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Polaris Announces Closing of Over-Allotment Option

March 26, 2007

This News Release Is Intended For Distribution In Canada Only And Is Not Intended For Distribution To U.S. Newswire Services Or For Dissemination In The United States.

VANCOUVER, British Columbia – Polaris Minerals Corporation ("Polaris" or the "Company") (TSX:PLS) is pleased to announce that it has closed the over-allotment option previously granted to the 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"). Pursuant to the over-allotment option, the Underwriters elected to purchase an additional 900,000 common shares of the Company at a price of $9.00 per share for additional gross proceeds of $8,100,000.

The over-allotment option was made available as part of the bought deal financing announced on February 22, 2007. In total, the company has issued 6,900,000 common shares of the Company pursuant to this offering for total gross proceeds of $62,100,000 to the Company.

The Company plans to use the net proceeds of this 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 States.

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.

For further information, please contact:

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

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 forwardlooking 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.