NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Polaris Minerals Corporation (the "Company") is pleased to announce that it has closed its previously announced $25 million bought deal financing. A syndicate of underwriters, led by GMP Securities L.P. and including CIBC World Markets Inc., Desjardins Securities Inc., Macquarie Capital Markets Canada Ltd., TD Securities Inc. and Scotia Capital Inc. (collectively, the "Underwriters"), has purchased, on a bought deal basis, 15,625,000 units (the "Units") of the Company at a price of $1.60 per Unit, for aggregate gross proceeds of approximately $25 million (the "Offering"). Each Unit consists of one common share (a "Common Share") of the Company and one half of a Common Share purchase warrant (each full warrant a "Warrant") with each Warrant entitling the holder thereof to purchase an additional Common Share of the Company at the exercise price of $2.25 per Common Share for a period of two years following the closing of the Offering.

The Company plans to use the net proceeds from the Offering to repay an outstanding $20 million bridge loan and for general corporate purposes.

Herb Wilson, President and CEO of Polaris said: "We are pleased to be able to pay off the bridge loan that we used to acquire the strategic Pier B site in the Port of Long Beach, CA. The Company has a strong balance sheet and we will improve our cash position by eliminating the remaining interest expense associated with the bridge loan. We are well positioned to continue with our business plan which we expect to benefit from the anticipated growth in infrastructure investment which has been proposed by the incoming US administration and we do not have plans for significant capital expenditures before 2011."

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

About Polaris Minerals Corporation
Polaris Minerals Corporation is exclusively focused on the development of quarries and the production of construction aggregates on Vancouver Island, British Columbia, for marine transport to urban markets on the west coast of North America to meet growing local supply deficits. In 2007, Polaris began shipping sand and gravel from the Orca Quarry to San Francisco Bay, Vancouver, and Hawaii.

For more information, please contact:
Herb Wilson, President and CEO
Or
Mike Westerlund, Director, Corporate Development
Polaris Minerals Corporation.
Tel: 604-915-5000
info@polarmin.com

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws. These statements and information appear in this document and include estimates, forecasts, information and statements as to management's expectations with respect to, among other things the future financial or operating performance of the Company, costs and timing of the development of the construction aggregate quarry, the timing and amount of estimated future production, costs of production, capital and operating expenditures, requirements for additional capital, government regulation of quarrying operations, environmental risks, reclamation expenses, and title disputes. Often, but not always, forward-looking statements and information can be identified by the use of words such as "may", "will", "should", "plans", "expects", "intends", "anticipates", "believes", "budget", and "scheduled" or the negative thereof or variations thereon or similar terminology. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are cautioned that any such forward-looking statements and information are not guarantees and there can be no assurance that such statements and information will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risk Factors" in the Company's final prospectus dated December 31, 2008 in respect of the Offering, which is filed with Canadian regulators on SEDAR (www.sedar.com). Except as required by law, the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.