## reserve declared ##

NuStar Mining Corporation
Level 2, 16 Ord Street
West Perth
Western Australia 6005
Telephone (08) 9476 5599
Overseas +61 8 9476 5599
Paulsens Mining Reserve Declared
Detailed mine planning has established a Mining
Reserve of 1,202,000 tonnes at 10.66 g/t - containing
412,100 ounces of gold.
The Reserve is based on the Indicated Resource
above 900 mRL (300 metres below the surface)
and under Joint Ore Reserves Committee guidelines
is classified as Probable. Full allowance has been
made for dilution and ore loss during mining.
Underground development continues on schedule
with the decline face now at 175 metres.
Behre Dolbear Australia has been engaged to carry
out technical due diligence on behalf of two banks
short-listed to provide debt funding for process plant
construction and associated working capital.
The inaugural mining reserve underpins the first
five years of production and is a significant
milestone in the development of the project.
The first gold pour remains on schedule for May 2005.