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					                     AUSTRALIAN STOCK EXCHANGE
                             CODE AAM
             Announcement to the ASX Tuesday 01 August 2006

                                                                                  A1 MINERALS LIMITED
    COMPLETION EXPECTED CURRENT QUARTER                                           Current Issued Capital:
                                                                                  59,862,649 Ordinary Fully Paid Shares
                                                                                  Market Cap at 22 cents $13.1M

A1 has considerably improved its global resource by combining successful          Cash at Bank: $1.3M
exploration with judicious purchasing of gold assets in the gold rich Laverton
District of Western Australia. Since completing the BrightStar Gold Project’s
Pre Feasibility Study, the Company’s emphasis has moved to an expanded            BRIGHTSTAR GOLD PROJECT
Feasibility Study designed to facilitate by the end of this year, a decision to   Near Granny Smith and Sunrise Dam
mine.                                                                             500sqkms tenements and applications
                                                                                  Resource 600,000 ounces and growing
The Pre Feasibility Study completed in March 2006, demonstrates strong            High grade gold mineralisation
positive cash flows from production at the BrightStar’s Alpha and Beta            Native Title Agreement
deposits, utilising existing toll milling facilities or a low Capex stand alone   Mining Lease Granted
treatment plant.                                                                  NOI in place
                                                                                  PFS indicates low cost, strong profits
Subsequent to this study, A1 acquired additional gold assets and conducted        Toll treating option
successful exploration, significantly enhancing the Company’s gold                Production decision expected 2006
resources. The Company has appointed an experienced team of employees
and contractors to complete the feasibility study and usher the BrightStar
Gold Project into production. Bearing this in mind, when it recently finalised    NARNOO EXPLORATION PROJECT
the purchase of the gold assets of West Australian Metals Ltd (WME), A1           Near Mulga Rocks Uranium deposit
began to evaluate the merits of stand alone fixed and mobile treatment            2,000sqkm tenements and applications
plants.                                                                           Prospects for gold and uranium
                                                                                  100% owned by A1
The new gold assets currently include Indicated and Inferred Resources            Native Title Agreement
totalling 3 million tonnes @ 2.1 g/t for 200,000ozs of gold in four deposits      Current ground breaking exploration
located to the North of Laverton. The Alpha and Beta deposits current             programs
combined JORC compliant resource is 2.88 million tonnes @ 4.32g/t for
400,290 ounces of contained gold (using a 1g/t lower cut-off) (Table 1). All
resources have access to existing infrastructure at Laverton.

Ravensgate Resource Consultants have been engaged to review and
upgrade resource models for several of the resources purchased from WME
and incorporate results of recent drilling and sampling by A1. This includes
an assessment of pit economics on these deposits. In addition, exploration at
Beta has produced a high grade intercept over a wide interval (22m @ 28g/t)
which will be incorporated into the block model to improve mineable
                                                                                  Mining at BrightStar will be open pit, similar
Mr David Hamlyn was appointed General Manager – Operations on 1 July              to this photo
2006. David will review treatment options, produce the final Feasibility Study
and manage A1’s transition from exploration to production. David is a                           Contact Details:
successful mine manager and has been involved in the development of                        Suite 34, 25 Walters Drive
several gold deposits in Western Australia. He was the Resident Manager of                  Osborne Park WA 6017
Centaur Mining and Exploration Limited’s gold operations in the Kalgoorlie               Telephone (618) 9244 1400
region from 1992 to 1999, and General Manager of New Hampton Goldfields                   Facsimile (618) 9244 1600
                                                                                        Email info@a1minerals.com.au
Limited’s Jubilee Gold Operations to 2001. He was also Executive Director of
                                                                                        Website www.a1minerals.com.au
West Australian Metals Ltd(WME) from February 2002 to May 2006, and has                      ABN 44 100 727 491
an intimate knowledge of the recently acquired WME resources, situated
north of Laverton.


Metallurgical Project Consultants Pty Ltd (MPC) has been engaged to conduct final metallurgical testwork, define flow sheet
options and quantify capital and operating costs for the optimum treatment scenario.

A1 has also enlisted the services of Mr Colin Morrow of Claymore Mines Pty Ltd, an experienced plant design specialist, to
assist with the review of the processing options and to advise on plant design and construction. Under review is a modular
gold treatment plant that could be easily mobilised to treat the Company’s ore at the various BrightStar deposits.

The Company is proceeding with geotechnical investigations aimed at improving pit design parameters and has received
confirmation from the Department of Industry and Resources to resume mining in the open pits at Beta, under the terms
and conditions of the Notice of Intent approved in early 2004, for the previous operators.

A1 looks forward to the future with confidence, moving from exploration and development, to become a long term gold
producer in the Laverton Region. The Company’s Directors are very pleased with the progress of development of the
BrightStar Gold Project and look forward to the subsequent completion of the Feasibility Study, expected in the current
quarter. In addition, A1 is planning continued exploration programs on its extensive tenement holdings to sustain a long
term mining operation.

Table 1: BrightStar Gold Project – Resources

PROJECT               MEASURED                             INDICATED                            INFERRED                              TOTAL
               Tonnes Grade Ounces                 Tonnes     Grade Ounces              Tonnes     Grade Ounces               Tonnes   Grade         Ounces
                         (g/t)                                 (g/t)                                (g/t)                               (g/t)
Alpha          178,900 3.81    21,910              311,900     2.68  26,840             631,400     4.20  85,280             1,122,200 3.72          134,030

Beta           68,900       4.00       8,860       628,900       3.85      77,830      1,064,900       5.24     179,570      1,762,700      4.52     266,260

Delta                                                                                   243,000        2.2       16,800       243,000        2.2         16,800

Epsilon                                           1,219,000       1.8      71,100      1,508,000       2.1      103,200      2,727,000       2.0     174,300

Zeta                                                79,600        4.2      10,700                                             79,600         4.2         10,700

Total          247,800      3.86      30,770      2,239,400      2.59      186,470     3,447,300       3.47     384,850      5,934,500      3.16     602,090

John Williams B.Sc, MAusIMM
Managing Director

                                                                                                           Drilling BrightStar Beta’s Expansive Pit
                                                                                                        Floor Ready for Commencement of Mining

The information in this report that relates to mineral resource is based on information compiled by Mr Tony Ryall, who is a member of the Australasian
Institute of Mining and Metallurgy. Mr Ryall is self employed and an Independent Geological Consultant and has sufficient experience relevant to the
style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (JORC
Code). Mr Ryall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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