Polaris Geothermal Inc.
TSX : GEO

Polaris Geothermal Inc.

November 02, 2007 11:15 ET

Polaris Geothermal-Operations Update

TORONTO, ONTARIO--(Marketwire - Nov. 2, 2007) - Polaris Geothermal Inc. ("Polaris" or the "Company") (TSX:GEO), a renewable energy geothermal power producer, wishes to provide an update on the operations at the San Jacinto-Tizate geothermal concession in Nicaragua (the "San Jacinto Project").

The Company's subsidiary in Nicaragua, Polaris Energy (Nicaragua) S.A. ("PENSA"), has commenced drilling its next production well for the San Jacinto Project expansion. As a result of adverse drilling encountered in its first well (see press release dated August 15, 2007), the current well, which is targeting the same formation as the first well, is being drilled from a different drill pad. This well will intersect the same production target at a slightly greater depth than was the case in the first well. As of today, the well is at a depth of 140 meters with a total targeted depth of 1200 meters. It is anticipated that this well will be completed in about a month from now. The rig will then be repositioned on the same drill pad to drill a second production well.

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". Statements respecting the development of the San Jacinto-Tizate geothermal project are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such risks and uncertainties include unpredictable actions of the Nicaraguan government, political risk, changes in legal, social or political conditions in Nicaragua, lack of appropriate funding and other risk factors, as discussed in the Company's filings with Canadian securities regulatory agencies. The Company expressly disclaims any obligation to update any forward-looking statements.

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