Since 1 minute = 60 seconds, the total time in seconds is:
\[ 12 \times 60 = 720 \text{ seconds} \]
The formula for distance traveled is:
\[ \text{Distance} = \text{Speed} \times \text{Time} \]
Substituting the given values:
\[ \text{Distance} = 1 \times 720 = 720 \text{ metres} \]
Thus, the correct answer is (B) 720 metres.