Borealis Exploration Limited Reports Improved Fiscal 2013 Earnings

GIBRALTAR--(Marketwired - Jul 14, 2013) - Borealis Exploration Limited (PSE: BOREY) (PINKSHEETS: BOREF) announces today that for the fiscal year ended 31 March 2013, it earned US$0.42 per share versus US$0.36 per share for fiscal 2012. Total comprehensive income for the year ended 31 March 2013 was US$2,095,866 versus US$1,776,331 for fiscal 2012.

Borealis previously has filed with the Gibraltar Companies House and Czech National Bank, its securities regulator in the European Union, Audited Financial Statements for the fiscal year. These Audited Financial Statements were prepared on the basis of International Financial Reporting Standards, which is the European Union standard for financial reporting. These financial statements were filed after the 26 May 2013 Prospectus for the listing of Borealis Exploration Limited common shares on the Prague Stock Exchange was issued. All of the above filings are available at www.borealis.gi.

Borealis Exploration Limited is a technology development company, based in Gibraltar. Borealis invents, patents, develops and acquires new technologies that we consider major technological innovations which, we believe, have high probabilities of generating patented and proprietary products that Borealis can own and exploit for the benefit of both their users and our shareholders. The Borealis technologies include new materials and technologies for more efficient and lower-cost generation of electrical power, more powerful and effective electric motors, and silent, non-polluting cooling and refrigeration systems. The first of these technologies to come to market is the WheelTug® aircraft electric drive system, which will provide major economic and environmental benefits to both airlines and airports.

In addition, Borealis owns significant interests in large undeveloped deposits of iron ore at Roche Bay and Fraser Bay, and in polymetallic deposits at Freuchen Bay, all located on Melville Peninsula, Nunavut, Canada.

Borealis shares are listed on the Prague Stock Exchange (symbol BOREY, ISIN # GI000A1J9JJ0) and also trade on the Pink Sheets in the United States (symbol BOREF, CUSIP # 099720 10 4).

For more information, visit the Company's website at www.borealis.gi, or contact:

Dr. Rodney T. Cox at +44 207 101 9592 or pr@borealis.gi.