VANCOUVER, British Columbia - Polaris Minerals Corporation (TSX:PLS) is pleased to announce that notice was received from GMP Securities L.P, on January 31, 2006, that the syndicate of agents had elected to purchase one million common shares at $4.80 per share pursuant to the Over-Allotment Option granted to the agents in connection with Polaris' Initial Public Offering that closed on January 10, 2006. The purchase closed today and, as a result, Polaris has now sold a total of 16,628,185 common shares pursuant to that offering for gross proceeds of $79,815,288.

Polaris also announces that it has elected to permanently reduce the draw down amount available under its Tranche B loan facility to US$10 million. This reduction by US$16 million will also reduce the Tranche B loan fee from 3,000,000 warrants to 1,153,846 warrants. This election is made pursuant to the terms of the Credit Agreement between the Company and Ingalls & Snyder, LLC, as collateral agent, and a group of accredited investors arranged by Ingalls & Snyder, LLC dated as of November 30, 2005. Following this election, the total amount available to the Company under its Tranche A and Tranche B term loan facilities is US$31 million.

The reduction of the loan facility was principally due to the success of the Company's IPO. In addition, the Company expects to secure capital cost savings through the redesign of the planned Richmond Terminal in San Francisco.

Polaris Minerals Corporation is exclusively focused on the development of construction aggregate resources in British Columbia, for marine transport to urban markets on the west coast of North America. These markets are experiencing a growing local supply deficit of sand and gravel caused by diminishing local resources and an increasing demand for construction aggregates. Polaris is currently developing the Orca Quarry on Vancouver Island and the Richmond Terminal in San Francisco. Shipments of sand and gravel to the ready-mix concrete industry in San Francisco Bay are expected to commence in early 2007.

Polaris shares are listed on the Toronto Stock Exchange under the symbol PLS.

For further information, please contact:

Marco Romero, President and Chief Executive Officer or
Marlene Mathison, Director Corporate Development
Polaris Minerals Corporation
Tel: (604) 915-5000

Certain of the statements contained in this press release contain forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company does not expect to update any forward-looking statements as conditions change. Investors are referred to the discussion of the risk factors associated with the Company's business contained in the Company's Final Prospectus dated December 21, 2005 and filed with Canadian securities regulatory authorities and available on SEDAR.