Polaris provides 2007 update and guidance for 2008

    VANCOUVER, Jan. 23 /CNW/ - Polaris Minerals Corporation (TSX: PLS)
announced today that it shipped 1.18 million tons from the Orca Quarry to
customers in California, Vancouver and Hawaii in calendar 2007. The Company
expects shipments of between 0.50 and 0.60 million tons during the first
quarter of 2008 for a total of 1.68 to 1.78 million tons in the first 12
months of operations. Total shipments for calendar 2008 are expected to be
between 2.9 and 3.2 million tons based on current customer expectations.
    In 2007, the Company provided guidance that it expected to exceed the
Orca Quarry feasibility study target sales of 1.54 million tons in the first
12 months of operations ending on March 31, 2008. The feasibility study also
provided estimated sales of 2.53 million tons in the second 12 months of
    Commenting on the guidance, Marco Romero, Polaris President and CEO, said
"Our performance was excellent in 2007 and, based on customers' expectations,
we anticipate strong growth in 2008. As a result, we now expect to exceed both
our first and second year feasibility study estimates of sales volumes. We are
also very pleased that our quarry production costs (unaudited) have been in
line with the feasibility study and management expectations during 2007. We
expect our annual sales volumes to continue to increase in the short and
medium term."

    Polaris Minerals Corporation is exclusively focused on the development of
quarries and the production of construction aggregates on Vancouver Island,
British Columbia, for marine transport to urban markets on the west coast 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.

    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, 2006, 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 & CEO or Mike
Westerlund, Director, Corporate Development, Polaris Minerals Corporation,
Tel: (604) 915-5000, info@polarmin.com

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