Archean Star Announces and Closes C$2 Million Financing

Archean Star Resources Inc. (TSX VENTURE:ASP) (the "Company" or "Archean")
announces that, subject to the approval of the TSX Venture Exchange, it has
closed a C$2 million dollar non-brokered private placement consisting of 10
million common shares of the Company at C$0.20 cents per share.


The net proceeds of the Financing, that is priced at a 25% premium to the
Company's last traded market price are to be used for exploration work on, and
to earn an 80% interest in, the Monitor Property in the Coeur D'Alene Mining
District of Idaho, for the proposed listing of the Company's shares on the
Australian Stock Exchange, for a AUD$300,000 drilling program, co-funded by the
Western Australia Department of Mines and Petroleum, on the Gnaweeda Gold
Project, at Meekatharra, in the Murchison Gold District in Western Australia,
and for general and corporate purposes.


Hopgood Ganim of Brisbane Australia, have been engaged as Australian solicitors
to the Company, which is currently preparing a prospectus to be lodged with the
Australian Securities Investment Commission ("ASIC") along with a concurrent
listing application in order to inter-list the Company's common shares on the
ASX (the "ASX Listing"). 


Finder fees may be payable in accordance with the policies of the TSX-V.

Archean Star Resources Inc. is a junior exploration company listed on the TSX
Venture Exchange that is creating shareholder value by earning, through its
wholly owned subsidiary, Archean Star Resources Australia Pty Ltd, 100% of Teck
Australia Pty Ltd.'s ("Teck") interest, subject to a 75% back in right in such
interest to Teck, in Chalice Gold Mines Limited's Gnaweeda Gold Project in
Western Australia. The Company is also earning an 80% interest in AMCOR's
Monitor Copper, Gold and Silver project in the Coeur D'Alene Mining District in
Idaho.


This News Release has been prepared on behalf of the Archean Star Resources Inc.
Board of Directors, which accepts full responsibility for its contents. 


ON BEHALF OF THE BOARD

Graeme O'Neill, President

FOR FURTHER INFORMATION PLEASE CONTACT: 
Archean Star Resources Inc.
Graeme O'Neill
President
[phone]
[phone] (FAX)
www.archeanstar.com