Polaris announces repayment of long term debt



    VANCOUVER, April 16 /CNW/ - Polaris Minerals Corporation (TSX:PLS) is
pleased to announce that it has repaid the US$31 million long term debt held
by Ingalls and Snyder LLC.
    The US$31 million debt facility, drawn down in 2006 to facilitate
construction of the Richmond California terminal, was repaid without penalty
using proceeds from the recently completed equity financing. Further, in
conjunction with the Company's first sale of construction aggregates in
California, and in accordance with the terms of the debt agreement, the
Company will grant Ingalls and Snyder a total of 2,153,846 warrants, each
warrant being exercisable into one common share at $4.80 until November 30,
2010.
    Marco Romero, Polaris President and CEO said: "With the repayment of our
long term debt, Polaris is now virtually debt-free. We have eliminated a major
interest expense, strengthened our balance sheet, and positioned ourselves for
our next phase of growth."
    Polaris Minerals Corporation 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 west coast of North America to meet
growing local supply deficits.

    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 "Risks and Uncertainties" in the Company's Annual Report and
under the heading "Risk Factors" in the Company's Annual Information Form
(AIF) in respect of its financial year-ended December 31, 2005, both of which
are filed with Canadian regulators on SEDAR (www.sedar.com). 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.





For further information:

For further information: Marco Romero, President & CEO, or Mike
Westerlund, Director, Corporate Development, Polaris Minerals Corporation,
Tel: (604) 915-5000, Web site: www.polarmin.com, Email: info@polarmin.com

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Polaris Minerals Corporation

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