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BOREF, COLCF, CHOMF & PWCHF Press Release Dated 24 May 2004

Borealis Appoints Robert T Bauer to Board of Directors

Refers to BOREF, COLCF, CHOMF, PWCHF

GIBRALTAR -- (MARKET WIRE) -- 05/21/2004 -- Borealis Exploration Limited (OTC: BOREF) said that Robert T Bauer has joined the board of directors, effective 17 May 2004. At the same time, Robert T Bauer has also joined the boards of Cool Chips plc (OTC: COLCF), Power Chips plc (OTC: PWCHF) and Chorus Motors plc (OTC: CHOMF), all of which are majority owned subsidiaries of Borealis Exploration Limited.

Robert T Bauer is an Advisory Software Engineer to IBM/Rational Software Corporation. He holds a Master of Science degree (Loyola Marymount University) in Computer Science with an emphasis in computational logic, and a Bachelor of Science degree, Magna Cum Laude, in Industrial Technology from Southern Illinois University.

Mr. Bauer served eleven years in the United States Navy, where he developed system level programs and was an instructor for digital electronics and computer programming at the Naval Combat Systems Center. Since then, he held a variety of technical project management and product development posts.

In recent years, Robert Bauer ran the Interoperability Lab for the Sutter Health system and was a Principal Engineer for Levetate Design Systems. Since 2000, Robert has been an Advisory Software Engineer at IBM/Rational where he designs, develops, and reviews software architectures and high-level designs to support design pattern automation. As part of that effort, Robert develops languages and formal semantics to reason about object models and system behaviors. He has authored many publications, his most current being "Understanding and Managing Complexity," IBM 2004.

Borealis' Chairman Rodney T Cox said: "Robert Bauer brings an extensive knowledge of technology development and verification procedures to the Borealis Family and will be an immense asset as we continue to bring our technologies to market."

Robert T Bauer said: "Borealis has done a fantastic job of transforming innovations in basic science to real world products. I am impressed with Borealis' commitment to excellence in their drive to market."

Borealis Exploration Limited also announces with regret that Rebecca L Cox has resigned from the boards of Borealis Exploration Limited and Roche Bay Mining Company plc, effective 18 May 2004. The Board of Directors appreciates her contributions to the Borealis Family of Companies and wishes her the best in her future endeavours.

In other news, Robert L Carman Jr, Ph D, has been appointed Program Manager, Aerospace and Defence Programs for Cool Chips plc, effective 17 May 2004. Dr. Carman was already Program Manager for Aerospace Programs. He combines this expanded brief with similar responsibilities at Chorus Motors plc and Power Chips plc, and is managing the programs for Cool Chips' initial markets in aerospace and defence applications. Dr. Carman was previously a senior Program Manager at the Boeing Company, and worked formerly at the Los Alamos, Lawrence Livermore, and MIT Lincoln National Laboratories. He holds a PhD in Physics from Harvard University.

A current business plan for COLCF, dated 17 May 2004, can be found on our web site at www.coolchips.gi/investor/BusinessPlan.shtml.

The Borealis Family of Companies includes:

Chorus Motors plc (OTC: CHOMF) has developed the proprietary Chorus and Meshcon electric motor technologies which offer substantial cost and performance improvements over comparable motor and drive systems. The Chorus Motor system produces high torque at startup speeds and is ideal for traction applications such as automobiles, trucks, locomotives, and ships. Its advantages enable several potentially innovative applications in aerospace. Chorus Motors plc has, as of 31 March 2004, approximately 6,400,000 shares outstanding.

Cool Chips plc (OTC: COLCF) and Power Chips plc (OTC: PWCHF) are developing proprietary quantum mechanical tunnelling technologies for cooling and power generation applications. Cool Chips and Power Chips are projected to produce cooling and electric power, respectively, more efficiently and less expensively than existing or emerging technologies. Cool Chips plc has, as of 31 March 2004, approximately 8,176,000 shares outstanding and Power Chips plc has, as of the same date, approximately 8,020,000 shares outstanding.

Borealis is a research and development company founded in 1968 and based in Gibraltar in the European Union. Borealis has 5,000,000 shares outstanding.

Borealis' business is reinventing the core technologies used by basic industries, including electric motors, steelmaking, electrical power generation, and cooling and refrigeration. For more information and forward-looking statements please visit its web site at www.borealis.gi.

Chorus is a registered trademark of Borealis Technical Limited.

Please note our forward looking statement which can be found at www.borealis.gi, www.coolchips.gi, www.powerchips.gi, www.chorusmotors.gi.

For further information please contact:
Borealis Exploration Limited
Chris Bourne
Head of Public Relations
email: pr@borealis.gi
Tel: +44 020 8571 5216
Fax: +44 020 8455 8701
www.borealis.gi




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Forward-Looking Statement may be found at http://www.borealis.gi/fwdlook.shtml