontally equivalent to the mineralised phosphate beds at Phosphate Hill may exist in the Burke River Project area. “A drilling campaign would be required to identify possible phosphatic beds at depth” Mr Brown says.

Oklo also wishes to advise that it has given formal notification to A1 Minerals Limited of its intention to withdraw from the joint venture for the Narnoo Uranium Project located in Western Australia. After detailed consideration of the results and the structure of the joint venture, it is considered that continued exploration was not warranted at Narnoo. Although two zones of mineralisation were identified, these were not ultimately considered significant both in terms of grade and thickness, especially by comparison to uranium intersects at nearby Mulga Rock. The Company considers that other projects within its portfolio provide for significantly increased opportunities for the discovery of commercial uranium deposits.

A: 169A Broadway, Nedlands WA 6009 ABN: 53 121 582 607 T: +61 8 9386 4003 F: +61 8 9386 3004 W: www.oklouranium.com E: info@oklouranium.com

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Figure 1: Burke River Project area.

For more information please contact:

Ross Brown, Managing Director Oklo Uranium Phone: (08) 9386 4003 Email: rbrown@oklouranium.com

Melanie Gray Professional Public Relations (PPR) Phone: (08) 9388 0944 Email: mgray@pprwa.com.au

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr. Ross Brown, Managing Director, Oklo Uranium Ltd., who is a Member of the Australian Institute of Mining and Metallurgy. Mr. Brown is a full time employee of Oklo Uranium Ltd. He has sufficient experience, which is relevant to the style of mineralization and types of deposits under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined by the 2004 edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Brown consents to the report being issued in the form and context in which it appears. The information in this report that relates to Exploration Results is also based on information compiled by Mr. Nigel Maund, Exploration Manager, Oklo Uranium Ltd., who is a Fellow of the Australian Institute of Mining and Metallurgy and the UK Institution of Mining, Metallurgy and Materials. Mr. Maund is a full time employee of Oklo Uranium Ltd. He has sufficient experience, which is relevant to the style of mineralization and types of deposits under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined by the 2004 edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Maund consents to the report being issued in the form and context in which it appears.

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