timely summary....

Thought it might be worth doing a quick post highlighting some of the key projects of POL with some maps etc.

POLARIS (POL)

Capital Structure

Ordinary shares: 128,003,433

Options (lists & unlisted): approx. 45,000,000

Current share price: $0.62

Undiluted Market Cap: approx. $80million.

Key shareholders:

Heron Resources Limited: 32,702,703
% of issued shares: 25.77

Lion Group Malaysia (steel makers): 24,346,543
% of issued shares: 19.19

Top 20 hold 62.19% of issued shares.

“About Polaris Metals NL
Polaris Metals NL (ASX: POL) is an aspiring Australian iron ore producer with a portfolio of quality assets on track for production, targeting 5-10 million tonnes (Mt) per annum.

The Company holds tenements spanning over 4,700km2 in highly prospective iron ore provinces in Western Australia (WA). These include the flagship Yilgarn Iron Ore and Poondano Projects in the Southern Yilgarn and Pilbara regions respectively.

Following an aggressive exploration program and a recent spin out of its nickel and gold assets to maximise focus on its promising iron ore projects, Polaris is now poised to make the transition from strategic explorer to significant iron ore producer by 2009.”

Brief activities history:

Polaris listed on 16/04/2004, primarily focusing on gold/copper exploration. Iron ore potential was noted within POL tenements throughout 2005 and in mid-2006, acquired Heron Resources (HRR) Iron ore assets within the Pilbara and Yilgarn regions W.A. At the same time, POL and Washington Resources (WRL) merged Uranium assets to form a spin-off company, Northern Uranium (NTU). Following successful exploration of these newly merged Iron ore assets, POL is currently spinning-off its Gold/nickle assets (combined with other regional aqcuistions), to form Southern Cross Goldfieds (SXG), POL share holders will receive in-specie distribution. This has left POL to become a dedicated mid-tier Iron Ore producing company.

Key Projects



Pilbara region Wa.



Poondano Project



“The Poondano project, 30km southeast of Port Hedland, comprises a series of channel iron deposits (“CID”) that extend discontinuously over more than 20km. In the east and central sectors of the palaeochannel, the CID remnants are mesas elevated up to 30m above the plain level (“Poondano East” and “Poondano Central”).”

“Polaris is currently conducting a pre-feasibility study (“PFS”) assessing the economics of mining and exporting 1.25-2.50Mtpa of iron ore through the proposed Port Hedland Port Authority (“PHPA”) public access port facilities when available.”

“Pre-feasibility studies of Polaris’ flagship Poondano Iron Ore project remain on track forcompletion in the second quarter of 2008. Engenium Pty Ltd has been appointed as consultingengineers with engineering assessment commencing and metallurgical testwork being planned. Mining commencement for mid 2009 is targeted.”

“Initial resource estimates for the Eastern and Western mineralisation will be calculated in March 2008.”

Weelumurra and Caliwinga Projects



“The Company wishes to inform the market that it has received an independent specialist
interpretation of Landsat imagery suggesting large-scale Channel Iron Deposit (CID) target
potential (200–250Mt) and additional Canga iron target potential (50–60Mt) at the Weelumurra
and Caliwinga Prospects.

The two prospects are 170-185km south-east of Dampier and in close proximity to Fortescue Metals Group’s Solomon East prospect (stated to have an inferred resource of 700Mt of iron ore at 56% Fe) and Serenity Prospect (stated to be a billion tonne deposit at 56% Fe).

The Landsat imagery interpretation follows the announcement by Polaris in November 2007 of the
location of a CID at Caliwinga visually estimated to be up to 25m thick, with assays up to 58.8% Fe and low in silica, alumina and phosphorus, and the identification of canga and detrital iron deposits at Weelumurra with assays up to 64% Fe.”

Yilgarn Iron Ore Project



“Pre-feasibility study launched based on 150-200Mt DSO target potential

o Following positive conclusions from an economic evaluation study of direct shipping iron ore (DSO) being mined from several deposits situated north of Koolyanobbing, railed via proposed new 60km spur line and the existing WestNet Rail line, and exported through Kwinana Port:
- capital costs of potential 5.0Mtpa and 10.0Mtpa DSO operations estimated
at A$202M and A$353M respectively;
- annual revenues expected to be in the range A$277M to A$554M.

o State Government commitment to exclude Bungalbin East from intended Mt Manning Class A nature reserve, allowing ongoing assessment by Polaris of the economic resource and environmental values to facilitate a final decision.

o MOU with Toll Holdings Limited anticipating service agreements in respect of ore haulage, port and ship loading services for Polaris’ iron projects.”

SIGNIFICANT NEW IRON ORE DISCOVERY WITH UP TO 65.5% FE
60KM NORTH OF KOOLYANOBBING, WESTERN AUSTRALIA

Carina Deposit, 60km NNW of Koolyanobbing, 1.6km long and up to 150m wide outcropping mineralisation, has target potential of 35-50Mt iron ore, with:

− microplaty hematite and sub-crops of specular hematite;
− average 61.6% Fe, 2.57% SiO2, 0.73% Al2O3 and 0.078% P (direct
shipping grades) in rock chip samples from northern 1.1km of the deposit;
− best grade 65.5% Fe, 1.74% SiO2, 0.67% Al2O3 and 0.04% P;

• Chamaeleon Deposit comprising goethite-hematite outcrops with microplaty hematite, has target potential estimated from surface sampling to be 5-10Mt;

• Other targets, including extension of Portman J4 Deposit into Polaris tenements;




“ECONOMIC STUDY CONFIRMS POTENTIAL OF YILGARN
IRON ORE PROJECT, WESTERN AUSTRALIA

The Directors of Polaris Metals NL (ASX: POL) are pleased to release the results of an independent economic evaluation study of the Yilgarn Iron Ore Project by consultants Project Development & Management Services (“Prodemas”).

The Yilgarn Iron Ore Project comprises more than 1,000km2 of granted exploration licences, mining leases and mining lease applications owned 100% by Polaris and centred approximately 60km north of Koolyanobbing in Western Australia. The mining tenements include iron ore deposits in the Helena and Aurora Ranges which were explored and drilled by BHP between 1960 and 1972. The largest deposit, Bungalbin Eastern, with a strike length of approximately 2.5km and an average width of approximately 150m, was estimated (pre the JORC code) to contain iron ore mineralisation in the order of 60Mt at 58% Fe.

The Project also covers the new Carina, Chamaeleon and Vela prospects recently discovered by Polaris, and announced as having target potential of 40-60Mt.

With the inclusion of other known iron ore deposits in the Helena and Aurora Ranges the Yilgarn Iron Ore Project area is stated to have a target potential of 100-125Mt of direct shipping iron ore (“DSO”). Results of current exploration by Polaris indicate that this target potential is likely to increase significantly.”




YILIGARN IRON ORE PROJECT UPDATE

o Key contractors WestNet Rail, Fremantle Ports, ProMet Engineers and Coffey Natural Systems appointed to manage components of current Yilgarn Iron Ore Project pre-feasibility study. These groups are being managed by the appointed project coordinator, Prodemas International

o Drilling resumes at priority prospects north of Koolyanobbing following the 2007 programme at Carina that intersected 80-90m of massive hematite goethite.

o Application lodged for approval to drill 60Mt Bungalbin East iron ore deposit following flora surveys by environmental consultants.



“Results from the Carina drilling completed last month are now being finalised by the assay laboratory and are expected in coming weeks. Drilling intersected massive goethite-hematite mineralisation over a strike length of 1.5km, true widths of 80-90m, and depths to 90m. The mineralisation is open along strike and at depth.”


I got all info/charts etc from company website and ASX releases.

cheers.