POLARIS ANNOUNCES 2010 YEAR END RESULTS AND CONFERENCE CALL

VANCOUVER, March 16 /PRNewswire-FirstCall/ – Polaris Minerals Corporation (TSX:PLS) today reported financial results
for the year ended December 31, 2010. All financial results are in US
dollars unless otherwise noted.

The Company had sales of $18.0 million in 2010 a decrease of 4% from the
$18.8 million recorded in the prior year. The volume of sand and gravel
sold was 1.28 million tons compared with 1.42 million tons sold in
2009, a reduction of 10%.

The net loss for the year was $15.7 million ($0.30 loss per share)
compared with a net loss of $17.9 million ($0.34 loss per share) for
the year ending December 31, 2009, an improvement of 12%. The net loss
recorded was impacted by certain exceptional items including: a charge
of $6.0 million arising from the restructuring of the Company’s
shipping contracts in March; a gain of $2.1 million arising from a
revised fair value estimate of land held for sale in the Port of Long
Beach; and a foreign exchange loss of $1.1 million arising from the
stronger Canadian dollar. The Company realized an Adjusted EBITDA loss
for the year of $7.3 million ($0.14 loss per share) compared with a
loss of $4.3 million ($0.08 per share) in the prior year. During the
year the Company raised CAD$2.1 million from refinancing of the
berthing tug used at the quarry and CAD$5.0 million from a one year
bridge loan secured in November. At December 31, 2010 the Company had
cash of $5.3 million.

Herb Wilson, President and CEO, said:  “Following a continuing decline
in demand for construction aggregates in California during the first
six months of 2010, encouraging signs began to emerge during the second
half of the year indicating that the bottom of the unprecedented
decline in demand had been reached. Shipping capacity restrictions,
brought about by routine vessel maintenance, limited Orca Quarry
deliveries to California and Hawaii during the fourth quarter. Local
deliveries by barge were impacted by the customer’s installation of new
unloading facilities. During this period, customer requirements were
satisfied from inventory drawdown and this action now provides the
Company with additional shipping flexibility during 2011 as inventories
are rebuilt to appropriate levels”.

Mr. Wilson added: “Considerable interest has been shown in the purchase
of the Company’s jointly owned freehold land on Pier B in the Port of
Long Beach and we have every expectation of concluding a sale with net
receipts to the Company of approximately $14 million before the end of
the third quarter.  This sale is an important element in the Company’s
liquidity planning that was made possible when we acquired the rights
to a cost-effective alternative site on Pier D in the same port.  We
are pursuing permit variations to enable this new terminal to become
operative by the end of 2012, thus extending our influence into
southern California.  At that time we expect to benefit from the
combination of major new construction projects within the port of Long
Beach itself, coupled with an anticipated increase in market demand
following recent federal government actions intended to further
stimulate the construction industry”.

This financial summary should be read in conjunction with the Company’s
December 31, 2010 Consolidated Financial Statements and Management’s
Discussion and Analysis, both of which are available on www.sedar.com and the Company’s website.

Conference Call

The Company will host a conference call on Thursday, March 17, 2011 at
8:00 am Pacific Daylight 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
        --  Via webcast at: 

http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3434860

The webcast will be archived for 90 days following the call at the above
noted link.  The conference call will also be recorded and available
for replay at 11:00 am PDT and will be available until March 31, 2011. 
To access the replay, dial 1-800-642-1687 or 416-849-0833 and use
access code 50406329 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
transportation to urban markets on the west coast of North America to
meet local supply deficits. In 2007, Polaris began shipping sand and
gravel from the Orca Quarry to San Francisco Bay, Vancouver, BC 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, 2010, 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