Alberta Star Completes $805,000 Financing.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--April 30, 2003

Tim Coupland, President of Alberta Star Development Corp. (ASX), listed on the TSX Venture Exchange and on the OTCBB (ASXSF), is pleased to report further to the company's press release of April 21, 2003, Alberta Star Development Corp. (the "Company") is pleased to announce that it has completed its Short Form Offering consisting of the sale 3,500,000 units at $0.23 each. Each unit will consist of one common share and one non-transferable share purchase warrant entitling the holder to purchase one additional common share of the Company for $0.30 for a period of one year. The warrants will be non-transferable and will not be trading through the facilities of the TSX Venture Exchange.

In consideration of Canaccord Capital Corporation ("Canaccord") acting as agent, the Company has paid Canaccord a commission equal to 9% of the gross proceeds of the Offering, an administration fee of $5,000 and a corporate finance fee consisting of the issuance of 100,000 common shares of the Company. In addition, Alberta Star has granted Canaccord a non-transferable warrant to acquire up to 700,000 common shares of the Company at a price of $0.25 per share, exercisable for a period of one year from the closing of the offering.

Alberta Star will use the proceeds of the offering for geophysical and diamond drilling exploration on the Longtom property located in the Northwest Territories and for general working capital and for costs associated with the financing.

CONNORS DRILLING LTD. APPOINTED DRILL CONTRACTOR

The Company has appointed Connors Drilling as the drill contractor for the Longtom Lake Copper, Gold IOCG Project. Connors Drilling Ltd. a medium sized Canadian drilling company, that has provided services to the mining industry since 1926. Drills will be mobilized to the Longtom Camp shortly. Alberta Star will commence drilling upon completion of the IP survey currently in progress. The Spring ground geophysics program on the Longtom property will include detailed, localized Induced Polarization/Resistivity (IP) traverses over selected portions of the 2.5-3.5 mGal gravity-magnetic anomalies, prospecting, geochemical sampling, drilling, and for general working capital. Work has commenced on the Longtom property and a 7,000 metre drilling program is expected to begin in early May and continue into the fall of 2003. Alberta Star will be using Boyles BBS-25A Drills, a self -propelled, Twin Otter transportable diamond drill that has proven preferable in environmentally sensitive areas of Canada's Arctic.

20-HOLE DRILL PROGRAM

A recently completed interpretation report covering the various geophysical data sets and available geological information relating to the Longtom property recommends the execution of ground geophysics such as localized Induced Polarization/Resistivity (IP/Res) over selected portions of the high-amplitude gravity-magnetic anomalies, mapping, followed by a comprehensive 20- hole drill program, targeting high-priority areas. The scheduled 20 holes will be drilled to an average depth of 200 metres per hole using a Boyles 25A. Drilling is expected to commence in early May after completion of the IP survey, and well into the summer 2003. Field crews are currently preparing high priority drill targets for the Spring/Summer work season.

DRILL PERMITS ISSUED

Alberta Star has been issued a Class "A" Land Use Permit for the company's spring/summer drill program. This permit is valid until June 25, 2007.

LONGTOM LAKE IRON-OXIDE HOSTED COPPER GOLD PROJECT (IOCG)

The Longtom property is Alberta Star's prospective Olympic Dam style (IOCG) Iron-Oxide, Copper, Gold, +Cobalt, Silver, Nickel, Bismuth exploration project near Longtom Lake in Canada's world famous Great Bear Magmatic Zone (GBMZ), Northwest Territories. Alberta Star's focus is to identify, acquire and develop late stage mineral exploration properties throughout the world where there is a reasonable expectation of identifying and yielding a world- class deposit.

CLIVE MASSEY-INVESTOR RELATIONS

Investors are welcomed to contact Mr. Clive Massey, Alberta Star's In-house Investor Relations and Corporate Communications Specialist for all corporate updates at [phone].

On behalf of the Board of Directors of

ALBERTA STAR DEVELOPMENT CORP.

Tim Coupland, President

This News Release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve that involve various degrees of risk.. The following are important factors that could cause Alberta Star's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.