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Exhibit 15.1

 

 

 

 

Management's Discussion and Analysis for the Year Ended November 30, 2006 

Contact Information 

 

ALBERTA STAR DEVELOPMENT CORP. 506 - 675 West Hastings StreetVancouver, British ColumbiaV6B 1N2 

Telephone: (604) 488-0860Facsimile: (604) 408-3884Contact Name: Tim Coupland, President 

 

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ALBERTA STAR DEVELOPMENT CORP.

Management's Discussion and Analysis

for the Year Ended November 30, 2006 

This management's discussion and analysis ("MD&A"), datedMarch 12, 2007 should be read in conjunction with the accompanying auditedfinancial statements and notes for the year ended November 30, 2006. TheCompany's financial statements are prepared in accordance with Canadiangenerally accepted accounting principles ("GAAP"). Except as noted, allfinancial amounts are expressed in Canadian dollars.

This MD&A contains statements that are forward-looking innature, involving known and unknown risks and uncertainties such as generaleconomic and business conditions, operating costs, changes in foreign currencyexchange rates, and other factors. Since forward-looking statements addressfuture events and conditions, by their nature, they involve inherent risks anduncertainties. Therefore, actual results may be materially different from thoseexpressed or implied in such statements. 

Additional information is available on SEDAR and may beaccessed at www.sedar.com. 

Overview

Alberta Star Development Corp. ("Alberta Star" or the"Company") is engaged in the acquisition, exploration and development ofexploration properties in Canada's Northwest Territories. These properties arein the exploration stage. Alberta Star does not generate income or cash flowfrom its operations. Alberta Star's outlook is dependent on the global demandfor the minerals that it is seeking on its properties, namely copper, gold,silver, cobalt, lead, zinc and uranium.

On April 25, 2006, the Company completed a private placementfinancing, issuing a total of 5,500,000 flow-through units (the "Units") at aprice of $1.85 per Unit for gross proceeds of $10,175,000. Each Unit consistedof one common share and one half-share purchase warrant. Each share purchasewarrant entitles the holder to purchase an additional common share at a price of$2.10 up to October 25, 2007. In connection with the financing, the Companyissued a further 200,225 Units, and issued 435,689 compensation share purchasewarrants to the agents (the "Agents") as payment of part of their commission.Each compensation share purchase warrant entitles the Agent to acquire one shareof the Company at an exercise price of $2.15 until October 25, 2007. The fundsfrom the private placement financing have been dedicated to the Company'sexploration properties in the Northwest Territories which constitute as Canadianexploration expenses (as defined in the Income Tax Act). The Company renouncedthe associated expenditures to the investors on December 31, 2006.

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On October 18, 2006, the Company completed another privateplacement financing, issuing a total of 6,380,000 flow-through Units at a priceof $1.90 per Unit for gross proceeds of $12,122,000. Each Unit consisted of onecommon share and one half-share purchase warrant. Each share purchase warrantentitles the holder to purchase an additional common share at a price of $2.15up to April 17, 2008. In connection with the financing, the Company issued508,296 compensation share purchase warrants to the Agents as payment of part oftheir commission. Each compensation share purchase warrant entitles the Agent toacquire one share of the Company at an exercise price of $2.20 until April 17,2008. The funds from the private placement financing have been dedicated to theCompany's exploration properties in the Northwest Territories which constituteas Canadian exploration expenses (as defined in the Income Tax Act). The Companyrenounced the associated expenditures to the investors on December 31, 2006.

During fiscal 2006, the Company decided to abandon itsinterest on the Longtom Property (Target 2) -Longtom Lake, Northwest Territories("NT") and the Meridian Lake Property - Reliance, NT.

During the same period, the Company was issued two Class A-5Year Drill Permits from the Sahtu Land and Water Board. The Company is now fullypermitted for 40,000 meters of diamond drilling at Contact Lake in the EldoradoUranium Belt in the Sahtu Dene Land Settlement region of the NorthwestTerritories. The Company to date has completed 14,475.60 meters of drilling in2006 (46 holes). Of the 46 holes drilled, 27 of the 35 holes have reported thatthey have intercepted poly-metallic mineralization as of March 12, 2007. Theresults of the eleven remaining holes are still pending. 

The Company successfully completed Phase 1 & 2 drilling andfield exploration work program at the Company's Eldorado-Glacier Lake permitarea located on the north side of Echo Bay and Contact Lake permit area locatedsouth of Echo Bay. All drill core and surface exploration samples were prepared,bagged and sealed by the Company's supervised personnel and were transported byplane to ACME Analytical Laboratories Ltd. ("ACME") in Yellowknife, NT wherethey were crushed and pulped and then transported to ACME's main laboratories inVancouver, British Columbia ("BC") for assaying. ACME is a fully registered labfor analysis by ICP-MS and ICP-FA techniques. The Company has been reporting itsdrill results when they are received by the Company. 

As at November 30, 2006 the Company had $30,149,153 of cashand cash equivalents on hand. Cash on hand at the date of this MD&A is$30,438,340, which is sufficient to cover additional property acquisitions,planned exploration expenditures, drilling, and administration for at least 12months.

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Properties 

Alberta Star's exploration property assets consist of::

The Eldorado & Contact Lake IOCG & Uranium Properties:

The Company's property interests are situated north ofEldorado/Port Radium, NT and to the south of Contact Lake, NT, making theCompany the first Canadian mineral exploration company in 75 years tosuccessfully stake and control one entirely contiguous land package consistingof 20,446.82 hectares ("ha") (50,503.65 acres), in the region. 

Contact Lake Mineral Claims - Contact Lake, NT

During the year ended November 30, 2005, the Company acquireda 100% undivided right, title and interest, subject to a 1% net smelter returnroyalty ("NSR"), in five mineral claims, totalling 1,801.82 ha (4,450.50 acres)located in the Contact Lake area, 680 kilometers ("km") north of Yellowknife,NT. The acquisition was completed after payment of $60,000 and the issuance of300,000 of the Company's common shares, at a deemed value of $72,000. AlbertaStar completed additional staking in the area in order to increase the projectsize to 16 mineral claims, totalling 10,601.57 ha (26,185.88 acres).Collectively the properties are known as the Contact Lake Mineral Claims.

J. Fingler, P.Geo., of Vancouver, BC completed a NationalInstrument 43-101 compliant technical report dated August 4, 2005 ("TechnicalReport") on the Contact Lake property with copper, gold, cobalt, silver anduranium mineralization identified in an iron oxide, copper, gold, ("IOCG")setting. The Technical Report was prepared in accordance with the guidelines ofNational Instrument 43-101 "Standards of Disclosure for Mineral Projects and isbased on data and geological information gathered from public sources,assessment files, historical information, federal government maps, reports andassessment files. The sources of information for the data presented in thereport are believed to be reliable and accurate.

On April 11, 2006, the Company announced that it has beengranted a five year Sahtu Land & Water Board Class "A" Land Use Permit fordiamond drilling on the Contact Lake Project. The diamond drilling permit isvalid until August 24, 2010. Alberta Star is the first mineral explorationcompany in over 10 years to receive a Class "A"-5 Year drill permit in the GreatBear Lake Sahtu Dene Land settlement area for mineral exploration and diamonddrilling. The Company is fully permitted for diamond drilling in the Sahtu DeneLand Settlement Area at Contact Lake, NT.

On April 11, 2006, the Company announced that it has beengranted permission to drill on its Contact Lake property by the Chief Inspectorof Mines for the Northwest Territories. Dr. Hamid Mumin of Brandon Universitycompleted an interpretation report which recommended the execution of acomprehensive exploration program. The exploration program included additionalground and airborne geophysics such as localized InducedPolarization/Resistivity 

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(IP/Res) geophysics over selected portions of thehigh-amplitude magnetic anomalies, mapping, line-cutting followed by acomprehensive 15,000 meter drill program at Contact Lake, targeting the high-priority areas. 

On May 9, 2006, the Company announced that it contracted theservices of Mr. John Camier B.Sc. (Specialist) M.Sc., a principal of South BayExploration Ltd., a geological services company of Brandon, Manitoba, tosupervise the Company's Summer 2006 diamond drilling program at the Contact Lakeand Eldorado IOCG and uranium projects "(the Projects)".

On June 21, 2006 the Company announced that drillingcommenced at the Projects in early June 2006. The Company's drill contractor wasConnor's Drilling Ltd., which operated three Boyles BBS-25A drills. Thescheduled holes were drilled and completed to an average depth of 200-500 metersper-hole. 

On July 24, 2006, the Company announced that Geotech Ltd.completed a helicopter-borne VTEM geophysical survey at the Projects. The VTEMairborne survey covered an area that included four former past producing highgrade silver & uranium mines, the Eldorado, Echo Bay, Bonanza and El BonanzaMines. The survey area also included the Thompson Lake-Mile Lake region south ofthe Bonanza and El Bonanza silver and uranium mines.

On August 2, 2006, the Company announced that it has beenadvised by the Surveyor-General's office of the Department of Natural Resourcesthat the legal survey to lease at Contact Lake has been approved. The survey tolease was performed in accordance with Canadian Mining Regulations by Sub-ArcticSurveys Ltd. of Yellowknife, NT on behalf of the Company. The total lease claimsurvey are completed consisted of 1,801.82 ha (4,450.52 acres) and includes theCompany's Contact Lake Mine site.

On August 30, 2006, the Company announced that TerraquestLtd. completed a Regional High Resolution Aeromagnetic Gradiometer-RadiometricSurvey over the entire Eldorado uranium belt. This airborne geophysical surveyconsisted of 16,708 line-kilometres at 100 meter line spacings and was completedunder ideal weather conditions. This airborne survey will now allow the Companyto properly evaluate the mineral potential of its properties and assist in itsdrill targeting of the Projects.

On October 31, 2006, the Company announced that it hadcompleted its Phase 1 & 2 drilling and field exploration work program at theCompany's Eldorado-Glacier Lake permit area located on the north side of EchoBay and Contact Lake permit area located south of Echo Bay. The Company's workprogram has confirmed widespread poly-metallic mineralization at the varioustarget areas in both drill core and exploration sampling. All drill core andsurface exploration samples were prepared, bagged and sealed by the Company'ssupervised personnel and were transported by plane to ACME in Yellowknife, NTwhere they were crushed and pulped and then transported to ACME's mainlaboratories in Vancouver, BC for assaying.

The Company expects to continue with its 2006/2007 Eldorado &Contact Lake IOCG & Uranium Projects. These exploration programs will includeadditional alteration mapping, rock sampling, ground and airborne geophysics anddiamond drilling. 

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Port Radium - Glacier Lake Mineral Claims, NT

During the year ended November 30, 2005, the Company acquireda 100% undivided right, title and interest, subject to a 2% NSR in four mineralclaims totalling 2,424.23 ha (5,987.85 acres); collectively known as the PortRadium-Glacier Lake Mineral Claims. The properties are situated 1.5 km east ofPort Radium on Great Bear Lake, NT. The interest was acquired by the Companypaying $30,000 and issuing 360,000 common shares, valued at $72,000. The Companymay purchase one-half of the NSR for a one-time payment of $1,000,000.

The property contains a fully operational all-season airstripand base camp, situated at Glacier Lake. The Echo Bay claim (produced 23,779,178ounces of silver) and the Port Radium - Eldorado claim (produced 15 millionpounds of uranium and 8 million ounces of silver) are situated on property ownedby the Company. The Port Radium uranium belt was formerly one of Canada'sprincipal producers of Pitchblende uranium during the 1930s and 1940s. 

On May 2, 2006, the Company announced that it received formalapproval from the Sahtu Land and Water Board ("SLWB") for a second 25,000 meterClass A-5 year drill permit at it's Eldorado Iron oxide, copper, gold, silver,and uranium Project. The Company has now completed all of the requirements forits drill permitting which included the finalization of a comprehensive FirstNations Traditional Educational Knowledge Report ("TEK"). The TEK report wascompleted in collaboration with the Deline Land Corporation and was preparedwith detailed input from many of the Sahtu Dene Elders from the community ofDeline, NT.

On August 8, 2006, the Company announced that it hadsuccessfully completed a formal legal and land survey on its Glacier Lake silverand uranium properties. The Company has formally submitted its legal plan ofsurvey and application for lease, and notice of lease for the Glacier Lakemineral properties to the Government of Canada Mine Recorders office. The surveyto lease was performed in accordance with Canadian Mining Regulations bySub-Arctic Surveys Ltd. of Yellowknife, NT. The total lease claim survey areaconsists of 2,424.23 ha (5,987.85 acres) and includes the Echo Bay Gossan andthe Echo Bay Silver and Uranium Mine sites. 

On January 19, 2007 the Company announced that it has beenadvised by the Surveyor-General's office of the Department of Natural Resourcesthat the legal survey to lease has been provisionally approved for the GlacierLake Uranium Claims.

The Company expects to proceed with its development of thePort Radium-Glacier Lake Uranium Mineral Properties in 2006/2007. Theexploration program will include detailed mapping, sampling, ground geophysics,and diamond drilling through November 30, 2007. 

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Port Radium - Crossfault Lake Mineral Claims, NT

During the year ended November 30, 2005, the Company acquireda 100% undivided right, title and interest, subject to a 2% NSR, in five mineralclaims totalling 1,447.26 ha (3,574.73 acres) located north of Port Radium, NT,known as the Port Radium - Crossfault Lake Mineral Claims. The acquisition wascompleted after payment by the Company of $60,000 and issuance of 450,000 of itscommon shares (valued at $297,000). One-half of the NSR may be purchased for aone-time payment of $1,000,000 by the Company.

The Crossfault Lake claim block includes over 40 differentmetallic minerals, as identified by past geologists. The Port Radium uraniumbelt was formally one of Canada's principal producers of Pitchblende uranium inthe 1930s and 1940s.

The Company expects to proceed with its 2006/2007 Port Radium- Crossfault Lake Mineral Claims exploration program, which will includemapping, geophysics, and diamond drilling through to November 30, 2007. 

Port Radium - Eldorado Mineral Claims (Uranium Lease Claims),NT

During the year ended November 30, 2005, the Company enteredinto a lease agreement with South Malartic Exploration Inc. to purchase a 50%undivided interest, title and right in three mineral leases totalling 106.53 ha(263.13 acres), located at Port Radium on Great Bear Lake, NT for a cash paymentof $20,000 (paid). Acquisition of the 50% ownership in the property entitled theCompany to full access and possession to a detailed technical library,exploration reports and historical data in South Malartic's possession. Also,included in the data acquisition were reports, maps, historical uraniumproduction records, drill logs and uranium assay reports.

The property is located on Labine Point at Port Radium, NT.Starting in 1933, the mine produced 15 million pounds of high grade uranium and8 million ounces of silver, plus copper, nickel, radium, lead and polonium. Themine currently has about 40 km of existing underground workings on 14 levels.

J. Fingler, P.Geo., of Vancouver, BC completed a NationalInstrument 43-101 compliant technical report dated August 10, 2006 ("TechnicalReport") on the Eldorado-Port Radium Property. The Technical Report provides acomprehensive description of the Eldorado-Port Radium Property includingprevious work, geology and mineralization and also makes recommendations forfurther work on the Property.

North Contact Lake Mineral Claims - Contact Lake, NT

During the year ended November 30, 2006, the Company acquireda 100% right, interest and title, subject to a 2% NSR, in eleven mineral claims"(the "North Contact Lake Mineral Claims"), for cash payments of $75,000 and theissue of 250,000 common shares of the Company valued at $182,500. The Companymay purchase one-half of the net smelter returns royalty for a one-time paymentof $1,000,000. The North Contact Lake Mineral Claims are situated north ofContact Lake on Great Bear Lake approximately 263 miles north of Yellowknife, NTand consist of 5,867.23 ha (14,492.06 acres).

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The property is in the northern extension of the Contact LakeProject and includes the Contact Lake - Echo Bay Stato-volcanic complex, havinghundreds of known or recorded copper, gold, silver, nickel, cobalt, REE and highgrade uranium occurrences identified in Proterozoic rocks.

Other Properties:

Longtom Property - Longtom Lake, NT

The Company has owned, since inception, a 50% interest,subject to a 2% NSR, totalling 361.38 ha (892.61 acres) located about 350 kmnorthwest of Yellowknife, NT. Alberta Star has the option to acquire theremaining 50% interest in the Longtom Property for $315,000. At Alberta Star'soption, it may pay half of this amount through the issuance of its common sharesbased on the average closing price for the five trading days immediatelypreceding and immediately following the date of exercise. Alberta Star mustexercise the option if it incurs $5,000,000 in exploration of the property.

Alberta Star entered into an agreement with FronteerDevelopment Group Inc. ("Fronteer") whereby Fronteer may acquire a 75% interestin the entire property by paying $15,000 in cash (received) over three years andincurring $500,000 (incurred) in exploration expenditures on the property.Alberta Star and Fronteer are exploring the Longtom Property for indications ofbase and precious metals and uranium. 

Fronteer has informed Alberta Star that due to other projectsand priorities, additional work may continue on the Longtom Property at a laterdate.

Longtom Property (Target 1) - Longtom Lake, NT

During the year ended November 30, 2003, the Company acquireda 50% interest in a 721.42 ha (1,781.90 acres) mineral property located in theLongtom Lake area of the Northwest Territories for a cash payment of $15,000(paid) and the issuance of 200,000 of its common shares (issued and valued at$56,000).

No work is currently planned on the Longtom Property (Target1) due to other projects and priorities.

MacInnis Lake Property - MacInnis Lake, NT

During the year ended November 30, 2005, the Company acquireda 100% interest, subject to a 2% NSR, in 12 mineral claims (the "MacInnis LakeUranium Claims") and three additional mineral claims (the "Kult Claims") locatedapproximately 275 km southeast of Yellowknife, NT, collectively known as theMacInnis Lake Property. The acquisition was completed for cash payments of$100,000 and 650,000 common shares (issued and valued at $159,500) of theCompany.

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In 2005, the Company entered into an option agreement withMax Resource Corp. ("Max Resource"), whereby Max Resource may earn up to a 50%undivided, right, title and interest in the MacInnis Lake Property by payingAlberta Star $30,000 cash (received); issuing 200,000 common shares of MaxResource (received and now valued at $72,000) to Alberta Star; and by spending$2 million in exploration work over five years by April 1, 2010 of which$301,730 has been spent.

The MacInnis Lake Uranium Claim block consists of 10,596.35ha (26,172.98 acres) located in the Nonacho Basin, 150 km northeast of FortSmith, NT, and 233 km northwest of Athabasca Lake, Saskatchewan. 

The MacInnis Lake Uranium project is considered to be anunconformity-associated uranium deposit type. Unconformity-related uraniumdeposits can be extremely high grade and can average up to 10% or more uranium;this is the same type of setting for the majority of the uranium deposits in theAthabasca Basin. The MacInnis Lake Uranium Claim block is known to havewidespread surface uranium mineralization, and contains 28 high-grade uraniumoutcrops, some of which were drilled between 1954 and 1988. All uraniumexploration and drilling datasets from the MacInnis Lake Project have beenarchived and recorded by the Geological Survey of Canada in Yellowknife, NT. 

The Company has halted exploration activities on thisproperty pending resolution of permit issues in the region.

Summary of Quarterly Results 

The following is selected financial information from AlbertaStar's eight most recently completed fiscal quarters: 

| Quarter Ended
Net Income (Loss)
Basic Income (Loss)    per Share
Fully Diluted Income    (Loss) per Share
November 30, 2006
($3,895,492)
($0.05)
($0.05)
August 31, 2006
($5,602,506)
($0.06)
($0.06)
May 31, 2006
($1,897,081)
($0.02)
($0.02)
February 28, 2006
($235,130)
($0.01)
($0.01)
November 30, 2005
($846,099)
($0.01)
($0.01)
August 31, 2005
($1,059,803)
($0.03)
($0.03)
May 31, 2005
($440,439)
($0.01)
($0.01)
February 28, 2005 
($486,469)
($0.01)
($0.01)
The Company did not generate any revenues or haveextraordinary items or results from discontinued operations in the periodcovered.

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The Company's net loss of $3,895,492 for the three monthperiod ended November 30, 2006 includes $1,808,444 of expenses relating tomineral properties and $2,293,653 of general and administrative costs. Includedin general and administrative costs are stock-based compensation, a non-cashexpense, of $1,983,563 relating to stock options granted in the fourth quarterand the vesting of stock options previously granted. The significant increase inthe net loss as compared to the three month period ended November 30, 2005 wasmainly attributable to the completion of Phase 1 and 2 drilling and fieldexploration work program at the Company's Eldorado & Contact Lake IOCG & UraniumProperties. In this three month period, there was a $2,355 loss on thewrite-offs of property, plant and equipment. There was no loss on the sale ofproperty, plant and equipment, as well as no recorded future income taxrecoveries.

The Company's net loss of $5,602,506 for the three monthperiod ended August 31, 2006 includes $5,545,488 of expenses relating to mineralproperties and $305,529 of general and administrative costs. Included in generaland administrative costs are stock based compensation, a non-cash expense, of$39,568 related to the vesting of 100,000 stock options previously granted. Inthis three month period, there were no losses on the sale of or write-offs ofproperty, plant and equipment, as well as no recorded future income taxrecoveries. Mineral property expenditures related largely to the exploration ofthe Contact Lake Mineral Claims. 

The Company's net loss of $1,897,081 for the three monthperiod ended May 31, 2006 includes $1,644,372 of expenses relating to mineralproperties and $407,040 of general and administrative costs. Included in generaland administrative costs are stock based compensation, a non-cash expense, of$63,280 related to the vesting of 160,000 stock options previously granted. Inthis three month period, there were no losses on the sale of or write-offs ofproperty, plant and equipment, as well as no recorded future income taxrecoveries. Mineral property expenditures related largely to the exploration ofthe Contact Lake Mineral Claims. 

The Company's net loss of $235,130 for the three month periodended February 28, 2006 includes $448,827 of expenses relating to mineralproperties and $1,396,471 of general and administrative costs. Included ingeneral and administrative costs are stock based compensation, a non-cashexpense, of $1,151,458 related to the vesting of 2,910,000 stock options(3,250,000 granted). A future income tax recovery of $1,478,400 is also includedin the loss. The future income tax recovery represents the benefit of previouslyunrecognized future income tax assets realized to offset a future income taxliability arising when Canadian exploration expenditures were renounced to theCompany's shareholders as part of flow through financings. Mineral propertyexpenditures related largely to the acquisition of the North Contact LakeMineral Claims and exploration of the Contact Lake Mineral Claims. In the threemonths period ended February 28, 2006, there were no losses on the sale of orwrite-offs of property, plant and equipment.

The Company's net loss of $846,099 for the three month periodended November 30, 2005 includes $598,299 of expenses relating to mineralproperties and $247,800 of general and administrative costs. In this three monthperiod, there were no losses on the sale of or write-offs of property, plant andequipment, as well as no recorded future income tax recoveries. Mineral propertyexpenditures related largely to the acquisition and exploration of the ContactLake Mineral Claims.

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The loss of $1,059,803 for the three month period endedAugust 31, 2005 includes mineral property expenses of $767,033 and general andadministrative expenses of $292,770 respectively. The loss also includes stockbased compensation, a non-cash expense, of $185,580 related to the granting of2,000,000 stock options. Mineral property exploration expenses related toContact Lake ($689,579) and included camp and field costs ($106,254),consulting, geology and engineering fees ($164,615), transportation ($156,722)and airborne geophysics ($129,962). These costs were associated with themapping, land surveying, airborne helicopter geophysics on the Contact LakeProperty. 

The Company's net loss of $440,439 for the three month periodended May 31, 2005 consisted of mineral property expenditures and general andadministration expenditures of $284,450 and $155,989 respectively. Mineralproperty expenditures related mainly to the Contact Lake property ($174,805).General and administrative expenses included advertising and promotion($45,579), consulting and management fees ($17,700) and legal and accountingfees ($20,370). 

The Company's net loss of $486,469 for the three month periodended February 28, 2005 consisted of mineral property expenditures and generaland administration expenditures of $300,405 and $187,380 respectively. Mineralproperty expenditures related mainly to the Dixie Lake property ($102,853) andMacInnis Lake Property ($169,834). General and administrative expenses includedadvertising and promotion ($15,689), consulting and management fees ($39,200)and legal and accounting fees ($52,538). 
**Results of Operations*****Summary***
The Company's net loss for the year ended November 30, 2006was $11,630,209 or $0.14 per share compared to a net loss of $2,832,810 or $0.06per share in 2005. Contributing to the period over period differences were anincrease in mineral property expenses of $7,496,944, advertising and promotionof $122,721, office and miscellaneous of $124,202, and stock-based compensation,a non-cash expense, of $3,052,289, offset by an increase in interest income of$802,010 and future income tax recoveries of $1,429,960. 

The Company's net loss for the three month period endedNovember 30, 2006 was $3,895,492 or $0.05 per share compared to a net loss of$846,099 or $0.01 per share in 2005. Contributing to the period over perioddifferences were an increase in mineral property expenses of $1,210,145, officeand miscellaneous of $46,995, and stock-based compensation, a non-cash expense,of $1,983,563, offset by an increase in interest income of $257,400. 

In general, the Company's expenses increased significantly inthe third and fourth quarter of the current fiscal year compared to priorperiods related to Phase 1 and 2 drilling and field exploration work program atthe Company's Eldorado & Contact Lake IOCG & Uranium Properties which includedassaying, camp and field costs, drilling, geology and engineering, surveying andtransportation. The Company was among the first mineral exploration companies tobegin acquiring advanced stage poly-metallic and uranium projects in the SahtuLand region, prior to the rapid rise of base and precious metals and uraniummetal prices and was able to

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assemble one of the largest contiguous land packages completewith advanced datasets in one of Canada's most historically famous iron, oxide,copper, gold, silver, cobalt and uranium mineral districts. New mineraldiscoveries and increased demand, particularity for uranium, will continue tofavour those exploration companies who have properly permitted their mineralproperty assets. 

During 2006, the Company had a higher average cash balance onhand resulting in an increase in interest income to $802,010 in 2006 from $Nilin 2005.

Total assets increased to $30,798,020 in 2006 as compared to$11,978,824 in 2005 primarily as a result of the completion of two privateplacement financings which raised gross proceeds of $22,297,000. In addition,the company realized cash inflows from the exercise of warrants and options of$6,987,056 offset by the purchase of property, plant and equipment of $111,504and cash outflows from operations of $9,653,873.
***Mineral Property Expenses***
Mineral property expenses comprise (1) operating expenses;(2) acquisition costs, and (3) recoveries. Total expenditures for the year endedNovember 30, 2006 and 2005 are summarized below:

For the Year Ended November 30, 2006 
Operating   Expenses   $ 
Acquisition   Costs    $
Recoveries    $
Total    $
Longtom Property - Longtom Lake, NT 
893
-
(4,000)
(3,107)
Longtom Property (Target 1) - Longtom Lake, NT
-
-
- 
-
MacInnis Lake Property - MacInnis Lake, NT 
3,231
- 
(15,000)
(11,769)
Contact Lake Mineral Claims - Contact Lake, NT 
8,359,925
-
-
8,359,925
North Contact Lake Mineral Claims - Contact Lake, NT
-
257,500
-
257,500
Port Radium - Glacier Lake Mineral Claims, NT 
1,261,681
- 
(417,099)
844,582 
Port Radium - Crossfault Lake Mineral Claims, NT
-
-
-
-
Port Radium - Eldorado Mineral Claims, NT
-
-
-
-
9,625,730 
257,500
(436,099)
9,447,131
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Operating expenses for the three month period ended November30, 2006 were $1,808,444 compared to $589,299 in the comparative period. Theincrease was primarily due to $1,524,539 and $62,909 spent on the Contact LakeMineral Claims and Port Radium - Glacier Lake Mineral Claims respectively. Theincrease in expense is attributed to increased costs associated with theoperation of two field exploration camps for the Phase 1 and 2 drilling andfield exploration work program at the Company's Eldorado & Contact Lake IOCG &Uranium Properties. The increase in operating expenses for the year endedNovember 30, 2006 was also primary attributable to the Company's Eldorado &Contact Lake IOCG & Uranium Properties as discussed above. 

For the Year Ended November 30, 2005
Operating Expenses   $ 
Acquisition Costs    $
Recoveries    $
Total    $
Longtom Property - Longtom Lake, NT
12,900
-
(3,000)
9,900
Longtom Property (Target 1) - Longtom Lake, NT
11,571
-
(3,530)
8,041
Longtom Property (Target 2) - Longtom Lake, NT 
11,571
-
(3,530)
8,041
Dixie Lake Property - Red Lake, Ontario 

88,236
(2,603)

Shabu Lake Property - Red Lake, Ontario 
2,924
-
-
2,924
MacInnis Lake Property - MacInnis Lake, NT 
301,730
258,000
(334,748)
224,982
Meridian Lake Property - Reliance, NT 
-
10,000
-
10,000
Contact Lake Mineral Claims - Contact Lake, NT
954,292
132,000
-
1,086,292
North Contact Lake Mineral Claims - Contact Lake, NT
-
-
-
Port Radium - Glacier Lake Mineral Claims, NT 
-
102,000
-
102,000
Port Radium - Crossfault Lake Mineral Claims, NT
-
357,000
-
357,000
Port Radium - Eldorado Mineral Claims, NT
-
20,000
-
20,000
1,330,362
967,236
(347,411)
1,950,187
Full particulars of expenditures on mineral properties areprovided in note 8 to the audited financial statements for the year endedNovember 30, 2006.
***General and Administrative Expenses***
General and administrative expenses for the three monthsended November 30, 2006 increased by $2,045,853 to $2,293,653 in the comparativeperiod. Office and miscellaneous costs increased to $60,875 in 2006 as comparedto $13,880 in 2005 and the increase in costs is attributed to the move to largeroffice premises in September 2006. Stock-based compensation, a non-cash expense,is comprised of the fair value of stock options granted to employees andconsultants that vest in the year. Stock-based compensation, a non-cash expense,increased to $1,983,563 in 2006 from $Nil in 2005. The Company uses theBlack-Scholes option pricing model to determine the fair value of optionsgranted and recognizes the fair value of the option as an expense over thevesting term of the option. 

13

General and administrative expenses for the year endedNovember 30, 2006 increased by $3,522,606 to $4,402,693 in the comparativeperiod. Advertising and promotion expense increased to $247,563 in 2006 ascompared to $124,842 in 2005. The increase in expense is attributed to increasedcosts associated with news release dissemination. Office and miscellaneous costsincreased to $181,523 in 2006 as compared to $57,321 in 2005. The increase incosts is attributed to the move to larger office premises in September 2006.Stock-based compensation, a non-cash expense, is comprised of the fair value ofstock options granted to employees and consultants that vest in the year.Stock-based compensation, a non-cash expense, increased to $3,237,869 in 2006from $185,580 in 2005. The Company uses the Black-Scholes option pricing modelto determine the fair value of options granted and recognizes the fair value ofthe option as an expense over the vesting term of the option. 
***Future Income Tax Recovery***
In fiscal 2006, the Company recorded a future income taxrecovery of $1,429,960. The Company did not generate a future income taxrecovery in fiscal 2005.
***Selected Annual Information***
The following table sets forth selected financial informationof the Company for the last three fiscal years. This financial information isderived from the audited financial statements of the Company.

Item
For the Year Ended November 30**2006**2005**2004
Total Revenue
Nil
Nil
Nil
Total Income (Loss) from Continuing Operations
($11,630,209)
($2,832,810)
($957,202)
Operating Income (Loss) per Share
($0.14)
($0.06)
($0.03)
Net Income (Loss) in Total
($11,630,209)
($2,832,810)
($957,202)
Net Income (Loss) on a per Share Basis
($0.14)
($0.06)
($0.03)
Total Assets
$30,798,020
$11,978,824
$2,155,878
Total Long Term Financial Liabilities
Nil
Nil
Nil
Cash Dividends Declared per Share
Nil
Nil
Nil    **Liquidity**
Alberta Star is a mining exploration and development companywith no producing resource properties, and consequently, does not generateoperating income or cash flow.

During the year ended November 30, 2006, the Company spent$9,447,131 on developing and purchasing mineral properties and $4,402,693 ongeneral and administration for a total net loss before other items and incometaxes of $13,849,824. These amounts included $1,859,091 of non-cash outlaysincluding the acquisition of mineral properties through the issuance of commonshares outlined at $182,500 and stock-based compensation, a non-cash expense, of$3,237,869 resulting in a net cash outlay pertaining to operating activities of$9,771,158. A future income tax recovery benefit of $1,429,960 was recorded infiscal 2006; however, the future income tax recovery benefit did not directlycontribute cash to operations.

14

The Company had cash and cash equivalents on its balancesheet of $30,149,153 and working capital of $30,224,674 as compared to$11,841,868 of cash and cash equivalents and working capital of $11,885,123 in2005. The change in cash and working capital of $18,307,285 and $18,339,551,respectively, is in part due to the receipt of net proceeds of $21,078,107 fromprivate placements of 20,057,146 common shares and warrants, the receipt of$6,987,056 from the exercise of 12,956,509 stock options and warrants and thereceipt of $7,500 in share subscriptions received in advance, offset bypurchases of property, plant and equipment of $111,504 and cash used inoperations of $9,653,873. 

During the year ended November 30, 2005, the Company spent$1,950,187 on mineral properties and $880,087 on general and administration fora total net loss before other items and income taxes of $2,830,274. Theseamounts included $711,800 of non-cash outlays including the acquisition ofmineral properties through the issuance of common shares outlined at $599,000and stock-based compensation, a non-cash expense, of $185,580 resulting in a netcash outlay pertaining to operating activities of $2,121,010. There was nofuture income tax recovery benefit recorded in fiscal 2005. The Companygenerated $10,158,979 from private placements of 41,465,361 common shares andwarrants, $1,716,611 from the exercise of 5,314,119 stock options and warrants,offset by purchases and proceeds on the sale of property, plant and equipment of7,933 and cash used in operations of $2,121,010.
**Commitments**
Alberta Star has ongoing commitments required to keep itsmineral property interest in good standing and to carry on its businessoperations. 
-  The Company has the right to acquire the remaining 50% interest in the Longtom Property (the "Longtom Option") for $315,000 payable either in cash or 50% ($157,500) in cash and 50% in common shares of the Company. The deemed price of the Company's shares issued on the exercise of the Longtom Option would be the average TSX Venture Exchange closing market price of its common shares on the five trading days immediately proceeding and the five trading days immediately following the date that the option is exercised. The Company is compelled to exercise the Longtom Option: 1) within 90 days from the date it has incurred $5,000,000 in exploration expenditures on the Longtom Property; or 2) at the date the Company advises the optionor in writing that it will complete the Longtom Option to purchase the remaining 50% interest in the Longtom Property (Note 12). The Company entered into a contract for management services with a company controlled by the President and director of the Company requiring the payment of $12,500 per month. In February 2007, this arrangement was terminated and the individual became an employee of the Company requiring the remuneration of $16,667 per month retroactive to January 1, 2007.- The Company entered into a contract for employment with a director of the Company requiring the remuneration of $5,500 per month. 

15
- The Company entered into a contract for employment with the Corporate Secretary of the Company requiring the remuneration of $5,500 per month. 

16
- The Company entered into a contract for employment with an individual related to a director of the Company requiring the remuneration of $4,000 per month.
-  The Company entered into a contract for investor relations services with an individual requiring the payment of $6,000 per month. The Company entered into a contract for media and investor relations services with a company requiring the payment of US$3,000 per month on a month to month basis The Company entered into a contract for director services with a company controlled by a director of the Company requiring the payment of $1,000 on a month to month basis. The Company entered into a contract for director services with a partnership controlled by the Chief Financial Officer and director of the Company requiring the payment of $1,000 on a month to month basis. The Company must incur mineral property operating expenditures equal to the proceeds of all flow-through shares issued by the Company. These mineral property operating expenditures must be incurred within a period of two years from the date of issue of the flow-through shares. As a result, the Company is obligated to spend approximately $19,822,747 by October 18, 2008. The Company entered into a five year lease for premise with minimum lease commitments of approximately $3,575 per month.**Related Party Transactions**
Alberta Star's board of directors consists of Tim Coupland,Tracy A. Moore, Michael Bogin and Robert T. Hall who was appointed on September27, 2006. Mr. Coupland is the Company's President and Chief Executive Officer.Mr. Michael Bogin is the Company's Chief Financial Officer. Ms. Ann-MarieCederholm is the Company's Corporate Secretary. The Company paid or accruedamounts to related parties as follows: 
 
Year Ended November 30 
2006
2005
Consulting fees paid to a company controlled by Mr. Tim   Coupland
$27,452
$43,900
Consulting fees paid to a partnership controlled by Mr.   Michael Bogin
7,500
-
Secretarial fees paid to an individual related to Mr. Tim   Coupland
36,037
38,304
Management fees paid to a company controlled by Mr. Tim   Coupland
135,000
60,000
Director fees paid to a company controlled by Mr. Tracy A.   Moore
21,950
Nil
Director fees paid to a company controlled by Mr. Robert   T. Hall
9,000
Nil
Accounting fees paid to a proprietorship controlled by Ms.   Ann-Marie Cederholm
38,375
Nil 
$275,314
$142,204
16

These transactions were in the normal course of operationsand were measured at the exchange value which represented the amount ofconsideration established and agreed to by the related parties. 
**Off-Balance Sheet Arrangements**
The Company has no off-balance sheet arrangements that wouldrequire disclosure. 
**Financial Instruments and Other Instruments**
Fair value - The fair value of cash and cash equivalents,amounts receivable, accounts payable and accrued liabilities approximates theircarrying value due to the short-term nature of these financial instruments. Thefair value of available for sale investments is equivalent to market value,although available for sale investments are carried at the lower of cost ormarket value. 

Exchange risk - The Company operates in Canada and so is notsubject to foreign currency risk arising from changes in exchange rates withother currencies. 

Interest rate risk - The Company is exposed to interest raterisk on its short-term investments, but this risk relates only to investmentsheld to fund future activities and does not affect the Company's currentoperating activities. 

Credit risk - The Company places its temporary investmentfunds with government and bank debt securities and is subject to minimal creditrisk with regard to temporary investments. 

The Company does not have any risk associated with "otherinstruments"; that is, instruments that may be settled by the delivery ofnon-financial assets. 
**Critical Accounting Estimates**
The preparation of the Company's financial statementsrequires management to make estimates and assumptions regarding future events.These estimates and assumptions affect the reported amounts of certain assetsand liabilities, and disclosure of contingent liabilities.

Significant areas requiring the use of management estimatesinclude the determination of impairment of equipment, environmental andreclamation obligations, rates for amortization, variables used in determiningstock-based compensation and assessments of control of variable interestentities. These estimates are based on management's best judgment. Factors thatcould affect these estimates include risks inherent in mineral exploration anddevelopment, changes in reclamation requirements, changes in government policyand changes in foreign exchange rates.

Management has assessed the carrying value of its assets, andother than write-downs to its available for sale investment, does not believethe remaining assets have suffered any impairment. 

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The Company does not believe it has incurred any materialenvironmental liabilities to date. The Company has the responsibility to performreclamation in certain jurisdictions upon completion of drilling. The costs tocomplete this reclamation are immaterial and are expensed when incurred.

Management has made significant assumptions and estimates indetermining the fair market value of stock-based compensation granted toemployees and non-employees and the value attributed to various warrants andbroker warrants issued on financings. These estimates have an effect on thestock-based compensation expense recognized and the contributed surplus andshare capital balances on the Company's balance sheet. Management has madeestimates of the life of stock options and warrants, the expected volatility andexpected dividend yields that could materially affect the fair market value ofthese types of securities. The estimates were chosen after reviewing thehistorical life of the Company's options and analyzing share price history todetermine volatility.
**Changes in Accounting Policies**
There were no changes in accounting policies in 2006.
**Disclosure Controls and Procedures**
The Company's system of disclosure controls and proceduresincludes our Disclosure Policy, our Code of Conduct and Business Ethics and theeffectiveness of our Audit Committee. The Company has established proceduresthat allow the identification of matters warranting consideration of disclosureby the Audit Committee, as well as procedures for the verification of individualtransactions and information that would be incorporated in annual and interimfilings, including Financial Statements, Management's Discussion and Analysis,Annual Information Forms and other related documents.

As required by CSA Multilateral Instrument 52-109,Certification of Disclosure in an Issuer's Annual and Interim Filings, anevaluation of the effectiveness of the design and operation of our disclosurecontrols and procedures was conducted as of November 30, 2006 under thesupervision of management, including the President and the Chief FinancialOfficer. The evaluation included review of documentation, enquires of theCompany staff and other procedures considered by Management to be appropriateunder the circumstances.

As a result of their evaluation, the President and ChiefFinancial Officer have concluded that the design and operation of the system ofdisclosure controls was effective as at November 30, 2006.

The President and Chief Financial Officer are also requiredto file certifications of our annual filings under Multilateral Instruments52-109. These certifications may be accessed at www.sedar.com.

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**Share Data**
As of the date of this MD&A, Alberta Star has 96,901,357common shares without par value issued and outstanding. In addition, AlbertaStar has the obligation to issue the following additional common shares: 
- Alberta Star has the option to acquire the remaining 50% interest in the Longtom Property for $315,000. At Alberta Star's option, it may pay half of this amount through the issuance of its common shares based on the average closing price for the five trading days immediately preceding and the five days trading days immediately following the date of exercise.   
- Incentive stock options that could result in the issuance of up to 5,917,500 common shares. Of these stock options, 55,000 are exercisable at $0.15 each, 200,000 are exercisable at $0.20 each, 2,412,500 are exercisable at $0.60 each and 3,250,000 are exercisable at $1.57 each.    
- Share purchase and agent compensation warrants that could result in the issuance of up to 15,104,126 common shares ranging from $0.45 to $2.20 each. Details of these warrants are described in note 10 and 16 to our audited annual financial statement for the year ended November 30, 2006. A total of 100,000 share purchase warrants with an exercise price of $0.40 per common share expired April 7, 2006. 
**Subsequent Events**
The following events occurred subsequent to November 30,2006:
-  The Company issued additional 587,500 common shares for total cash proceeds of $312,500 for options exercised. The Company issued additional 37,140 common shares for total cash proceeds of $27,855 for agent's warrants exercised.  The Company issued additional 25,000 common shares for total cash proceeds of $16,250 for warrants exercised.  The Company entered into a contract for director services with a partnership controlled by a director of the Company requiring the payment of $1,000 on a month to month basis. 
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-  The Company terminated a contract for management services with a company controlled by a director of the Company which required the payment of $12,500 per month. The Company entered into a contract for employment with the director of the Company requiring the remuneration of $16,667 per month, retroactive to January 1, 2007.  The Company entered into a contract for employment with a director of the Company requiring the remuneration of $5,500 per month, retroactive to January 1, 2007.  The Company entered into a contract for employment with the Corporate Secretary of the Company requiring the remuneration of $5,500 per month, retroactive to January 1, 2007.  The Company entered into a contract for employment with an individual related to a director of the Company requiring the remuneration of $4,000 per month, retroactive to January 1, 2007.  On March 1, 2007, the Company announced that Mr. Stuart Rogers has been appointed to the Board of Directors of the Company.
 
     "/s/ Tim Coupland"   "/s/Michael Bogin"  Tim Coupland    Michael BoginPresident &  CEO CFO   
March 12, 2007

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