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MINERAL RESOURCES LIMITED M&A Activity 2009

Sep 28, 2009

65337_rns_2009-09-28_31b85bdb-66a7-4e85-8a67-5989f5909415.pdf

M&A Activity

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----- Start of picture text ----- ABN 18 085 223 570----- End of picture text -----

Level 2, 1109 Hay Street West Perth WA 6005 Tel. 08 9215 1222 Fax 08 9215 1299 Email: [email protected] Website: polarismetals.com.au

29 September 2009

The Companies Officer ASX Limited Level 8 Exchange Plaza 2 The Esplanade Perth WA 6000

by Electronic Lodgement System

Dear Sir,

Australian Financial Review Article

Polaris Metals NL (“Polaris”) (ASX: POL) notes the article appearing on Page 20 of "The Australian Financial Review" this morning regarding a potential cash offer for the company by its largest shareholder Lion Diversified Holdings Berhad.

Representatives of Polaris have had discussions with representatives of Lion on a number of occasions since the announcement of the recommended offer by Mineral Resources Limited. However, Polaris has not received, nor is aware, of any proposal in relation to any takeover offer by Lion.

The Board continues to unanimously recommend the Mineral Resources offer, in the absence of a superior offer.

For and on behalf of POLARIS METALS NL

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Ken Hellsten Managing Director