Polaris to Acquire Land in the Port of Long Beach
January 14, 2008
Vancouver, British Columbia – Polaris Minerals Corporation (TSX: PLS) announced today that Eagle Rock Aggregates, Inc., (ERA) a 70% owned subsidiary company, has entered into an Agreement of Purchase and Sale to acquire a 12.6 acre site within Pier B in the Port of Long Beach, California.
The Pier B land is situated close to the 710 Freeway and will receive sand and gravel from the existing Orca Quarry. The site is well-suited to also handle crushed granite aggregate from the proposed Eagle Rock Quarry, when production commences at this facility. Under the terms of the Agreement, ERA has 120 days to conduct due diligence before closing the acquisition, during which ERA will evaluate the suitability of the site to support ready-mix concrete and asphalt plants to enable a full range of construction materials to be supplied into the heart of this very important market. This land is the site of a former industrial facility that will likely require some remediation.
Marco Romero, President & CEO of Polaris, said: "This is a unique opportunity for ERA to acquire an extremely valuable and uniquely located port site on which to develop a major construction aggregate storage and distribution terminal. This transaction stands to fulfill the Company's strategic objective of supplying large quantities of high quality aggregate into the large Los Angeles market. It is another great step forward for Polaris".
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.
Eagle Rock Aggregates Inc. is a wholly-owned subsidiary of Eagle Rock Materials Ltd. (ERM) and is the California marketing subsidiary for quarried products from the Orca Quarry and the proposed Eagle Rock Quarry. ERM owns the proposed Eagle Rock Quarry and is held 70% by Polaris and 30% by local First Nations.
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.