Polaris to Purchase Land in the Port of Long Beach, California
August 5, 2008
Vancouver, British Columbia - Polaris Minerals Corporation (TSX: PLS) today announced that its subsidiary, Eagle Rock Aggregates Inc., (ERA) has satisfactorily completed its due diligence review of a parcel of land at Pier B, in the Port of Long Beach, California, and will complete the purchase for US$15.18 million. The transaction is scheduled to close on or about August 18, 2008.
With this investment, ERA will own a 66% interest in the 12.4 acre Pier B parcel of land, with its strategic alliance partner owning the remaining 34%. Following the closing of this land purchase, the alliance will secure, subject to obtaining all necessary permits, a strategic port site intended to become a major marine aggregate receiving and distribution terminal. The first phase of development will entail a sand and gravel receiving terminal that will supply products from the Orca Quarry to the massive Los Angeles market. The second phase of the development is expected to be the construction of an additional aggregate terminal to receive granite from the proposed Eagle Rock Quarry.
Marco Romero, President and CEO of Polaris said: "We are delighted to be acquiring this unique parcel of freehold land in the Port of Long Beach. It is strategically located close to Highway 710 and will provide excellent access to the greater Los Angeles metropolitan area, the largest market for construction aggregates on the west coast of North America. We will now concentrate on the permitting and development of a highly efficient and environmentally progressive facility, which could make possible the commencement of sand and gravel distribution by the beginning of 2011."
Mr. Romero continued, "We also anticipate that the acquisition of the Pier B land will play an important part in facilitating the development of our proposed Eagle Rock Quarry, on which we are currently conducting a feasibility study."
Polaris intends to finance its portion of the purchase price through a CAD$20 million one-year bridge loan facility arranged by GMP Investment Management L.P.
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 high-quality sand and gravel from the Orca Quarry to San Francisco Bay, Vancouver, and Hawaii.
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, 2007, 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.