mineral explorer, page-2

RSL Business Change and Capital Raising - Key Points

1. Retail Star Limited is to be renamed Resource Star Limited to reflect the mineral exploration focus of the Company.

2. Shareholders will vote on the change at a general meeting on 14 July 2008.

3. RSL is raising up to $2.5m to fund its growth plans through a general share offer and entitlement offer. The offers will be open from 15 July to 12 August.

4. On 6 August 2007, RSL acquired uranium explorer, Orion Exploration Pty Ltd, from London AIM-listed Red Rock Resources plc. Orion has tenements of demonstrated uranium potential in the Northern Territory, From Red Rock, RSL also acquired the uranium exploration rights to a tenement in Western Australia’s Yilgarn District (Mt Alfred). Red Rock has also since transferred to RSL exploration licenses located in Malawi, Southern Africa.

5. Funds raised from the offer will be focused on exploring priority targets on its existing tenements in the Northern Territory and in Malawi.

6. The principal commodity sought within all of the projects is uranium, although some of the Northern Territory projects are also prospective for gold and iron mineralisation. Both of RSL’s Malawi projects are also prospective for niobium, tantalum, and zirconium.

7. RSL projects range in development status from those with identified targets to prospective grass roots exploration projects.

8. The initial focus in Malawi is the Machinga tenement, on radiometric anomalies identified during airborne surveys in 1986. Detailed ground reconnaissance is currently underway to locate drill sites for reverse circulation (RC) drilling on the prioritised targets.

Machinga is located south of Globe Metals & Mining’s promising Kanyika metals deposit and also Paladin Energy’s Kayelekera uranium development.

9. In the Northern Territory, the initial focus is on the historical uranium occurrences on the Woolgni and Edith River tenements. Field reconnaissance is underway around
the known uranium occurrences and it is intended to undertake an RC drilling program this season, once priority drill sites and access have been finalised. It is also planned to undertake preliminary reconnaissance over previously identified iron occurrences on Marrakai, Daly River Road and Hayes Creek South, as resources permit.

The Offer

RSL is offering 2,500,000 Shares at an issue price of 20 cents each to raise $500,000 (the General Offer) and up to 7,618,297 Shares at an issue price of 20 cents each to raise approximately $1,500,000 (Entitlements Offer).

The Entitlements Offer is a pro rata non-renounceable rights issue to holders of Shares on the basis of two (2) Shares for every nine (9) shares held. Oversubscriptions up to a further $500,000 may be accepted.

source: http://www.retailstar.net.au/reports/RSL%20Media%20Release%20vf%207%20July%2008%20final.pdf

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Cheers,
Tangrams