Polaris announces closing of public offering


    VANCOUVER, March 15 /CNW/ - Polaris Minerals Corporation ("Polaris" or
the "Company") (TSX:PLS) is pleased to announce that it has closed its
previously announced public offering of 6 million common shares of the Company
at the purchase price of $9.00 per share for aggregate gross proceeds to the
Company of $54 million (the "Offering"). A syndicate of underwriters led by
GMP Securities L.P. and including Canaccord Capital Corporation, CIBC World
Markets Inc., Orion Securities Inc., TD Securities Inc. and Wellington West
Capital Markets Inc. (collectively, the "Underwriters") acted as underwriters
in connection with the Offering.
    Polaris has granted to the Underwriters an over-allotment option,
exercisable at any time, in whole or in part, for a period of 30 days
following the closing of the Offering, to purchase up to an additional 900,000
common shares of the Company at a price of $9.00 per share. If the
Underwriters fully exercise the over-allotment option, Polaris will receive
additional gross proceeds of $8,100,000.
    The Company plans to use the net proceeds of the Offering to retire
existing debt of the Company, to advance the Company's mineral properties, to
advance the Company's port terminal strategy in the Company's target markets
and for general corporate purposes.
    The securities being offered have not been, nor will they be, registered
pursuant to the United States Securities Act of 1993, as amended. Absent U.S.
registration or an appropriate exemption from U.S. registration requirements,
these securities may not be offered or sold within the United States to, or
for the account or benefit of, United States residents. Accordingly, this news
release does not constitute an offer for sale of securities in the United

    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

For further information:

For further information: Marco Romero, President and 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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