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Statement of Paul Carter, CEO, Novastar Resources in Response to International Atomic Energy Agency (IAEA) Recommendation on the Exploration and Prospecting of Thorium Minerals

Posted on: Wednesday, 6 July 2005, 15:00 CDT

The following is a statement from Paul Carter, CEO, Novastar Resources, Ltd. (OTCBB: NVAS) regarding the May 2005 IAEA report "Thorium fuel cycle - Potential benefits and challenges," which recommends both the exploration and prospecting of Thorium Minerals to enhance global supplies:

"We are very pleased and encouraged to learn that such an honorable and well respected organization as the IAEA has found the benefits of Thorium as a safe nuclear fuel great enough to warrant a recommendation for the acquisition of Thorium mineral properties around the world. We have known of these benefits for some time now and they are the driving force behind Novastar's business model. As a result of the IAEA's recommendations and support, Novastar will continue to aggressively pursue economically viable Thorium properties and stockpiles. The company has established a corporate goal to position itself as a significant global supplier of Thorium compounds in anticipation of increased global demand, as governments around the world consider the incalculable environmental and economic benefits of Thorium utilization."

The report cites the numerous environmental and social benefits derived from using the Thorium fuel cycle to generate nuclear power. The IAEA noted that despite the fact that Thorium is more abundant in nature, global stockpiled Uranium reserves are three times greater than Thorium reserves. As a result, the International Atomic Energy Agency officially recommended that activities on exploration and prospecting of thorium minerals need to be augmented all over the world (p. 90, (i) Recommendations).

The full IAEA report, can be accessed via the web at:

http://www-pub.iaea.org/MTCD/publications/PDF/TE_1450_web.pdf

Furthermore, the Thorium-Cycle can effectively and efficiently power electricity generating nuclear reactors, while greatly limiting the production of weapons grade Plutonium (Pu 239) along with other toxic transuranic waste bi-products. Also, all of the mined thorium is potentially useable in a reactor, compared with the 0.7% of natural uranium, so some 40 times the amount of energy per unit mass might be available. Therefore, the thorium fuel cycle, with its potential for breeding fuel without the need for fast-neutron reactors, holds considerable potential long-term. It is a key factor in the sustainability of nuclear energy.

About Novastar Resources

Novastar Resources, Ltd., is a global supplier of commercial grade Thorium compounds and rare earth elements. Thorium is a naturally occurring nuclear energy source more efficient and far less radioactive than Uranium. The company's stock is traded and quoted on the OTC Bulletin Board under the symbol NVAS. Additional information is available on the company's website at www.novastarresources.com.

Safe Harbor Statement This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives and other forward looking terminology such as "may,""expects,""believes,""anticipates,""intends,""expects,""projects," or similar terms, variations of such terms or the negative of such terms. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectations and actual results may vary (perhaps materially) from certain of the results anticipated herein.

Source: Business Wire

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