Mr. Eric Sprott, an investor, reports

ERIC SPROTT ANNOUNCES CHANGES TO HIS HOLDINGS IN BOREALIS MINING COMPANY LTD

Today, 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott, acquired 3,571,400 units of the Borealis Mining Company Ltd. through a bought deal public offering, at 56 cents per unit, for total consideration of $1,999,984. Each unit consists of one common share and one-half of one share purchase warrant, with each whole warrant entitling the holder to acquire one share at 78 cents for 24 months from the date of issuance.

Prior to the acquisition, Mr. Sprott beneficially owned four million shares and two million warrants, representing approximately 4.8 per cent of the outstanding shares on a non-diluted basis and 7.0 per cent on a partially diluted basis assuming the exercise of such warrants. Mr. Sprott now beneficially owns 7,571,400 shares and 3,785,700 warrants, representing approximately 7.5 per cent of the outstanding shares on a non-diluted basis and 10.8 per cent of the outstanding shares on a partially diluted basis assuming exercise of such warrants, thereby requiring the filing of an early warning report.

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities, including on the open market or through private acquisitions, or sell the securities, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Borealis Mining's address is 410 Georgia St. W (fifth floor), Vancouver, B.C., V6B 1Z3. A copy of the early warning report with respect to the foregoing will appear on Borealis Mining's profile on SEDAR+ and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (2176423 Ontario Ltd., 7 King St. E, Suite 1106, Toronto, Ont., M5C 3C5).