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Thorium Power CEO Takes Seat on Novastar Resources Board

Posted on: Thursday, 14 July 2005, 12:00 CDT

Novastar Resources (OTCBB: NVAS) a significant global supplier of Thorium, a naturally occurring nuclear energy source, today announced that Seth Grae, President and CEO, Thorium Power, Inc., a privately-held Washington, DC area-based company that develops and deploys nuclear fuel designs developed to stop the production of weapons suitable plutonium and eliminate existing plutonium stockpiles, has been appointed to Novastar's Board of Advisors.

In addition to leveraging existing energy industry and government relationships, Mr. Grae will work with Novastar's executive team to effectively structure and implement a wide range of international business transactions in the areas of nuclear non-proliferation and energy generation.

"We are delighted to have Seth join our board," said Paul Carter, CEO, Novastar Resources. "He has a number of years of nuclear industry experience under his belt and is highly regarded as an innovator and savvy business leader. His skills, expertise and leadership will benefit us greatly."

Mr. Grae joined Thorium Power in 1992 and has held various executive positions with the company. He has set and implemented the company's strategy and led the company's efforts in structuring relationships with major companies, government agencies, universities, laboratories, and international organizations in several countries. Mr. Grae holds a B.A. Cum Laude in Economics from Brandeis University, a J.D. from American University, an LL.M. with Honors in International Law from Georgetown University, and an MBA from Georgetown University.

Over the last 30 years there has been increasing interest in utilizing Thorium as a nuclear fuel because Thorium is a more efficient nuclear fuel than Uranium. 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. The thorium fuel cycle holds considerable potential long-term. It is a key factor in the sustainability of nuclear energy.

About Novastar Resources

Novastar Resources, Ltd. is a publicly traded company within the commercial mining sector and is a significant commercial mining source of Thorium. The company's stock is traded and quoted on the OTC Bulletin Board under the symbol NVAS. Further 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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