BRIGHTSTAR RESOURCES LIMITED — Capital/Financing Update 2008

Jul 8, 2008

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AUSTRALIAN STOCK
EXCHANGE CODE AAM
Current Issued Capital: 101,041,861 Ordinary Fully Paid Shares Market Cap at 11 cents $11M Cash at Bank: $4.9M
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9 July 2008

ASX ANNOUNCEMENT A1 MINERALS EXPLORATION UPDATE

• New Discovery at Delta 2 Confirmed by Ongoing Diamond Drilling

• Visible Gold in Drill Core

• 3-km Gold System Identified

• 20,000 m Air-core Drill Program Underway

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Visible gold is seen in core of a talcchlorite host rock

A1 Minerals’ Delta project includes ~150 km[2] of tenements around the old Cork Tree Well Mine, which in 1987-8 produced 740,000 tonne of oxide-ore @ 2.4g/t (recovered) from two shallow open-pits.

A1’s review of available data has shown that the previous tenement holders conducted very little effective drilling outside of the known Cork Tree Well Deposit. A1 Minerals recognised that deeper drilling is necessary to detect gold mineralisation below the alluvial cover and a heavily depleted saprolite zone.

A1 has now discovered a 3km long gold mineralised corridor extending from the known Cork Tree Well Mine., (Delta 1) to Cork Tree Well North (Delta 2). There are now drilling indications of high grade gold extensions continuing at depth in key structural positions.

The discovery at Delta 2 was identified through A1 Minerals’ integrated exploration methodology of understanding the controls on gold mineralisation within the Laverton setting; conducting focused geological, geophysical, geochemical surveys to select drill targets; and committing to drill below the regolith.

This new discovery, located to the north of the old Cork Tree Well Mine, is consistent with A1 Minerals’ objective of increasing the size and robustness of its resource base and enhancing its options for production.

Suite 34, 25 Walters Drive, Osborne Park WA 6017 Telephone (618) 9244 1400 Facsimile (618) 9244 1600 Email info@a1minerals.com.au Website www.a1minerals.com.au

ABN 44 100 727 491

The Delta project site has many logistical advantages for location of a treatment facility including an established tailings storage facility, a well constructed airstrip, good road access and an abundant water supply. All the mineral resources and mine infrastructure are on granted mining leases where substantial mining has already taken place, so there should be no issues concerning mining, native title and environmental approvals.

Mineralisation at Delta 1 and Delta 2 appears to be controlled by late high angle extensional faults (shown as green dashed lines in Figure-1), which are recognised as important controls on gold deposition elsewhere in the Laverton area.

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Figure 1- Delta Project showing the old Cork Tree Well Mine that produced 740KT AT 2.4G/T (198788). The New Delta 2 Prospect Northeast structures are shown as green dashed lines in the pits. (Dots are drill hole locations (red >0.5g/t) and the yellow lines represent the mineralised corridor hosting gold lodes.)

Suite 34, 25 Walters Drive, Osborne Park WA 6017 Telephone (618) 9244 1400 Facsimile (618) 9244 1600 Email info@a1minerals.com.au Website www.a1minerals.com.au ABN 44 100 727 491

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Figure 2. A1 Minerals Managing Director John Williams discussing drillhole orientation with Apex Drilling contractor Ziggy Wolski

The first few holes of a diamond drilling program have been completed and whilst assaying is incomplete the geological indications are very encouraging as visible gold is present in the drill core.

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Figure 3. Visible Gold in drill core

An attached drill section for Delta 2 shows the position of one of the recent diamond holes and the location of the mineralisation seen in the core. (refer Figure 4.)

Suite 34, 25 Walters Drive, Osborne Park WA 6017 Telephone (618) 9244 1400 Facsimile (618) 9244 1600 Email info@a1minerals.com.au Website www.a1minerals.com.au

ABN 44 100 727 491

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Visible gold @ 161 m
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– Figure 4 Delta 2 section 12600 North

A1 has previously reported exploration drilling at the Delta 1 and Delta 2 prospects. It is that drilling combined with the geophysical tools used recently which have enabled A1’s geologists to provide the current targets. Some of the better drill intercepts previously reported from Delta 2 are set out below:

Drillhole	Grid N	Grid E	Dip	Azim	From	To	Thickness	Grade
CTC001	7832	1256	60	255	120	135	15	4.40
CTA115	7592	1155	60	255	37	58	21	4.03
CTA122	7705	1293	60	255	56	60	4	15.80
CTA112	7618	1155	60	255	20	24	4	10.36

In addition ongoing air-core drilling is testing a NE structural corridor for mineralisation away from the old Cork Tree Well trend in the Central Zone anomaly Area. The Central Zone is a newly recognised mineralised zone interpreted to form part of the main NE structure through Delta 2.

The Central Zone occurs in the middle of the greenstone belt about 2 km NE of the Delta 2 prospect where the belt shows a favourable flexure in regional strike. (refer to Figure 5)

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Figure 5 – Delta Magnetic Image: NE structures delineated by magnetics seem to play a major role in concentrating or cutting off mineralisation and appear as porphyry dykes in the pits. Note the major shear flexure in the Central Area,

Suite 34, 25 Walters Drive, Osborne Park WA 6017 Telephone (618) 9244 1400 Facsimile (618) 9244 1600 Email info@a1minerals.com.au Website www.a1minerals.com.au

ABN 44 100 727 491

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Figure 6 - The shallow wavelength gravity images show local structures in more detail. The rounded structural pattern appears to indicate doming by a buried intrusive. The Central Anomaly sits above the intrusive body in a recognised dilational position.

Complete results will be announced as soon as the assays are received and checked. Further testing of the targets identified by the A1 exploration team is ongoing with additional diamond drilling and a 20,000 m air-core program already underway.

For more information please contact John Williams on 61 8 9244 1400 or visit the Company’s web site at www.a1minerals.com.au

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 full time employee of A1 Minerals Limited.. Mr Williams 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 exploration results based on the information in the form and context in which it appears.

Suite 34, 25 Walters Drive, Osborne Park WA 6017 Telephone (618) 9244 1400 Facsimile (618) 9244 1600 Email info@a1minerals.com.au Website www.a1minerals.com.au

ABN 44 100 727 491