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Polaris Announces 2012 Third Quarter Financial Results and Conference Call

November 5, 2012

VANCOUVER, Nov. 5, 2012 /PRNewswire/ – Polaris Minerals Corporation (TSX:PLS) today reported financial results
for the quarter ended September 30, 2012. All financial results are in
US dollars unless otherwise noted.

During the third quarter of 2012 the Company sold 632,000 tons with
revenue of $9.1 million, increases of 31% and 35% respectively compared
with the third quarter of 2011. For the first nine months ending
September 30, 2012 sales were 1.67 million tons generating revenues of
$23.9 million, increases of 36% and 45% respectively compared with the
first nine months of 2011. The level of demand from the Company’s major
market in northern California continues to be primarily responsible for
these increases.

The net loss attributable to shareholders in the quarter was $3.4
million ($0.06 loss per share) compared with the net loss attributable
to shareholders of $3.5 million ($0.07 loss per share) in the third
quarter last year. The net loss attributable to shareholders for the
nine months ended September 30, 2012 was $9.6 million ($0.18 loss per
share) compared with a net loss of $12.6 million ($0.24 loss per share)
in the first nine months of 2011.

Herb Wilson, President and CEO, commented: “The further significant
increase in sales volume was again driven by the strong demand in the
San Francisco area market where the Company benefits from wide
recognition of the quality of its products. The gross loss per ton has
been reduced by 38% in the first nine months of this year compared with
the same period in 2011. It should be noted that the quarter was
impacted by a one-off increase in shipping costs due to the
introduction of the North American Emission Control Area on August 1st,
a regulation which imposed substantially lower fuel sulphur levels for
coastal shipping. The Company will recover the increase in subsequent
quarters through cost pass-through agreements with customers. A
coalition of short-sea shippers, and other adversely affected parties,
is seeking to have the regulation modified based upon independent
scientific analysis. The Company strongly supports this action which
will enable the same positive environmental benefits for coastlines to
be achieved without sacrificing the considerable benefits of coastal
marine transportation.” He continued; “Liquidity continues to be the
most significant management issue. We are pleased to have made
substantial positive progress during the quarter on the sale of the
jointly-owned Pier B freehold land in the Port of Long Beach and expect
closing to occur by the end of November at which time the net proceeds
will be used to pay down one third of the Company’s outstanding debt
and provide cash for ongoing operations.”

This financial summary should be read in conjunction with the Company’s
September 30, 2012 Consolidated Financial Statements and Management’s
Discussion and Analysis, both of which are available on www.sedar.com as well as the Company’s website, www.polarmin.com.

Conference Call

The Company will host a conference call Tuesday, November 6, 2012 at
8:00 am Pacific Time.  Details to access the call live are as follows:

        --  Via telephone by calling (888)-231-8191 in North America or
            (647)-427-7450 internationally. The Conference ID number is:
            59563062.
        --  Via webcast at:

http://www.newswire.ca/en/webcast/detail/1060117/1152481

The webcast will be archived for 14 days following the call at the above
noted link.  The conference call will also be recorded and available
for replay at 11:00 am PST and will be available until midnight on
November 20, 2012.  To access the replay, dial 1-855-859-2056 or
416-849-0833 and use access code 59563062 to hear the recording.

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 Pacific coasts 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, 2011, 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.

SOURCE Polaris Minerals Corporation


Source: PR Newswire