Perth, Aug 1, 2007 (ABN Newswire) - Polaris Metals NL (ASX: POL) Western Australian iron ore development opportunities advancing on two fronts, namely;

Poondano Project

- Current pre-feasibility study assessing 1.25-2.50Mtpa operation;

- 10-15Mt target potential, with recent sampling of CID in mesas validating commercial iron grades;

- Located only 30km from Port Hedland public access port development.


Yilgarn Iron Ore Project

Current exploration and economic evaluation of 100-125Mt direct shipping iron ore target potential, including:

- Three recent iron ore discoveries, Carina, Chamaeleon and Vela in 100%-owned Polaris tenements, collectively with 40-60Mt target potential;

- 60-65Mt of mineralisation in Bungalbin iron ore deposits (see Notes* in attached PDF);

- Located 60km north of Koolyanobbing operations of Portman Limited.


Spin-off Southern Cross Goldfields Limited (SXG)

Combining gold and base metals assets of Polaris and International Goldfields Ltd (ASX: IGC) in Southern Cross greenstone belts;

- Independent Board appointed and Key personnel engaged;

- Targeting late 2007 listing followed by in specie share distribution to Polaris shareholders.


Farm-out of salt rights in Onslow tenements

Possible development of a new solar salt project;

- Polaris 50% free carried for the first A$10 million of expenditure on assessment and establishment.

Please click the links below to view the PDF versions of the Fourth Quarter Activities and Cashflow Report:

Fourth Quarter Activities Report
http://abnnewswire.net/lnk/UR4A269M


Fourth Quarter Cashflow Report
http://abnnewswire.net/lnk/78424294