news just out em survey confirms uranium

EM survey confirms uranium prospective palaeochannels – drilling soon on USA JV targets


Stellar is pleased to have received results of UraniumSA's (USA) recently
completed airborne EM survey covering substantial areas of Stellar’s tenement
holding across the Kingoonya palaeochannel. Data mapping has defined large
palaeodrainage systems, as indicated in earlier reconnaissance lines flown by
Stellar. These are prospective for roll-front uranium deposits sourced from
known uraniferous granites in the area.

USA has announced that an air-core drilling program is scheduled to start in
mid-July on the Stellar Kingoonya Palaeochannel JV ground, to investigate the
geology of the palaeodrainages and to determine the broad controls on the
location of uranium mineralisation.

Stellar presently holds a 100% interest in these areas, with its JV partners able to earn up to 70% interest. In addition, Stellar owns a substantial 16 % shareholding in UraniumSA Ltd.

The USA JV area lies east of the Warrior palaeochannel, where recent drilling
by Toro Energy (ASX release 30 April 2007) confirmed the extent and tenor of
U mineralization in the Warrior JV ground. Stellar looks forward to receiving
further results from the drilling completed by Toro on this JV ground, and
initial USA drilling results in the coming quarter.

The drill and exploration results reported herein, insofar as they relate to mineralisation, are based on information compiled by Mr. C.G. Anderson (Fellow of the Australasian Institute of Mining and Metallurgy) who is a Director of the Company with more than twenty years

experience in the field of activity being reported. Mr. Anderson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. It should be noted that the abovementioned exploration results are preliminary.