pol spin off southern cross goldfields ann

27 November 2007
ASX RELEASE
Southern Cross Goldfields Limited Spin-off
Polaris Metals NL (“Polaris�) refers to its previous announcements that it is proposing to spin-off its non-iron ore assets through an initial public offer of shares in its wholly owned subsidiary, Southern Cross Goldfields Limited (“SXG�) and to the recent update on the spin-off at Polaris’ AGM.
Polaris and SXG have determined that shareholders holding more than 10,000 Polaris shares at a record date (to be determined) will be entitled to participate in a priority offer for SXG shares, subject to ASX approval. A disclosure document for the offer will be made available when the SXG shares are offered. Polaris shareholders wishing to acquire SXG shares under the priority offer will need to complete the application form that will be in or will accompany the disclosure document, and which will be sent to eligible Polaris shareholders following the record date.
Polaris’ directors note that shareholders holding less than 10,000 Polaris shares and who wish to participate in the priority offer of SXG shares can increase their holding in Polaris through Polaris’ renounceable rights offer. The closing date for acceptances under the rights offer is Wednesday, 28 November 2007. Shareholders can accept their entitlement by completing the application form mailed to them on 12 November 2007 and which was accompanied by a prospectus lodged with ASIC on 26 October 2007.
For and on behalf of
POLARIS METALS NL
Kevin Schultz
Managing Director