First star presentation May 28 2010

TSX.V:FS

Drill Core LMS PropertyPrevious Drilling

LMS and WP Gold ProjectsGoodpaster Mining District, Alaska

713.1 grams p/t over 2m

TSX.V: FS

About First Star ResourcesTSX.V:FS

• Key objective is to discover a multi-million ounce gold ore body.

P ti l t d i th lifi Ti ti G ld• Properties are located in the prolific Tintina Gold Belt, Alaska.

• Two high potential gold properties near an existing and producing gold mine. (Pogo)

• NI43-101 compliant resource of 167,000 ounces gold.

• Numerous high-grade drill-ready targets for 2010 season. (Previous drilling 713.1g/t Au over 2m)

• Highly experienced technical team.

P Mi W k

www.FirstStarResources.com

Pogo Mine Workers

Managementg

Bill Wishart CEO President

TSX.V:FS

Bill Wishart, CEO, PresidentOver 20 years experience in business and entrepreneurial environments, general management and corporate finance.

Employed in the securities industry in Canada from 1986 to 2000 as a senior investment advisor for two full service brokerage firms involved in raising millions of dollars in investment funds for a range of private and public companies.

D K t Ed VP E l ti CPG E G lDr. Karsten Eden, VP Exploration , CPG, EurGeolCertified Professional Geologist with 15 years experience in the exploration and mining industries.

Proven track record of success in the supervision and management of mineral exploration projects in Alaska, West Africa, WesternAustralia and Europe. Instrumental in gold discoveries in Alaska and West Africa.

Patrick Forseille PGeo DirectorPatrick Forseille P.Geo., DirectorMr. Forseille has worked in the oil and gas and mining industry for over ten years. Most recently he has been Chief Financial Officer of Olympic Resources Ltd., an oil and gas producing company since 1997 and has also concurrently served as a director for various other public companies in differing capacities including comptroller and exploration manager. Mr. Forseille is a ProfessionalGeoscientist with a Bachelor of Commerce degree in accounting. Previously, he was employed as an accountant and geologist with C C d I i l Oil R LtdCameco Corp and Imperial Oil Resources Ltd.

Ib Moller ‐ Director/Secretary Mr. Moller is Director of First Star Resources Inc. He has owned and operated his own businesses since 1969. The scope of hisbusiness interests include retail, transport, real estate development and leasing, as well as management training and consulting with licensees in 27 countries world wide. Mr. Moller has significant experience and knowledge in managing the growth of small capcompanies and is a great asset to First Star Resources Inc.

Henry R. Hollett – DirectorMr. Hollett is former Mayor of the District of North Cowichan on Vancouver Island, where he served as Mayor for over ten years. Prior to becoming Mayor he served as a councilor of the District of North Cowichan for 11 years. Mr. Hollett has been a successful businessman for 45 years. He has extensive business experience and is very well respected in the business community in Northbusinessman for 45 years. He has extensive business experience and is very well respected in the business community in North Cowichan. He has acted as a director for a number of public exploration companies over the past 30 years.


Share Structure & FinancialsTSX.V:FS

Shares Outstanding: 8.6M

Shares Fully Diluted: 12 5MShares Fully Diluted: 12.5M

Options/Warrants: 0.3M/3.6M

Current Price: C$0.25

52 Week High/Low: C$0.50/C$0.10

Management Position 40%Management Position 40%

10 for 1 Rollback June 2004Note:


10 for 1 Rollback June 20045 for 1 Rollback December 2008

WP & LMS : Property Locationsp yTSX.V:FS

KINROSS GOLD

Recent NewsMarch 2010

KINROSS GOLD CORPORATION ANNOUNCES PROPOSED ACQUISITION OF UNDERWORLD RESOURCES INCRESOURCES INC(White Gold 1.4M oz Au )


Exploration Target:TSX.V:FS

Intrusion‐related GoldDeposits of the Pogo and

Fort Knox TypesFort Knox Types

(Multi‐Million OunceGold Deposits)Gold Deposits)


WP PropertyTSX.V:FS

•Properties optioned from Fort Knox Mine3.7 Moz Au

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W E

Sp pInternational Tower Hill (TSX:ITH) (NYSE‐A:THM)

•Pogo Mine: 3km away from WP

S0 25

KILOMETERS

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•Fort Knox Mine : 125km away

•Entire Belt Staked

Fairbanks Alaska Pogo Mine

5.6 Moz AuWP

•WP Property 96 Alaska State Mining Claims18.9Sq. Km. Richardson Hwy

WP Property

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•LMS 92 Alaska State Mining Claims 61Sq. Km. Pogo Mine Road

LMS Property


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WP Property – The DealTSX.V:FS

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Optioned from International Tower Hill Mines Ltd. (TSX:ITH) (NYSE‐A:THM) and its subsidiary Raven Gold Alaska Inc.

Under the terms of the agreement, First Star has the ability to earn an initial 55% interest, and a second option to earn a further 45% for a total 100% interest.

To earn a 55% interest First Star will pay US$250,000 and expend US$2.8 million on exploration over 3 years. (Note: First Year $70,000 cash payment ‐ $400,000 work commitment.)

To earn a 100% interest First Star will expend a further US$2 million or produce a NI43‐101compliant inferred resource of one million ounces of gold.

An NSR royalty of 3% or 4% on gold/silver and 1% on all other products will be payable to Raven. The royalty can be reduced by 1% by paying Raven US$3 million.


WP PropertyTSX.V:FS

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WP is3Km Away

West PogoClaim Block

3Km AwayAdjacent to Pogo Claim

Claim Block

P MiPogo Mine5.6 Moz Au


WP PropertyTSX.V:FS

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•Located on and E‐Wbelt of high‐gradegold occurrences.

•Area of high gradegold mineralizationconfirmed.

•Visible gold wasfound in several

k lrock samples.


WP PropertyTSX.V:FS

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•Altered granite‐monzonite intrusion.

•High grade goldmineralization(up to 118.5 g/t Auin rock samples)

•Visible gold wasfound in several rock samples.


WP Exploration Program 2010TSX.V:FS

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•400m of core drilling•400m of core drilling planned.

•Target Zone:Target Zone: High grade goldmineralizationassociated with assoc ated tfavorable structuraltrends (E‐W Trend –NW Trend intersection))in altered intrusion.


WP Exploration Program 2010TSX.V:FS

WP Exploration Program 2010

•Drill‐test highgrade gold

li lanomalies alongE‐W trending structural zone.

•Conduct geochemical surveys alongsurveys alongwith geologicalmapping toidentify furtheridentify furthergold anomalies.


LMS Property – The DealTSX.V:FS

LMS Property The Deal

Fort Knox Mine3.7 Moz Au

N

W E

S•Properties optioned from S0 25

KILOMETERS

p pInternational Tower Hill (TSX:ITH) (NYSE‐A:THM)

•Pogo Mine: 3km away from WP

Fairbanks Alaska Pogo Mine

5.6 Moz AuWP

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•Fort Knox Mine : 125km away

•Entire Belt Staked

Richardson Hwy

WP Property•LMS

92 Alaska State Mining Claims 61Sq. Km.

Pogo Mine Road

LMS Property

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•WP Property 96 Alaska State Mining Claims18.9Sq. Km.


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LMS Property ‐ The DealTSX.V:FS

LMS Property The Deal

Optioned from International Tower Hill Mines Ltd. (TSX:ITH) (NYSE‐A:THM) and its subsidiary Raven Gold Alaska Inc.

Under the terms of the agreement, First Star has the ability to earn an initial 55% interest, and a second option to earn a further 45% for a total 100% interest.

To earn a 55% interest First Star will pay US$280,000 and expend US$3.5 million over 3 years on exploration. (Note: First year $100,000 cash payment ‐ $500,000 work commitment.)

To earn a 100% interest First Star will expend a further US$3 million or produce NI43‐101 compliant inferred resource of two million ounces of gold.

An NSR royalty of 3% or 4% on gold/silver and 1% on all other products will be payable to Raven. The royalty can be reduced by 1% by paying Raven US$3 million.


LMS Claim BlockTSX.V:FS

•NI43‐101 inferredresource of 167,000

ld f thoz gold for theCamp Zone.

•Numerous gold in soil•Numerous gold in soilgeochemical anomalies.

•NW alignment of goldNW alignment of goldanomalous zoneswhich includes theCamp Zone and NWCamp Zone and NWZone explorationtargets.


LMS Property : Vertical section through Camp Zone ResourceTSX.V:FS

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•NI43‐101 inferredNI43 101 inferredresource of 167,000 oz gold.

•Resource estimatedoes not include anyhigh grade values.

•Target area: Highgrade goldmineralization, possiblyof the Pogo type.


Target Area

LMS Target AreaTSX.V:FS

•Target area: High grade•Target area: High gradegold mineralization,possibly of Pogo type.

•Grades running up to713.1 g/t Au. Over 2m

•System is open to thewest, east and at depth.

•Over 7 million spenton the Property


Target Area

LMS Claim BlockLMS Claim BlockTSX.V:FSTSX.V:FS

LMS Exploration Program 2010TSX.V:FS

•Camp Zone: 1500m ofCamp Zone: 1500m ofcore drilling planned

•NW Zone: 450m oftrenching planned.

•Geochemical surveysplanned along withgeological mapping toidentify further goldanomalies.


LMS Exploration Program 2010TSX.V:FS

•1500m of coredrilling planned.

•Target Zone:High grade gold mineralizationmineralizationassociated with favorable structuraltrends (E‐W Trend

Target Zone

trends (E‐W Trend‐ NW Trendintersection).


SummaryTSX.V:FS

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First Star’s key objective is to discover a multi‐million ounce gold ore bodyounce gold ore body.

The LMS and WP prospects are high potential gold properties near an existing and producing gold mine (Pogo).

Numerous drill‐ready targets with a high chance of successsuccess.

Excellent share capital structure (8.6 million in shares).

The Exploration Budget for the LMS and WP Projects combined is estimated with US$ 1,500,000.

Entering into private placements for the sale ofEntering into private placements for the sale of 7,500,000 units at CDN$0.20 per unit for a total of CDN$1,500,000. Each unit consists of one common share at $0.20 and one share purchase warrant at $0.25 good for 18 months with a forced conversion at $0.90.


Contact InformationTSX.V:FS

Contact: Mr. Bill WishartContact: Mr. Bill Wishart

Website: www.firststarresources.com

Address: Suite 214 1118 Homer StreetAddress: Suite 214, 1118 Homer Street

Vancouver, BC V6B 6L5

Phone: 604‐609‐‐0555Phone: 604‐609‐‐0555

Toll Free: 1‐877‐609‐0555

Email: info@firststarresources comEmail: [email protected]

This presentation includes “forward‐looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statement, other than statements ofhistorical fact, included herein including, without limitation, statement regarding anticipated completion of engineering studies, potential results of drilling and assays, timing of permitting,construction and production and other milestones, and First Star’s future operating or financial performance are forward‐looking statements. Estimates of reserves and resources area also

DISCLAIMER

p , p g p gforward‐looking statements in that they involve estimates of the mineralization that would be encountered, based on interpretation of drilling results and certain assumptions, if a deposit weredeveloped and mined. Forward‐looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results andfuture events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from First Star’s expectations includefinancing in the debt and capital markets; uncertainties involved in the interpretation of drilling results and geological tests and the estimation of reserves and resources; the need forcooperation of government agencies and Native groups in the development of First Star’s properties; the need to obtain permits and governmental approvals; risks of operations such asaccidents, equipment breakdowns, bad weather, non‐compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates;unexpected cost increases, fluctuations in metal prices and currency exchange rates, and other risks and uncertainties disclosed in First Star’s Annual Information Form for the current year,


p p y g yfiled with the Canadian securities and regulatory authorities, and in other First Star reports and documents filed with applicable securities and regulatory authorities from time to time. FirstStar’s forward‐looking statements reflect the beliefs, opinions and projections on the date the statements are made. First Star assumes no obligation to update forward‐looking statements ofmanagement beliefs, opinions, or other factors should they changes.

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First star presentation May 28 2010