09:57     MORNING STAR<00542> - Announcement (1)                              

    The Stock Exchange of Hong Kong Limited takes no                          
    responsibility for the contents of this announcement,                     
    makes no representation as to its accuracy or                             
    completeness and expressly disclaims any liability                        
    whatsoever for any loss howsoever arising from or in                      
    reliance upon the whole or any part of the contents                       
    of this announcement.                                                     
                                                                              
    Morning Star Resources Limited                                            
    (Incorporated in the Cayman Islands with limited                          
    liability)                                                                
    (Stock Code: 542)                                                         
                                                                              
    EXPIRY OF SUBSCRIPTION RIGHTS                                             
    ATTACHING TO THE 2005 WARRANTS                                            
    (Stock Code: 0594)                                                        
                                                                              
    SUMMARY                                                                   
    - Subscription rights attaching to the 2005 Warrants                      
    will expire at 4:00 p.m. on Sunday, 19th June, 2005.                      
                                                                              
    - The latest time for exercising the Subscription                         
    Rights attaching to the 2005 Warrants will be 4:00                        
    p.m. on Friday, 17th June, 2005.                                          
                                                                              
    - Trading in the 2005 Warrants will cease after 4:00                      
    p.m. on Tuesday, 14th June, 2005.                                         
                                                                              
    - Listing of the 2005 Warrants will be withdrawn with                     
    effect from 4:00 p.m. on Friday, 17th June, 2005.                         
                                                                              
    A circular in respect of the expiry of the 2005                           
    Warrants will be despatched to holders of the 2005                        
    Warrants and, for information only, to the                                
    shareholders of the Company as soon as possible.                          
                                                                              
    Holders of the 2005 Warrants who are in any doubt as                      
    to their position and action to be taken should                           
    consult their stockbroker or other registered dealer                      
    in securities, bank manager, solicitor, professional                      
    accountant or other professional adviser.                                 
                                                                              
    The Directors of Morning Star Resources Limited (the                      
    "Company") wish to remind holders of warrants of the                      
    Company carrying rights to subscribe for new shares                       
    of HK$0.20 each in the capital of the Company (the                        
    "Shares") from 20th June, 2000 to 19th June, 2005                         
    (both dates inclusive) at a subscription price of                         
    HK$0.20, subject to adjustment (the "2005 Warrants"),                     
    that the subscription rights attaching to the 2005                        
    Warrants will expire at 4:00 p.m. (Hong Kong SAR time)                    
    on 19th June, 2005 and thereafter the subscription                        
    rights attaching to the 2005 Warrants (the                                
    "Subscription Rights") which have not been exercised                      
    will lapse and the 2005 Warrant certificates will                         
    cease to be valid for any purpose. Pursuant to the                        
    instrument (the "Instrument") relating to the 2005                        
    Warrants, a "subscription date" is defined as a                           
    business day falling during the subscription period                       
    on which the Subscription Rights may be exercised and                     
    a "business day" is defined as a day (other than a                        
    Saturday) on which banks are open for business in Hong                    
    Kong SAR. As 19th June, 2005 is a Sunday and not a                        
    business day as defined in the Instrument, the last                       
    subscription date for the 2005 Warrants is Friday,                        
    17th June, 2005 (up to 4:00 p.m.).                                        
                                                                              
    The Company has made the following arrangements                           
    regarding dealings, transfers and exercise of the                         
    2005 Warrants:-                                                           
                                                                              
    1.      The trading of the 2005 Warrants on The Stock