Polar Resources Corporation (RSN.H-X)

This press release is issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

VANCOUVER, Nov. 1, 2011 /CNW/ - Further to a press release issued on May 13, 2011, Mr. Robert Grey of 2204 - 1275 Pacific Street, Vancouver, BC, has acquired ownership of or control or direction over 936,667 common shares ("Common Shares") of Polar Resources Corporation (the "Issuer").  The Common Shares acquired represent approximately 19.16% of the Issuer's issued and outstanding Common Shares (based on 4,886,412 Common Shares issued and outstanding.)

Following this acquisition, Mr. Grey owned, directly and indirectly, and exercised control or direction over, an aggregate 1,171,426 Common Shares or approximately 23.97% of the issued and outstanding Common Shares.  Mr. Grey subsequently sold 170,000 Common Shares and retains ownership of or control or direction over 1,001,426 Common Shares, being 20.49% of the issued and outstanding Common Shares (based on 4,886,412 Common Shares issued and outstanding).

The 936,667 Common Shares were acquired for investment purposes by Mr. Grey under a Shares For Debt transaction approved by the TSX Venture Exchange at $0.15 per Common Share.  Mr. Grey intends to evaluate these holdings and to increase or decrease his investment in the issuer as circumstances warrant.

A report respecting this acquisition will be electronically filed with the Securities Commission in each jurisdiction where the Issuer is reporting and will be available for viewing through the Internet at the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

The NEX or TSX Venture Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.

Except for the historical information contained herein, this press release contains statements that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995.  Forward-looking statement inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.  Factors that may cause or contribute to such differences include, among other things, the Corporation's ability to close the proposed transaction.  Other risks and uncertainties include changes in business conditions and the economy in general, changes in governmental regulations, unforeseen litigation and other risk factors identified in the Corporation's public filings under "Risk Factors".  The Corporation undertakes no obligation to update these forward-looking statements for revisions or changes after the date of this press release.

SIGNED:

"Robert C. Grey"

Robert C. Grey, President

SOURCE Polar Resources Corporation

For further information:

Robert C. Grey
Telephone:  (604) 684-9601
Email:  polarcorp@shaw.ca

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Polar Resources Corporation

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