UNION STAR METALS LTD — Capital/Financing Update 2011

Aug 15, 2011

ACN 124 541 466 ABN 36 124 541 466

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ASX Announcement: 11 August 2011

Updated Pro forma Balance Sheet on Actual Funds raised under the Prospectus

Note CURRENT ASSETS Cash and cash equivalents 1 Other assets TOTAL CURRENT ASSETS NON CURRENT ASSETS Exploration expenditure Financial asset TOTAL NON CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Trade and other payables TOTAL CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Issued capital 2 Option reserve Retained earning / (Accumulated losses) TOTAL EQUITY	Actual Pro forma 31 January 2011 31 January 2011 $ $
	2,287,298 9,140,557 63,504 21,275
	2,350,802 9,161,832
	2,276,132 2,280,473 19,202,000 2,000
	21,478,132 2,282,473
	23,828,934 11,444,305
	141,257 143,068
	141,257 143,068
	141,257 143,068
	23,687,677 11,301,237
	17,448,521 6,817,393 8,367,917 - (2,128,761) 4,483,844
	23,687,677 11,301,237

NOTES: 1. Cash and cash equivalents Cash at bank Cash at bank - Peru Minerals Issue of 12,525,000 shares pursuant to the prospectus Anticipated prospectus issue costs Options exercised	Actual Pro forma 31 January 2011 31 January 2011 $ $
	2,287,298 2,287,298 - 42,562 - 7,515,000 - (805,636) - 101,333
	2,287,298 9,140,557

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2. Issued Capital

Issued capital Balance at 31 January 2011 Issue of 12,525,000 shares pursuant to this prospectus Anticipated prospectus issue costs Share capital - Peru Minerals Elimination of investment in Peru Minerals Reverse acquisition entry Shares issued as a result of options exercised	Actual Pro forma 31 January 2011 31 January 2011 $ $
	17,448,521 17,448,521 - 7,515,000 - (805,636) - 2,864 - (12,000,000) - (5,444,689) - 101,333
	17,448,521 6,817,393

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