Polaris Metals NL has recently provided details of its plans to spin off its precious and base metals portfolio and to focus on developing its iron ore assets in Western Australia.

Polaris is now making plans to progress another IPO featuring the company’s base metals, gold and nickel prospects and intends acquiring International Goldfields Ltd’s Evanston tenement package for inclusion with Polaris’ projects north of Southern Cross in a new company spin off. The new company which will have its own dedicated exploration management team will seek to raise capital through an IPO and list on the ASX.

Polaris also agreed with Gondwana Resources Ltd to vend its projects south of Southern Cross into a new company, Regatta Resources Ltd, which is also expected to lodge an IPO Prospectus in the near future.

Mr Kevin Schultz MD of Polaris said, “We are very fortunate to have accumulated such a large, quality portfolio of gold, base metals, uranium and iron ore prospects since listing in 2004. Going forward is the best way to progress these assets and derive value for our shareholders is to focus on our iron ore projects, whilst spinning off the non core assets into their own dedicated companies.”