Sydney, Nov 1, 2006 (ABN Newswire) - Polaris Metals NL ("Polaris") and Washington Resources Limited ("Washington") are pleased to advise that the Initial Public Offer ("IPO") of Northern Uranium Limited ("Northern Uranium") has closed early and oversubscribed. The IPO sought to raise up to $4,000,000 via the issue of 20,000,000 shares at 20c/share. Hartleys Limited acted as Broker to the Offer.

Polaris and Washington each retain 25% (10,000,000 shares) of the expanded capital of Northern Uranium. These shares will be escrowed for two years from the date of listing which is expected to be in mid November 2006.

In closing the Offer early and oversubscribed Executive Chairman Kevin Schultz noted: "it is pleasing to receive strong endorsement of the IPO from current Polaris and Washington shareholders. In addition we welcome the investment by two significant uranium groups: Areva NC ("Areva") and Mega Uranium Ltd ("Mega"). The interest of such groups in Northern Uranium is an endorsement of the quality of the Company's exploration projects.

"Northern Uranium's flagship 9,950km2 Gardiner-Tanami Super Project, which is featured in the IPO prospectus, has potential similar to Australia's Alligator Rivers Province and Canada's Athabasca Basin, which hosts the world's highest grade uranium mines".

Areva
French nuclear group Areva has subscribed for a 6.25% stake in Northern Uranium via its wholly owned Australian subsidiary Cogema Australia Pty Ltd. Areva is the world leader in nuclear power and the only company to cover all industrial activities in this field with 58,000 employees committed to continuous improvement on a daily basis, making sustainable development the focal point of the group's industrial strategy. Areva's businesses help meet the 21st century's greatest challenges: making energy available to all, protecting the planet, and acting responsibly towards future generations. With manufacturing facilities in 40 countries and a sales network in more than 100, Areva offers customers reliable technological solutions for CO2-free power generation and electricity transmission and distribution.

Mega

Mega, a Canadian publicly listed resources company focusing on uranium exploration and development has also subscribed for a stake of 6.25%. Mega trades on the Toronto TSX in Canada (TSX: MGA) and has a market capitalisation of approximately A$600 million. Mega holds a number of uranium assets in Australia, including the Ben Lomond and Maureen uranium deposits in Queensland and exploration assets in South Australia, Queensland and the Northern Territory. Mega recently made a successful off-market scrip takeover bid for Hindmarsh Resources Limited and is currently completing a similar offer for Redport Limited.