Polaris Geothermal Inc.
TSX : GEO

Polaris Geothermal Inc.

October 21, 2008 18:08 ET

Polaris Geothermal Inc. Issues 675,000 Shares Upon Exercise of Rights

TORONTO, ONTARIO--(Marketwire - Oct. 21, 2008) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Polaris Geothermal Inc. (TSX:GEO)("Polaris Geothermal" or the "Company") announces that it has issued a total of 675,000 Class A voting common shares pursuant to the exercise of rights previously issued in a private placement of units which was completed on April 11, 2008. Details of the private placement can be found in the Company's press release of April 14, 2008.

This news release is not an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. All dollars in this news release are in Canadian funds.

ABOUT POLARIS

Polaris Geothermal Inc. is a renewable energy company currently focused on the development of geothermal energy projects in Latin America. Polaris is currently developing the initial project on its San Jacinto-Tizate geothermal concession near Leon, Nicaragua, located 90 km due northwest of the capital, Managua.

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