Alberta Star Receives Conditional Approval for Change of Business to an Investment Issuer

Alberta Star Development Corp. (TSX VENTURE:ASX)(OTCBB:ASXSF)(FRANKFURT:QLD) is
pleased to announce that it has received conditional approval from the TSX
Venture Exchange ("TSXV") for its proposed change of business to a Tier 2
investment company (see our news release of May 22, 2014). 


The Company has determined to refocus its business operations from a "mining
issuer" to an "investment issuer" after a strategic review. The Company believes
that the experience and contacts of its directors and management will enable it
to identify and capitalize upon investment opportunities as an "investment
issuer". Management has adopted an investment policy that will provide, among
other things, that: (a) the Company will seek high return investment
opportunities in privately held and in publicly traded companies with a focus on
publicly traded resource issuers; (b) the Company will seek to preserve capital
and limit downside risk while achieving a reasonable rate of capital
appreciation; and (c) the Company will seek investments that provide liquidity.


Alberta Star currently has $5.8 Million in cash and cash equivalents and holds
investments valued at approximately $825,000 as of May 31, 2014. The Company is
actively reviewing investments that conform with its investment policy and
proposes a minimum of $1,000,000 upon receipt of shareholder approval at its
Annual General Meeting scheduled for June 24, 2014. The Company will issue a
news release with comprehensive disclosure of each proposed investment, the
closing of which will be subject to TSXV approval.


Completion of the Change of Business is subject to a number of conditions,
including TSXV acceptance and shareholder approval. The transaction cannot close
until the required shareholder approval is obtained and there can be no
assurance that the Proposed COB will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Circular that has been
prepared in connection with the proposed Change of Business, any information
released or received with respect to the transaction may not be accurate or
complete and should not be relied upon. The Circular is available under the
Company's filings at www.sedar.com. Trading in the securities of the Company
should be considered highly speculative.


The TSX Venture Exchange Inc. has in no way passed upon the merits of the
Proposed COB and has neither approved nor disapproved the contents of this press
release.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as the
term is defined in the Policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


Caution Regarding Forward-Looking Statements - This news release contains
certain forward-looking statements, including statements regarding the proposed
Change of Business. These statements are subject to a number of risks and
uncertainties. Actual results may differ materially from results contemplated by
the forward-looking statements. When relying on forward-looking statements to
make decisions, investors and others should carefully consider the foregoing
factors and other uncertainties and should not place undue reliance on such
forward-looking statements. The Company does not undertake to update any forward
looking statements, oral or written, made by itself or on its behalf, except as
required by applicable law.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Alberta Star Development Corp.
Stuart Rogers
President & Chief Executive Officer
(604) 689-1749

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