On October 23, 2007, the Board of Directors of Uranium Star Corp. (the "Company") determined to adjust the exercise price of certain options that were previously granted, such that the exercise price will be more closely aligned with recent trading prices for the Company's common stock.

Pursuant to the Board's decision, all of the outstanding options that were formerly exercisable for 2,970,000 shares of common stock at a price of $1.24 per share, will now be exercisable at a price of $0.55 per share.

The Board determined to make this adjustment to the exercise price of outstanding options so as to provide an incentive to holders of outstanding options to exercise those options, as well as to permit option-holders to participate in future increases in the Company's value (as compared to the Company's current value on a per share basis).

SIGNATURES

In accordance with the requirements of the Securities and Exchange Act of 1934, the small business issuer has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

URANIUM STAR CORP.

(Small business issuer)

Date: October 23, 2007

  /s/  Richard E. Schler______________

Richard E. Schler

Chief Financial Officer