Polaris Announces 2006 Year End Results and Conference Call
April 2, 2007
VANCOUVER, British Columbia - Polaris Minerals Corporation (TSX:PLS) today reported financial results for the year ended December 31, 2006. As of December 31, 2006, the Company had working capital of $37.9 million, including cash of $49.4 million, compared to working capital of $189,000 and cash of $1.2 million for the year ended December 31, 2005.
Polaris' principal assets were under construction and, therefore, the Company had no operating revenues in the period. A loss of $3.8 million ($0.13 per share) was incurred for the year ended December 31, 2006, compared to a loss of $3.4 million ($0.27 per share) for the period ended December 31, 2005.
During the year ended December 31, 2006, the Company capitalized $54.9 million to the Orca Quarry and $15.3 million to the Richmond Terminal, compared with $2.8 million and $467,000 respectively in the corresponding period ended December 31, 2005.
This financial summary should be read in conjunction with the Company's December 31, 2006 audited consolidated financial statements and Management's Discussion and Analysis, both of which will be available on www.sedar.com.
The Company substantially completed construction at the Orca Quarry in 2006, paving the way for production and shipments to commence during the first quarter of 2007. One of the most significant achievements during the fourth quarter was the installation of the 340 tonne Quadrant Beam Shiploader. These achievements were particularly noteworthy considering the abnormally severe weather experienced on the west coast of British Columbia during the past winter.
At the Richmond Terminal, ground preparation and foundation work was completed and construction of the terminal facilities is underway. Construction is expected to be completed in the summer of 2007. The redesign of the terminal is anticipated to result in savings of US$9.1 million, compared with original estimates.
Polaris received two prestigious awards in the past six months for excellent social and environmental sustainability practices: The 2006 Mining and Sustainability Award from the Mining Association of B.C. and the e3 Environmental Excellence in Exploration award from the Prospectors and Developers Association.
Images of the Orca Quarry site, as well as construction progress at the Richmond Terminal, 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 Wednesday, April 11, 2007. Investors and other interested parties may access the teleconference live by calling 800-732-9303 or 416-644-3417 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 12:00 pm PT and will be available until April 30, 2007. In North America dial 877-289-8525, and for international calls, dial 1-416-640-1917. The access code to hear the recording is 21221077#.
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 & CEO 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, 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.