renounceable rights issue closes oversubscribe

As expected, oversubcribed, a gift really at 45cents! Lets hope now that we are fully cashed up, we can move on up with good SP appreciation. Market cap could easily be double current based on peers. I believe that we're at base level now, its all up from here ;-)


"6 June 2008



RENOUNCEABLE RIGHTS ISSUE CLOSES OVERSUBSCRIBED


Polaris Metals NL (ASX: POL, “Polaris”) is pleased to announce that the renounceable rights issue of 1 new share for every 5 shares held at an issue price of 45 cents per share has closed oversubscribed on 5 June 2008. The rights issue was strongly supported by existing shareholders, with a significant number of them applying for additional shares.

25,772,996 shares offered under the prospectus dated 2 May 2008 will be issued raising approximately $11.6 million before costs.

The net proceeds from the issue will enable Polaris to complete pre-feasibility studies on the Yilgarn and Poondano Iron Ore Projects and move into further development with a view to commencing production in 2010.

Holding statements for the new shares to be issued will be despatched by 12 June 2008 in accordance with the timetable in the prospectus.


For and on behalf of
POLARIS METALS NL "