Polaris to purchase land in the Port of Long Beach, California

    VANCOUVER, Aug. 5 /CNW/ - Polaris Minerals Corporation (TSX: PLS) today
announced that its subsidiary, Eagle Rock Aggregates Inc., (ERA) has
satisfactorily completed its due diligence review of a parcel of land at
Pier B, in the Port of Long Beach, California, and will complete the purchase
for US$15.18 million. The transaction is scheduled to close on or about
August 18, 2008.
    With this investment, ERA will own a 66% interest in the 12.4 acre Pier B
parcel of land, with its strategic alliance partner owning the remaining 34%.
Following the closing of this land purchase, the alliance will secure, subject
to obtaining all necessary permits, a strategic port site intended to become a
major marine aggregate receiving and distribution terminal. The first phase of
development will entail a sand and gravel receiving terminal that will supply
products from the Orca Quarry to the massive Los Angeles market. The second
phase of the development is expected to be the construction of an additional
aggregate terminal to receive granite from the proposed Eagle Rock Quarry.
    Marco Romero, President and CEO of Polaris said: "We are delighted to be
acquiring this unique parcel of freehold land in the Port of Long Beach. It is
strategically located close to Highway 710 and will provide excellent access
to the greater Los Angeles metropolitan area, the largest market for
construction aggregates on the west coast of North America. We will now
concentrate on the permitting and development of a highly efficient and
environmentally progressive facility, which could make possible the
commencement of sand and gravel distribution by the beginning of 2011."
    Mr. Romero continued, "We also anticipate that the acquisition of the
Pier B land will play an important part in facilitating the development of our
proposed Eagle Rock Quarry, on which we are currently conducting a feasibility
    Polaris intends to finance its portion of the purchase price through a
CAD$20 million one-year bridge loan facility arranged by GMP Investment
Management L.P.

    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 high-quality 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, 2007, 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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