Polaris Updates Progress on Pier B, Port of Long Beach, Land Sale
February 15, 2011
VANCOUVER, British Columbia – Polaris Minerals Corporation (TSX:PLS) today advised that it will now enter into a competitive bidding process for the sale of the freehold land that it jointly owns on Pier B in the Port of Long Beach, California.
In November, 2010, the Company entered into a Purchase and Sale Agreement for the land following which the period of due diligence was satisfactorily completed and the condition waived. However, the purchaser has subsequently been unable to proceed to completion in accordance with the timetable set out in the Agreement and Polaris has elected not to enter into an extension having received a number of additional Letters of Intent in respect of the purchase of the property. Prospective purchasers are now being given a final opportunity to confirm their offers and set out associated conditions of closing. The Company expects to complete this process around the end of February, 2011, and to enter into a definitive Purchase and Sale Agreement immediately thereafter.
Herb Wilson, President and CEO, commented: “We have been gratified by the substantial additional interest shown in this site which supports the view that this freehold property is probably unique within the Port. The indicative valuations are higher than the previous deal and final selection will focus principally on the conditions proposed and the requirement for a timely closing”. He added: “Until the full conditions are agreed and a purchaser selected, it will not be possible to suggest when the sale might close”.
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 Pacific coasts 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:
Herb Wilson, President and CEO, or
Lisa Dea, VP Finance and CFO
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, 2009, 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.