POLARX LIMITED — Capital/Financing Update 2015

Jan 14, 2015

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15 JANUARY 2015

AREA OF CARIBOU DOME COPPER PROJECT DOUBLED TO >20,000 ACRES

Highlights

Fast Facts ASX: CYY

Share price (14 Jan 2015) Shares on issue	A$0.021 91,012,182
Options (C$0.05)	6,565,600
Market capitalisation	~A$1.9M

Directors and Management

Michael Haynes Director, President and CEO Ian Cunningham Director, CFO and Company Secretary Robert Boaz Non-Executive Director

Contact Details

Australian registered office address Suite 9, 5 Centro Avenue Subiaco WA 6008 Tel: +61 8 9226 1356 Fax: +61 8 9226 2027

Email: info@coventryres.com

Postal Address PO Box 457 West Perth WA 6872

Website: www.coventryres.com

Coventry Resources Inc. is a limited liability corporation existing under the laws of British Columbia. Australian Registered Business Number 161615783

• Additional mineral rights covering ~11,040 acres secured immediately adjacent to and along strike from the Caribou Dome Copper Project

• More than doubles the Project area to ~21,280 acres

• New ground incorporates all mapped extensions of the highly prospective stratigraphy that hosts the high-grade and underexplored Caribou Dome Copper Deposits

• New ground also incorporates numerous additional copper occurrences, including the Aly’s Peak prospect, located about 4,250 metres NE of the main Caribou Dome deposits:

• Large areas of moderate to strong propylitic alteration have been mapped during limited previous exploration

• Disseminated sulphides prevalent, with local semimassive sulphides

• Up to 1.36% copper returned in rock chip samples

• No previous drilling

• Enhances the significant exploration upside at the Project

Coventry Resources Inc (ASX: CYY; “Coventry” or “the Company”) is pleased to advise that new mineral claims, covering approximately 11,040 acres, have been staked immediately adjacent to and along strike from the previous boundaries of the Caribou Dome Copper Project in Alaska, USA (“the Project”).

During November 2014 the Company entered into agreements that provide it the right to acquire 80% of the highly prospective and underexplored Caribou Dome Copper Project, via the acquisition of unlisted Australian company Aldevco Pty Ltd (“Aldevco”). Under “area of influence” clauses in these agreements, the recently staked areas will be included in the Aldevco transaction (i.e. on shareholder approval of the Aldevco transaction, Coventry will also have the right to acquire an 80% interest in these new areas for no additional consideration).

Sediment-hosted copper mineralisation had been identified across the entire east-west strike of the previous 10,240 acre Project area. This includes delineation of nine outcropping pods of very-high grade copper mineralisation over ~750 metres of strike, where exceptional results in limited previous drilling include:

• 18.1m at 9.34% copper

• 18.4m at 6.25% copper

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AREA OF CARIBOU DOME COPPER PROJECT DOUBLED TO >20,000 ACRES

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• 15.4m at 7.01% copper

• 13.1m at 7.20% copper

• 10.4m at 7.94% copper

• 12.8m at 5.78% copper  13.0m at 4.94% copper

• 9.1m at 6.97% copper

• 10.2m at 6.23% copper

• 12.2m at 5.04% copper  10.7m at 4.99% copper  10.2m at 4.96% copper  8.3m at 6.07% copper

Accordingly the additional claims were staked to cover the mapped extensions of the highly prospective stratigraphy that hosts the known mineralisation. Indeed the additional claims also incorporate numerous historic copper (and other base and precious metal) occurrences, including the underexplored Aly’s Peak Prospect (see below). The total Project area now comprises approximately 21,280 acres (see Figure 1).

Aly’s Peak Prospect

The Aly’s Peak Prospect is located approximately 4,250 metres northeast of the main Caribou Dome deposits. Large areas of moderate to strong propylitic alteration have been mapped during limited previous exploration undertaken in 1995 to follow up on highly anomalous stream geochemistry and soil sample data. Disseminated sulphides (pyrite, pyrrhotite +/- chalcopyrite) have been reported to be common, and “locally these sulphides coalesce into relatively large (~2m x ~1m) pods of semi-massive sulphides ”. Analytical results up to 1.36% copper have been returned from very limited rock chip sampling. Additionally, massive epidote-garnet-copper sulphidecopper oxide skarn has been observed in float near the top of Aly’s Peak. A sample of this material assayed 1.08% copper.

The acquisition of the additional areas further enhances the prospectivity of the Project.

As previously advised, a shareholder meeting is planned for shareholders to approve Coventry’s proposed acquisition of 100% of the shares in Aldevco, thereby providing the Company the right to earn an 80% interest in the Project. Preparation of requisite documentation is nearing completion. The shareholder meeting is expected to be held during the second half of February 2015.

For further information about Coventry Resources Inc., please contact:

Michael Haynes President and CEO +61 8 9226 1356 mhaynes@coventryres.com	Ian Cunningham Executive Director, CFO and Company Secretary +61 8 9226 1356 icunningham@coventryres.com

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AREA OF CARIBOU DOME COPPER PROJECT DOUBLED TO >20,000 ACRES

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Figure 1. Plan showing new extents of the Caribou Dome Copper Project

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AREA OF CARIBOU DOME COPPER PROJECT DOUBLED TO >20,000 ACRES

Qualified and Competent Person

The information in this announcement that relates to exploration results for the Project has been approved by Mr Ben Vallerine, who is a consultant to the Company and holds an indirect shareholding in Aldevco. Mr Vallerine has reviewed the exploration results disclosed in this release, but has not verified the information due to the programs having been undertaken by the previous owners of the Project.

Mr Vallerine is a Member of the Australian Institute of Geoscientists. Mr Vallerine has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results (JORC Code). Mr Vallerine is also a Qualified Person as defined by Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr Vallerine consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

Forward Looking Statements

This news release may contain "forward-looking statements" and/or "forward-looking information" within the meaning of applicable securities regulations in Canada and the United States (collectively, forward-looking information"). Any forwardlooking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, Coventry Resources Inc. (“Coventry”) does not intend, and does not assume any obligation, to update this forward-looking information. Forward-looking information includes, but is not limited to, statements with respect to resource project identification and evaluation and expected outcomes. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects, "is expected", "budget", "scheduled", "estimates", “forecasts", "intends", "anticipates", or "believes", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved.

Any forward-looking information contained in this news release is based on certain assumptions that Coventry believes are reasonable, including, that the current price of and demand for mineral commodities will be sustained or will improve, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed on reasonable terms, that supplies, equipment, personnel, permits and local community approval required to conduct Coventry’s planned exploration and development activities will be available on reasonable terms and that Coventry will not experience any material accident, labour dispute, or failure of equipment.

However, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Coventry to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks and uncertainties relating to the actual results of exploration activities being different than anticipated, cost of labour increasing more than expected, cost of equipment or materials increasing more than expected, fluctuations in the commodity prices, currency fluctuations, risk of accidents, labour disputes and other risks generally associated with mineral exploration and unanticipated delays in obtaining or failing to obtain governmental or community approvals or financing. Although Coventry has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to not be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.

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AREA OF CARIBOU DOME COPPER PROJECT DOUBLED TO >20,000 ACRES

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JORC Code, 2012 Edition – Table 1 Section 1: Sampling Techniques and Data

(Criteria in this section applies to all succeeding sections)

Criteria	JORC Code Explanation	Commentary
Sampling Techniques	 Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.  Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.  Aspects of the determination of mineralisation that are Material to the Public Report.  In cases where ‘industry standard’ work has been done, this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	 A stream sampling program and soil sampling program were completed at the Aly’s Peak Prospect sometime between 1964 and 1994. Further prospecting, including recording details of geology and collection of select rock-ship samples, was undertaken in 1995 to follow up on anomalous results. Previous work programs appear to have been undertaken in accordance with industry standard practices at the time they were implemented.  Information relating to sample preparation and analysis techniques has not been documented.
Drilling Techniques	 Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc.).	 Not applicable
Drill Sample Recovery	 Method of recording and assessing core and chip sample recoveries and results assessed.  Measures taken to maximise sample recovery and ensure representative nature of the samples.  Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	 Not applicable

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AREA OF CARIBOU DOME COPPER PROJECT DOUBLED TO >20,000 ACRES

		DOUBLED TO >20,000 ACRES
Criteria	JORC Code Explanation	Commentary
Logging	 Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.  The total length and percentage of the relevant intersections logged.	 Not applicable
Sub-Sampling techniques and sample preparation	 If core, whether cut or sawn and whether quarter, half or all core taken.  If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.  For all sample types, the nature, quality and appropriateness of the sample preparation technique.  Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.  Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.  Whether sample sizes are appropriate to the grain size of the material being sampled.	 Not applicable
Quality of assay data and laboratory tests	 The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.  Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	 Rock chip samples were assayed by Chemex Labs Inc. in Reno, Nevada.  There is no documentation available to determine the nature of any quality control measures adopted for sampling and analysis.

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AREA OF CARIBOU DOME COPPER PROJECT DOUBLED TO >20,000 ACRES

		DOUBLED TO >20,000 ACRES
Criteria	JORC Code Explanation	Commentary
Verification of sampling and assaying	 The verification of significant intersections by either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.  Discuss any adjustment to assay data.	 The Company is not aware of any verification of analytical results.
Location of data points	 Accuracy and quality of surveys used to locate drillholes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.  Specification of the grid system used.  Quality and adequacy of topographic control.	 Rock chip sample locations have been recorded on topographic maps.
Data Spacing and distribution	 Data spacing for reporting of Exploration Results.  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.  Whether sample compositing has been applied.	 Rock chip samples were collected selectively, where potentially mineralised material was identified.  No sample compositing has been documented.
Orientation of data in relation to geological structure	 Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	 Previous sampling programs appear to have been appropriate, however further evaluation would be required to determine if any sample biases exist.
Sample Security	 The measures taken to ensure sample security	 Sample security measures have not been documented.
Audits or reviews	 The results of any audits or reviews of sampling techniques and data	 The Company is unaware of any sampling audits adopted previously.

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EXTENTS OF CARIBOU DOME COPPER PROJECT DOUBLED TO >20,000 ACRES

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Section 2: Reporting of Exploration Results

(Criteria listed in section 1 also apply to this section)

Criteria	JORC Code Explanation	Commentary
Mineral tenement and land tenure status	 Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area	 The staking of the new claims was completed during November – December 2014 and Coventry has received confirmation that the new claims have been recorded with the State of Alaska as required.  While the Claims are in good standing, additional permits/licences may be required to undertake specific (generally ground-disturbing) activities such as drilling and underground development.
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	 A brief history of previous exploration was included in an ASX announcement by Coventry on 5 November 2014.
Geology	 Deposit type, geological setting and style of mineralisation	 A brief description of the deposit type, geological setting and style of mineralisation is included in the body of this announcement.
Drillhole Information	 A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drillholes:  easting and northing of the drillhole collar  elevation or RL (Reduced Level elevation above sea level in metres) of the drillhole collar  dip and azimuth of the hole  downhole length and interception depth  hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case	 Not applicable.
Data aggregation methods	 In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.  Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.  The assumptions used for any reporting of metal equivalent values should be clearly stated	 Not applicable.

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Criteria	JORC Code Explanation	Commentary
Relationship between mineralisation widths and intercept lengths	 These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation with respect to the drillhole angle is known, its nature should be reported.  If it is not known and only the downhole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	 Not applicable.
Diagrams	 Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drillhole collar locations and appropriate sectional views	 Summary plans and sections are included in this announcement.
Balanced reporting	 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results	 Representative results are included in this announcement.
Other substantive exploration data	 Other exploration data, if meaningful and material, should be reported including (but not limited to) geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	 Not applicable.
Further Work	 The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).  Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	 A suitable work program will be developed following more comprehensive review, compilation and interpretation of previously acquired data.

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