News from CCNMatthews

Iriana Resources Corporation Amalgamates with Polaris Geothermal Inc.

Monday, July 05, 2004

TORONTO, ONTARIO--(CCNMatthews - Jul 5, 2004) - Polaris Geothermal Inc. (formerly Iriana Resources Corporation) is pleased to announce that effective June 21, 2004 it amalgamated with Iriana Resources Corporation and continued under the name Polaris Geothermal Inc. pursuant to the provisions of the Business Corporations Act (Yukon).

Iriana shareholders wishing to receive new share certificates in Polaris Geothermal Inc. may surrender their old Iriana share certificates together with a duly completed letter of transmittal to Polaris Geothermal Inc.'s registrar and transfer agent, Equity Transfer Services Inc., Suite 420, 120 Adelaide Street West, Toronto, Ontario M5H 4C3.

FOR FURTHER INFORMATION PLEASE CONTACT:

Polaris Geothermal Inc.
John Clark
Chief Financial Officer
(416) 367-0150
Suite 2212, 130 Adelaide Street West
Toronto, Ontario M5H 3P5

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

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