VANCOUVER, June 16 /PRNewswire-FirstCall/ - Polaris Minerals Corporation
(TSX: PLS) today announced that its subsidiary, Eagle Rock Aggregates Inc.,
has extended the agreement to purchase the 12.4 acre Pier B site in the Port
of Long Beach, California. The Company now has until July 31st, 2008, to
complete its due diligence review. Closing will occur 15 days after the
conclusion of satisfactory due diligence.
Marco Romero, President and CEO of Polaris said: "This extension is
required to provide us with time to work with the regulatory agencies and
receive the necessary comfort on the outstanding issues before making the
final investment decision." Mr. Romero continued "The acquisition of
additional port terminals has always been a key component of Polaris'
development strategy and the Pier B site is one option that could allow us to
enter the Los Angeles market, the largest construction aggregates market in
California. We expect that our terminal development initiatives in southern
California will allow us to build a strong platform to continue achieving our
long-term growth plans and it is essential that we prepare the ground in
anticipation of the market resuming its growth in demand."
Polaris Minerals Corporation is exclusively focused on the development of
quarries and the production of construction aggregates on Vancouver Island,
British Columbia, for marine transport to urban markets on the west coast of
North America to meet growing local supply deficits. In 2007, Polaris began
shipping sand and gravel from the Orca Quarry to San Francisco Bay, Vancouver,
and Hawaii.
This press release contains "forward-looking statements" and
"forward-looking information" within the meaning of applicable securities
laws. These statements and information appear in this document and include
estimates, forecasts, information and statements as to management's
expectations with respect to, among other things the future financial or
operating performance of the Company, costs and timing of the development of
the construction aggregate quarry, the timing and amount of estimated future
production, costs of production, capital and operating expenditures,
requirements for additional capital, government regulation of quarrying
operations, environmental risks, reclamation expenses, and title disputes.
Often, but not always, forward-looking statements and information can be
identified by the use of words such as "may", "will", "should", "plans",
"expects", "intends", "anticipates", "believes", "budget", and "scheduled" or
the negative thereof or variations thereon or similar terminology.
Forward-looking statements and information are necessarily based upon a number
of estimates and assumptions that, while considered reasonable by management,
are inherently subject to significant business, economic and competitive
uncertainties and contingencies. Readers are cautioned that any such
forward-looking statements and information are not guarantees and there can be
no assurance that such statements and information will prove to be accurate
and actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause actual
results to differ materially from the Company's expectations are disclosed
under the heading "Risks and Uncertainties" in the Company's Annual Report and
under the heading "Risk Factors" in the Company's Annual Information Form
(AIF) in respect of its financial year-ended December 31, 2006, both of which
are filed with Canadian regulators on SEDAR (www.sedar.com). The Company
expressly disclaims any intention or obligation to update or revise any
forward-looking statements and information whether as a result of new
information, future events or otherwise. All written and oral forward-looking
statements and information attributable to us or persons acting on our behalf
are expressly qualified in their entirety by the foregoing cautionary
statements.
CONTACT: Marco Romero, President & CEO or Mike Westerlund, Director,
Corporate Development, Polaris Minerals Corporation, Tel: (604) 915-5000,
info@polarmin.com
SOURCE Polaris Minerals Corporation
Marco Romero, President & CEO or Mike Westerlund, Director, Corporate
Development, Polaris Minerals Corporation, Tel: (604) 915-5000,
info@polarmin.com
