Polaris Minerals Announces Management Transition
July 14, 2008
Vancouver, British Columbia – The Board of Polaris Minerals Corporation (TSX: PLS) today announced that, effective January 1, 2009, Herbert G. A. Wilson, the Company's Senior Vice President and Chief Operating Officer, will succeed Marco Romero as President and CEO of the Company. Thereafter Mr. Romero, the Company's founder, will remain a director and also be available to assist management, under the terms of a long-term advisory agreement. Mr. Wilson has been appointed to the Board of Directors of the Company effective immediately.
Roman Shklanka, Chairman, commented: "This is a natural transition that has been in the planning stages for some time, recognizing that the Company was evolving from the entrepreneurial start-up phase to a maturing construction materials producer. Herb Wilson has had an extensive management career in the construction aggregates industry and has been responsible for the construction and operation of our world-class assets since joining the Company seven years ago. The board has every confidence in his abilities." He continued: "We would like to recognize Marco Romero's outstanding achievement in building Polaris from an idea to a successful operating company. We are pleased that he has agreed to continue his association with the Company following this transition and wish him every success in his future endeavours."
Marco Romero, President and Chief Executive Officer, commented: "It was always my intention to achieve a well planned management transition. I know that the Company is now in very capable hands. Herb is an experienced operator and he possesses in-depth knowledge of our company. He has worked hard and played a key role in building Polaris since 2001. He has fully earned this position. I strongly support his promotion." Mr. Romero continued: "We have been entrusted with unique and irreplaceable assets, and we have put in place all of the elements to manage them in a responsible and sustainable manner. We have been given the social license to operate and grow Polaris into a major long-term player in the west coast construction materials industry. Despite the unprecedented economic headwinds affecting our sector at this time, the Company's business model is perfectly sound. I will remain committed to Polaris' long-term success and will support Herb Wilson in any way that I can, so that he can deliver to our shareholders and partners the true long-term value of our exceptional mineral deposits."
Herb Wilson added: "We have set the stage for Polaris to achieve its long term goals through Marco Romero's vision and perseverance, and I am confident that we will continue growing a solid business on the foundations established. I look forward to continuing to work with him in his new role. The high professional, environmental and social standards, and the respectful partner relationships, established by him, for which the Company has received so much recognition, will remain central to our plans."
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.
For further information, please contact:
Marco Romero, President & CEO or
Herb Wilson, Chief Operating Officer
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.