POLARIS METALS NL

Polaris Metals NL notes the announcement today by Mineral Resources Limited that it intends to increase its takeover offer for all the shares in Polaris (“Improved Mineral Resources Offer”). Under the Improved Mineral Resources Offer, Polaris shareholders will receive one Mineral Resources share and $0.50 cash for every 10 Polaris shares. Mineral Resources has also announced that its offer will be freed of all remaining conditions. The Polaris Board will be meeting to consider both the Improved Mineral Resources Offer and the Lion-Asia Offer and will make its recommendation to shareholders and optionholders as soon as practicable. Shareholders and optionholders are urged to take no action, pending receipt of the Board’s formal recommendation.