Polaris Announces 2006 Third Quarter Results and Conference Call
November 9, 2006
VANCOUVER, British Columbia - Polaris Minerals Corporation (TSX:PLS) today reported financial results for the period ended September 30, 2006. As of September 30, 2006, the Company had working capital of $38 million, including cash of $42 million, compared to working capital of $0.19 million and cash of $1.2 million for the year ended December 31, 2005.
Polaris' principal assets are under construction and, therefore, the Company had no operating revenues in the period. A loss of $2.5 million, ($0.08 per share) was incurred for the nine month period ended September 30, 2006, compared to a loss of $2.8 million ($0.21 per share) for the nine months ended September 30, 2005.
During the nine months ended September 30, 2006, the Company capitalized $42.8 million to the Orca Sand & Gravel Quarry and $2.7 million to the Richmond Terminal, compared with $2.3 million and $0.36 million respectively in the corresponding nine months ended September 30, 2005. Costs capitalized to the Eagle Rock Quarry Project during the period ended September 30, 2006 were $9,000 compared with $Nil for the same period in 2005.
This financial summary should be read in conjunction with the Company's September 30, 2006 unaudited consolidated financial statements and Management's Discussion and Analysis, both of which will be available on www.sedar.com.
Third Quarter 2006 Highlights
The Company continued to make substantial construction progress at the Orca Quarry. The critical marine piling work has been completed and the quadrant beam shiploader will be installed later in November. The processing plant assembly has progressed well and, together with ancillary structures, will be commissioned before the end of the year. The large mobile equipment, including two CAT 637G wheeled tractor scrapers, is now onsite and ready to commence the extraction of the sand and gravel. The first shipment of products is anticipated to occur during the first quarter of 2007.
At the Richmond Terminal, ground preparation and foundation work is underway in anticipation of the commencement of construction of the terminal facilities. Construction is expected to be completed in the summer of 2007. The redesign of the terminal is anticipated to result in the saving of US$9.1 million, compared with original estimates.
A new Orca Quarry video is available at http://www.polarmin.com/orcasand/video.php. This five minute computer generated animation follows the movement of aggregates from the Orca Quarry to San Francisco Bay, California, demonstrating the Company's low-cost transportation strategy. Additionally, images of construction activity at the Orca Quarry site are being updated regularly at http://www.polarmin.com/orcasand/photogallery.php.
The Company will host a conference call at 10:00 am PT on Thursday, November 9, 2006. Investors and other interested parties may access the teleconference live by calling 800-814-3911 or 416-644-3423 in North America or internationally and 00 800 0000 2288 from the United Kingdom.
A live webcast of the conference call will be available through the link below:
The webcast will be archived for 90 days following the call.
The conference call will be recorded and available for replay at 1:00 pm PT and will be available until November 23, 2006. In North America dial 877-289-8525, and for international calls, dial 1-416- 640-1917. The access code to hear the recording is 21206064#.
Polaris Minerals Corporation is exclusively focused on the development of quarries and the production of construction aggregates in British Columbia for marine transport to urban markets on the west coast of North America to meet growing local supply deficits.
For further information, please contact:
Marco Romero, President and Chief Executive Officer or
Mike Westerlund, Director, Corporate Development
Polaris Minerals Corporation
Tel: (604) 915-5000
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, 2005, 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.