NORTHERN STAR RESOURCES LTD — Capital/Financing Update 2009

Sep 6, 2009

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7 September 2009

The Manager Company Announcements Office ASX Limited 20 Bridge Street SYDNEY NSW 2000

By Electronic Lodgement

Dear Sir,

Northern Star Resources Ltd – Entitlements Offer

Further to the release dated 20 March 2009, Northern Star Resources Ltd ABN 43 092 832 892 ( Northern Star ) announces that it will be undertaking a pro rata non-renounceable entitlements offer of approximately 48,504,252 fully paid ordinary shares ( Entitlements Offer ).

Purpose

The purpose of the Entitlements Offer is to raise funds for continuing exploration and assessment on the Company’s Golden Crown, Emull and Range projects, for settlement of outstanding creditors, for due diligence on potential acquisitions and for other corporate requirements.

Basis of participation

Under the Entitlements Offer, persons who are shareholders as at 5.00pm (Perth time) on the record date of 16 September 2009 ( Record Date ) will be entitled to subscribe for two fully paid ordinary shares at an issue price of $0.0125 per share for every five shares they hold.

Fractional entitlements will be rounded up to the nearest whole number.

For every one new share issued in accordance with the Entitlements Offer, one free new option (unlisted) will be issued under the following structure.

The options are broken into three groups.

• 1/3 of the attaching options are to be exercisable at $0.025 expiring 4 September 2010;

• 1/3 of the attaching options are to be exercisable at $0.05 expiring 4 September 2011; and

• 1/3 of the attaching options are to be exercisable at $0.10 expiring 4 September 2012.

The Entitlements Offer is non-renounceable and shareholders will not be able to trade their entitlements.

Prospectus

The Prospectus has been lodged with ASIC and ASX today and will be despatched to shareholders together with personalised Entitlement and Acceptance Form on 22 September 2009.

ABN: 43 092 832 892

Registered office: 129 Edward Street PERTH WA 6000 PO Box 8475 PERTH BUSINESS CENTRE WA 6849 Ph: (08) 9227 1186 Fax: (08) 9227 8178 Email: info@nsrltd.com Web: www.nsrltd.com

Underwriting

The Entitlements Offer is fully underwritten by Investmet Limited.

Timetable

The timetable* for the Entitlements Offer is set out below:

Event	Date
Announcement of Entitlements Offer	7 September 2009
Lodgement of appendix 3B and Prospectus with ASX	7 September 2009
Shares quoted on a ex entitlements basis	10 September 2009
Record date for Entitlements Offer	16 September 2009
Prospectus (including entitlement and acceptance form) despatched	22 September 2009
Closing date – latest time and date for acceptances and payment of application monies	5pm (Perth time) on 7 October 2009
Issue of New Securities	15 October 2009
Holding statements despatched	15 October 2009

The timetable is indicative only and may change, subject to the requirements of the ASX Listing Rules and the Corporations Act.

Appendix 3B

An appendix 3B for the Entitlements Offer has been lodged with ASX.

Yours faithfully,

for NORTHERN STAR RESOURCES LTD

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Bill Beament

Managing Director