VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/17/08 -- Alberta Star Development Corp. (the "Company") (TSX VENTURE: ASX)(OTCBB: ASXSF)(FRANKFURT: QLD) is pleased to provide the following update of its current plans for 2009 during the current global economic crisis that is expected to last for some time.
The Company currently plans to delay its 2009 exploration program due to unfavorable market conditions and high costs. The Company intends to monitor and provide updates on its exploration programs as market conditions change. The Company continues to reduce its overhead and look for additional avenues to conserve its working capital with the intent to continue to develop or acquire an economic mineral deposit. The Company has a strong balance sheet and no debt and is focused on cost cutting, maintaining qualified management and developing or acquiring economic projects. As a result of the global economic crisis the Company expects there to be a serious shortage of available capital and exploration risk capital to the resource industry for a number of years to come, and the Company intends to manage its cash resources and review opportunities as circumstances demand.
As a result of the global economic crisis, the Company feels that there are a number of acquisition opportunities available at attractive valuations. The Company continues to complete due diligence reviews on a number of opportunities, including a number of advanced stage mineral exploration projects that meet the Company's corporate mandate of acquiring established resource opportunities with infrastructure, with cash flow or near term cash flow potential and advanced exploration potential.
BOARD APPOINTMENTS
The Company is pleased to announce that Gord Steblin, CGA has been appointed as the new Chief Financial Officer of the Company effective immediately. Mr. Steblin has a Bachelor of Commerce degree from the University of British Columbia and is a Certified General Accountant with over 20 years of extensive experience in the Mining industry. Chantal Schutz, the former Chief Financial Officer will remain as a consultant to assist the Company in maintaining best practices in financial reporting and disclosure and assisting the Company in its plan to converge to IFRS (International Financial Reporting Standards). The Company is also pleased to announce the appointment of Edward Burylo to the Board of Directors. Mr. Burylo fills the vacancy created by the resignation of Tracy Moore. Mr. Moore has been a member of the Board since 2006. The Company thanks Mr. Moore for his contribution and exemplary service to the Company over the years and wishes him all of the best in his new appointment in the private sector.
ELDORADO & CONTACT LAKE & ELDORADO SOUTH - 5 YEAR CLASS "A" DRILLING PERMITS ISSUED-FULLY PERMITTED
In addition to the Eldorado South Permit approval the Company has been granted two amended five-year Sahtu Land & Water Board Class "A" Land Use Permits (Eldorado/Glacier Lake and Contact Lake) for long term diamond drilling at both the Eldorado & Contact Lake Projects.
