Polaris Announces Green Light for the Orca Project
January 16, 2006
Not for distribution to U.S. news wire services or dissemination in the United States
VANCOUVER, British Columbia - Polaris Minerals Corporation (TSX - PLS) is pleased to announce that, consequent upon the successful completion of its Initial Public Offering of common shares, a decision has been taken to commence the construction of the Orca Quarry, located near Port McNeill on northern Vancouver Island, and an associated marine aggregate receiving terminal facility in Richmond, San Francisco Bay, California.
Construction is expected to be completed in approximately twelve months with the initial shipments of construction aggregates planned to begin within the first quarter of 2007. The Orca Quarry, is fully permitted to produce up to 6 million tonnes of high-quality sand and gravel destined for California's construction industry.
Accordingly, Polaris has entered into an engineering, procurement and construction management contract with Seabulk Systems Inc. of Richmond, B.C. for the complete ship loading facility at the Orca Quarry and has awarded a contract for the fabrication and installation of the quadrant ship loader to Ramsay Machine Works Ltd. of Sidney, B.C. Purchase orders have also been placed with Finning (Canada) for the supply of mobile equipment for the Orca Quarry and the Company anticipates that the bulk of the remaining equipment orders will be placed by the end of January 2006.
Polaris' construction decision follows an announcement made on January 5th, 2006, by California Governor, Arnold Schwarzenegger, which proposed the investment of more than $200 billion in infrastructure development in California, including the construction of 1,200 miles of new highways and HOV lanes, an additional 600 miles of rapid transit, together with schools, prisons, court houses and numerous other elements of public infrastructure.
Marco Romero, Polaris' President and CEO commented: "Public infrastructure expenditure normally accounts for around 46% of all construction aggregate demand in California. Governor Schwarzenegger's proposed infrastructure spending is expected to positively impact the demand for construction aggregates in Polaris' target markets, providing a significant underpinning of our business plan."
Polaris is a British Columbia company focused exclusively on developing marine exports of construction aggregates from its coastal properties on Vancouver Island, B.C., to markets on the west coast of North America.
For further information, please contact:
Marco Romero, President and Chief Executive Officer
Polaris Minerals Corporation
Tel: (604) 915 5000, Ext.101
Marlene Mathison, Director, Corporate Development
Tel: (604) 915-5000 Ext. 104