dr richard russell, page-3

Hi Fowler,

Yes Richard Russell has done a review of 2 of POL's tenements, next door to FMS and FMG, same style of mineralisation. He is "the man" for this style and location of mineralisation. Here is summary of his review as released by POL:

"Weelumurra and Caliwinga Prospects

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.

The interpretation and assessment of target potential was undertaken by Dr Richard Russell, who was engaged by Polaris following the highly encouraging helicopter reconnaissance and sampling results referred to in the November 2007 announcement, and in light of the proximity of the prospects to large inferred resources.

Dr Russell has carried out field assignments in the region over the last three years and is familiar with the geology and geomorphology of the area. Using a method of estimating the area likely to be occupied by CID and Canga in each of the Polaris tenements, possible thicknesses based on FMG’s drilling results and the shape of similar valleys in the Polaris tenements, he calculated the potential ore volumes.

Target tonnage potential for the areas was then assessed by multiplying the volume estimates by a range of specific gravities (SG) for the expected sub-surface materials, 2.6 providing a ‘lower’ estimate and 3.2 providing an ‘upper’ estimate.

Granting of the Caliwinga Creek and Weelumurra Creek tenements to Polaris is now being finalised. When granted, the Company, having established the potential of the areas for iron ore, will then obtain Ministerial approval to explore for iron ore, and commence a more thorough assessment of potential deposits in the tenements."





Hope this helps and is of some interest.

cheers.