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

VANCOUVER, British Columbia - Polaris Minerals Corporation ("Polaris" or the "Company") (TSX:PLS) is pleased to announce that the bought deal financing announced on June 3, 2013 has closed. The offering was underwritten by a syndicate of underwriters led by Dundee Securities Ltd. and including GMP Securities L.P. (together, the "Underwriters"). Concurrent with closing, the Underwriters exercised their over?allotment option in full such that an aggregate 13,225,000 common shares (the "Common Shares") were issued at $1.31 per Common Share for gross proceeds to the Company of $17.3 million. The Common Shares were issued by way of a final short form prospectus filed in all of the provinces of Canada, except Quebec, pursuant to National Instrument 44?101 ? Short Form Prospectus Distributions and in the United States on a private placement basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended.

Net proceeds, after the deduction of the Underwriters' commission and other fees and expenses, were $16.3 million from which the Company will use approximately $8.65 million to repay all outstanding debt consisting of its senior secured notes (the "Senior Secured Notes") in full together with the accrued interest thereon. The proceeds will also be used to facilitate the Company's entry into the Southern California market and for general working capital purposes.

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 and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States unless registered or an applicable exemption from the registration requirements is available.

The Company's statutory filings are available at www.sedar.com as well as the Company's website, www.polarmin.com.

Polaris is exclusively focused on the development of quarries and the production of construction aggregates in British Columbia for marine transport to urban markets on the Pacific coasts 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 further information, please contact:

Herb Wilson, President and CEO
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 use of proceeds including repayment of the Senior Secured Notes, entry into the Southern California market and general working capital. 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 "Risks and Uncertainties" in the Company's Annual Report and under the heading "Risk Factors" in the Company's Revised Annual Information Form (AIF) in respect of its financial year?ended December 31, 2012, both of which are filed with Canadian regulators on SEDAR (www.sedar.com). The Company expressly disclaims any intention to update or revise any forward?looking statements and information whether as a result of new information, future events or otherwise, other than as required by law. 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.