  We report here on the identification and study of the optical counterpart of
the ROSAT source RX J0704.2+6203. Extensive spectral and photometric
observation showed that the object belongs to the class of magnetic Cataclysmic
Variables. We determined the orbital period of the system to be 97.27m and
estimated the strength of its magnetic field to be on the order of 20 MG. The
system was observed in both high and low states, common for its class. Other
parameters of the magnetic close binary system were estimated. The spectral and
photometric behavior of the object is similar to that of the well studied polar
BL Hyi.
