An anonymous director reports

PHOENIX GOLD FUND LIMITED

As a result of the increase in the issued and outstanding shares of Heliostar Metals Ltd. (the issuer) due to the closing of a non-brokered private placement event by the issuer, Phoenix Gold Fund Ltd. no longer holds over 10 per cent of the issued and outstanding shares of the issuer.

Prior to the 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 on an undiluted basis. In addition, Phoenix owned 4.25 million share purchase warrants. If Phoenix exercises all of its warrants, it will 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.

As a result of the event, Phoenix continues to own 10,614,533 common shares of the issuer, representing 7.18 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 will own 14,864,533 common shares of the issuer, representing 9.78 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 National Instrument 62-104, and a report respecting the above acquisition will be filed with the applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and will be available for viewing on-line.