Polaris Secures Additional Shipping Capacity
December 17, 2007
VANCOUVER, British Columbia – Polaris Minerals Corporation (TSX:PLS) today announced that it has signed a 15-year Contract of Affreightment with CSL International Inc. (CSL) for 2.8 million tons per annum of additional shipping capacity, beginning in 2010.
Under the contract, this additional shipping capacity will be met by a new 75,000 ton capacity Panamax vessel, to be constructed by CSL. This contract is incremental to the existing 10-year shipping agreement with CSL, which provides up to 5 million tons per annum of shipping capacity, and is in addition to the existing shipping arrangements established by some of Polaris' customers for deliveries into Hawaii and Vancouver. The new Panamax vessel will be available to carry construction aggregate between the Orca Quarry and the proposed Eagle Rock Quarry, both on Vancouver Island, and port terminals in California.
Marco Romero, Polaris President and CEO, said "This is another great step forward for Polaris. We have significantly increased our shipping capacity at excellent long-term rates. This deal provides us with certainty at a time when shipping markets are highly volatile. Reliable and costeffective rapid self-discharge ships are a vital link in our logistical chain, and we are extremely pleased to have CSL as our partner, as they are the world leader in this trade. We look forward to the arrival of this new ship on the west coast of North America in 2010."
David King, Vice-President, CSL West Coast Operations, commented: "CSL is thrilled to be given the opportunity to provide this additional shipping capacity to Polaris." He added: "From the outset the Polaris team has not only met but exceeded our corporate expectations."
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 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, BC 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.