Ms. Alissa Koleszar reports

PHOENIX GOLD FUND LIMITED

Phoenix Gold Fund Ltd., as a result the auto-conversion of one share purchase warrant into a half-warrant pursuant to the term of a private placement exercise, has changed its holdings of Heliostar Metals Ltd. on a partially diluted basis. The issuer's head office is located at 1090 West Georgia St., Suite 700, Vancouver, B.C., V6E 3V7.

Prior to the auto-conversion event, Phoenix owned 10,614,533 common shares of the issuer, representing 19.29 per cent of the latest issued and outstanding shares of the issuer. In addition, Phoenix owned 8.25 million share purchase warrants. If Phoenix exercises all of its warrants, it would own 18,864,533 common shares of the issuer, representing 29.81 per cent of the issued and outstanding shares of the issuer on a partially diluted basis.

As a result of the auto conversion event, Phoenix continues to own 10,614,533 common shares of the issuer, representing 19.29 per cent of the issued and outstanding shares of the issuer on an undiluted basis. In addition, Phoenix owns 4.25 million share purchase warrants. If Phoenix exercises all of its warrants, it would own 14,864,533 common shares of the issuer, representing 25.08 per cent of the issued and outstanding shares of the issuer on a partially diluted basis, assuming no further common shares of the issuer have been issued.

Phoenix continues to hold the securities for investment purposes only. Phoenix may, in the future participate in financings and/or acquire or dispose of securities of the issuer in the market, privately or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

The disclosure respecting Phoenix's shareholdings contained in this press release is made pursuant to National Instrument 62-103 and/or the National Instrument 62-104; a report respecting the above acquisition will be filed with the applicable securities commissions will be available for viewing on SEDAR.