Polaris Provides 2007 Update and Guidance for 2008
January 23, 2008
Vancouver, British Columbia – Polaris Minerals Corporation (TSX: PLS) announced today that it shipped 1.18 million tons from the Orca Quarry to customers in California, Vancouver and Hawaii in calendar 2007. The Company expects shipments of between 0.50 and 0.60 million tons during the first quarter of 2008 for a total of 1.68 to 1.78 million tons in the first 12 months of operations. Total shipments for calendar 2008 are expected to be between 2.9 and 3.2 million tons based on current customer expectations.
In 2007, the Company provided guidance that it expected to exceed the Orca Quarry feasibility study target sales of 1.54 million tons in the first 12 months of operations ending on March 31, 2008. The feasibility study also provided estimated sales of 2.53 million tons in the second 12 months of operations.
Commenting on the guidance, Marco Romero, Polaris President and CEO, said "Our performance was excellent in 2007 and, based on customers' expectations, we anticipate strong growth in 2008. As a result, we now expect to exceed both our first and second year feasibility study estimates of sales volumes. We are also very pleased that our quarry production costs (unaudited) have been in line with the feasibility study and management expectations during 2007. We expect our annual sales volumes to continue to increase in the short and medium term."
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
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. Forwardlooking 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 forwardlooking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.