Metal Information Center

Alberta Star Identifies and Outlines 5 New Iron Oxide Copper, Gold, Silver and Uranium Drill Targets at Contact Lake

October 24, 2007 – 7:22 am

Tim Coupland, President and CEO of Alberta Star Development Corp. (TSX VENTURE:ASX)(OTCBB:ASXSF), listed on the TSX Venture Exchange (ASX) and on the OTCBB (ASXSF), is pleased to announce that the company has identified and outlined several significant new iron oxide copper, gold (IOCG) poly-metallic exploration drill targets from its recently completed geophysical surveys along the Contact Lake Belt. Helicopter airborne VTEM and TFI (Total Field Magnetics) surveys were performed by Geotech Ltd. over an approximate 50 km2 region, totaling 770 line kilometers with 100 meters spacings. The airborne surveys were also accompanied by ground-based geophysical survey over the K2-J1 region, which is known to contain copper, gold, silver, cobalt and uranium mineralization. The program consisted of line cutting a ground based total field magnetic survey and a radiometric total count scintillometer survey along 100 meter spaced cut lines with 12.5 meter spaced stations covering a 3 kilometer by 1 kilometer block along the Contact Lake Belt. The VTEM airborne survey and ground based magnetic and radiometric surveys were successful in outlining 5 large strongly anomalous zones with several secondary anomalies. These geophysical anomalies are coincident with extensive areas of outcropped and exposed IOCG associated hydrothermal alterations, as well as zones of poly-metallic mineralization that includes iron-oxide, copper, gold, silver, uranium, cobalt and bismuth. The intensity and regional extent of the anomalies, and association with known alteration and mineralization strengthen the belief of Alberta Star’s exploration team headed by Dr. Hamid Mumin that the Contact Lake Belt is capable of hosting a potentially economically significant Olympic Dam IOCG style of deposit. The detailed airborne VTEM and ground based magnetic

CONTACT LAKE IRON OXIDE COPPER/GOLD/SILVER AND URANIUM PROJECT

The Contact Lake project now consists of five contiguous lease claims located 5 km southeast of Port Radium on the east side of Great Bear Lake Northwest Territories and 423 miles north of the city of Yellowknife, and consists of 1801.83 hectares (4,452.37 acres). The total size of the Contact Lake project and surrounding area has now grown to over 51,473.96 acres. The Contact Lake Project is located 5 kilometers from two past producing high grade silver and uranium mines, the Echo Bay Silver Mine which produced 23,779,178 ounces of silver and the Eldorado Uranium Mine which produced 15 million pounds of uranium and 8 million ounces of silver. The Contact Lake Mine is a former past producer of silver and high grade uranium. The Contact Lake Mineral belt encompasses an extremely mineral rich portion of the Great Bear Magmatic Zone, as evidenced from the production records of six former past producing silver and uranium mines in the area. The six past producing silver and uranium mines include the Echo Bay Silver Mine, Eldorado Uranium Mine, Crossfault Lake Uranium Mine, Contact Lake Silver and Uranium Mine, Bonanza and El Bonanza Silver and Uranium mines and are now included within Alberta Star’s land package ownership. Alberta Star is the first mineral exploration company in 75 years to successfully stake, acquire and control one entirely contiguous land package in this mineral rich region which includes six former past producing silver and uranium mines with complete historical production records in its possession. The Contact Lake Mineral Belt is approximately 15 kilometers long and is recognized by geologists, as one of the most prospective Iron oxide copper, gold, silver and uranium regions located anywhere in the world. The current spot price for uranium is now $35.25 US as of Dec 12, 2005.

CONTACT LAKE-5 YEAR CLASS “A” DRILLING PERMIT ISSUED-FULLY PERMITTED

Alberta Star has been granted a Sahtu Land & Water Board Class “A” Land Use Permit for diamond drilling on the Contact Lake Project. The diamond drilling permit is valid until August 24, 2010. Alberta Star is the first mineral exploration company in over 8 years to receive a Class “A”-5 Year drill permit in the Great Bear Lake Sahtu Dene Land settlement area for mineral exploration and diamond drilling. Alberta Star is fully permitted for diamond drilling in the Sahtu Dene land settlement area.

CONTACT LAKE NI 43-101 TECHNICAL REPORT COMPLETED ON THE CONTACT LAKE IRON OXIDE, COPPER, GOLD, SILVER AND URANIUM PROJECT

Alberta Star has completed and filed a comprehensive NI 43-101 report on the Contact Lake property with copper, gold, cobalt, silver and uranium mineralization identified in an iron, oxide, copper, gold (”IOCG”)setting. The report can be viewed at www.sedar.com. The report was prepared in accordance with the guidelines of National Instrument 43-101 “Standards of Disclosure for Mineral Projects” and is based on data and geological information gathered from public sources, assessment files, historical information, Federal government maps, reports and assessment files. The source information of data presented in this technical report is believed to be reliable and accurate.