MINERAL RESOURCES LIMITED — M&A Activity 2009

Nov 10, 2009

11 November 2009

ASX RELEASE

POLARIS BOARD RECEIVES IMPROVED MINERAL RESOURCES OFFER

The Board of Polaris Metals NL (“Polaris”) (ASX : POL) notes the announcement today by Mineral Resources Limited (“Mineral Resources”) that it intends to increase its takeover offer for all the shares in Polaris (“Improved Mineral Resources Offer”).

Under the Improved Mineral Resources Offer, Polaris shareholders will receive one Mineral Resources share and $0.50 cash for every 10 Polaris shares[1] .

Mineral Resources has also announced that its offer will be freed of all remaining conditions.

The Polaris board notes that on the basis of the last sale price of Mineral Resources shares on the ASX on 10 November 2009 of $6.97, the Improved Mineral Resources Offer has a value of $0.747 per Polaris share. This compares to the last sale price of Polaris shares on ASX on the same date of $0.715, and the proposed offer by Lion-Asia Resources Pte. Ltd. of $0.70 per Polaris share (“Lion-Asia Offer”).

The Polaris Board will be meeting to consider both the Improved Mineral Resources Offer and the Lion-Asia Offer and will make its recommendation to shareholders and optionholders as soon as practicable. Shareholders and optionholders are urged to take no action , pending receipt of the Board’s formal recommendation.

POLARIS METALS NL

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Ken Hellsten

Managing Director

1 This means Polaris shareholders will receive 1 Mineral Resources share for every 10 Polaris shares they hold, plus $0.05 in cash for each Polaris share they hold.