BRIGHTSTAR RESOURCES LIMITED — Capital/Financing Update 2009

Apr 20, 2009

AUSTRALIAN STOCK EXCHANGE CODE AAM

21 April 2009

ASX ANNOUNCEMENT

FIRST (JORC) ORE RESERVE FOR THE BRIGHTSTAR GOLD PROJECT INCORPORATING A $10M COST ESTIMATE FOR START-UP

Probable Reserves estimate of 1.1Mt @ 4.2g/t recovering 150,163 ounces

A1 Minerals Ltd (ASX:AAM) is pleased to announce the first ore reserve statement for its 100%owned Brightstar Gold Project, near Laverton in Western Australia. The reserve statement considers the utilization of conventional mining methods and technologies including the establishment the Company’s own 280,000tpa CIP treatment plant for the estimation of project operating and capital costs.

BrightStar Gold Project Ore Reserve Estimate – April 2009

The ore reserves are based on the latest released Mineral Resource estimates for the Brightstar Gold Project (1.7Moz) which includes the new Delta discovery (Table 1). The current reserves represent a 20% conversion of the total measured and indicated resources and are inclusive of reserves. A1 Minerals strategy is to selectively mine higher grade gold ore from a large inventory of deposits through a multiple open-pit operation. A higher conversion rate is planned to come from further resource development.

Table: 1 Mineral Resource Statement (as at 17[th] April 2009)

	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	TOTAL	TOTAL	TOTAL
**LOCATION **	Tonnes	g/t	**Oz **	Tonnes	g/t	**Oz **	Tonnes	g/t	**Oz **	Tonnes	g/t	**Oz **
ALPHA	178,900	3.8	21,910	311,900	2.7	26,840	631,400	4.2	85,280	1,122,200	3.7	134,030
BETA	68,900	4.0	8,860	628,900	3.9	77,830	1,064,900	5.2	179,570	1,762,700	4.5	266,260
GAMMA							27,600	3.4	3,000	27,600	3.4	3,000
DELTA				4,152,100	2.3	305,395	3,403,900	3.8	420,079	7,556,000	3.0	725,474
EPSILON				1,774,900	1.8	113,580	1,163,900	2.3	94,000	2,938,800	2.2	207,580
ETA							734,900	3.8	90,040	734,900	3.8	90,040
ZETA				94,461	5.9	17,890	7,275,960	1.1	269,626	7,370,421	1.2	287,516
TOTAL	247,800	3.9	30,770	**6,962,261 **	2.4	541,535	14,302,560	2.5	1,141,595	21,512,621	2.5	1,713,900

Mine planning and economic analyses to convert mineral resources to ore reserves were undertaken by A1 Minerals employees and a variety of consultants.

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

Mining factors and assumptions and various economic scenarios were compared and analysed from data generated using Whittle 4D pit optimisations of the block models. At Alpha and Beta detailed pit designs have been completed. The Whittle inputs are based on detailed costs derived from independent studies, contractor quotes and industry experience. In the cases of Delta and Epsilon polygonal estimation techniques were used in association with previous production data and parameters and as a check against the Whittle optimisations.

A 1.0g/t cut-off grade is used based on a minimum processing cost; also ore body characteristics such as continuity and shape.

Mining is by conventional excavator-dump truck combination with allowances for drill and blast. The metallurgical extraction of gold is by conventional crushing, grinding and CIP technology. Adequate testing applied to all orebodies as well as previous production data indicates an average metallurgical recovery of 96%.

Capital and operating costs were obtained from recent information and also from revised previous estimates. Plant refurbishment and construction costs were based on recent quotes from local and national contractors. All other plant ancillary and mining costs were provided by local contractors.

All figures are estimated and quoted in Australian dollars. Optimisations were completed at a variety of Australian (A$) gold prices. Open pit designs were based on A$800/oz optimised pit shells. Capital estimates and operating costs have been created for a nominal 280,000tonnes per annum throughput and existing infrastructure.

Table.2 Start-up Cost Estimates

ITEM	START-UP COSTS**$M **
REFURB AND CONSTRUCT PROCESSINGPLANT	2.4
TSF AND EARTHWORKS	1.5
POWER AND WATERSUPPLY	2.9
PRELIM ANDGENERAL	1.6
COMMISSIONING	0.5
SUB-TOTAL	8.9
CONTINGENCY	1.1
TOTAL	10.0

The bulk of resources are classified as Indicated Resources and convert to Probable Reserves when occurring within the optimal pit shell.

Additional factors of the Brightstar Gold Project which will need to be addressed are as follows:

• Additional groundwater stocks are required to increase and assure a sufficient process water supply;

• Although applications for various statutory approvals have been submitted, permitting and licensing requirements together with the lead time required has meant that acquiring all relevant operating licenses is incomplete at this stage.

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

Table: 3 Ore Reserve Statement

LOCATION	PROBABLE ORE	IN SITUGOLD(grammes)	GOLDRECOVERY(Ounces)
BRIGHTSTAR ALPHA	74,205t @ 5.1g/t gold	378,445	11,560
BRIGHTSTAR BETA	348,716t @4.11g/t gold	1,433,223	43,780
BRIGHTSTAR DELTA	470,000t @ 4.0g/t gold	1,880,000	57,428
BRIGHTSTAR EPSILON	233,133t @4.6g/t gold	1,224,211	37,396
TOTAL	1,159,054 @ 4.2g/t Gold		150,163

All data is rounded and discrepancies in summation may occur.

The information in the statement of Mineral Resources for the Brightstar Gold Project is based on information compiled by Mr Anthony Ryall who is an independent consulting geologist and a member of the Australasian Institute of Mining and Metallurgy and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity undertaken to qualify as a Competent Person as defined in the JORC Code (2004). Mr Anthony Ryall has provided Competent Person sign-off for the quality and representativity of the drill hole data, geological interpretations, resource estimation procedures and results.

The information in this report that relates to Brightstar Gold Project ore reserves estimates is based on information compiled by Mr John Williams who is a member of the Australasian Institute of Mining and Metallurgy and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the mining method undertaken to qualify as a Competent Person as defined in the JORC Code (2004). Mr John Williams is a full time employee of A1 Minerals Ltd and consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Yours sincerely

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John Williams Managing Director

For further information contact: Mr John Williams A1 Minerals Ltd Telephone: 08 9244 1400 Mobile: 0408433044

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