First Star Resources Inc. - PRIVATE PLACEMENT FULLY SUBSCRIBED

VANCOUVER, Oct. 26 /CNW/ - First Star Resources Inc. (TSX-V:FS) ("First Star") The Company is pleased to announce that further to its news releases of September 20 and October 1, the Company has received full subscription of its private placement of 3,000,000 units at $0.30 per unit, where each unit comprises 1 common share and 1 share purchase warrant exercisable at $0.375 per common share. The completion of  the Company's offering is subject to TSX Venture Exchange acceptance.

The Company is also pleased to announce a reorganization of its board and officers. John Campbell has been appointed CEO and Robert Gardner CFO. With the corporate offices now at suite 550, 990 West Hastings Street, Vancouver, V6C 2W2, phone [phone] and fax [phone].

ON BEHALF OF THE BOARD

John Campbell, CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements relating to future events or future performance and reflecting First Star Resources management's expectations or beliefs regarding future events include, but are not limited to, statements with respect to completion of the private placement and related matters. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of  First Star  Resources to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in First Star Resources interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although First Star Resources has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.

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For further information:

Please contact Joey Sherren [phone]

email: [email protected]