Polaris Announces First Shipping and Sales From the Orca Quarry
March 28, 2007
VANCOUVER, British Columbia – Polaris Minerals Corporation (TSX:PLS) is pleased to announce that the first Panamax-class bulk freighter will begin loading at the Orca Quarry on March 31, 2007 for shipment to San Francisco Bay. This announcement complements the first load of sand and gravel sold from the Orca Quarry, shipped by barge to the Vancouver area on March 22, 2007.
The CSL Acadian, a new generation 79,000 ton capacity self-discharging vessel operated by CSL International Inc., will begin loading at Orca Quarry on March 31, 2007 and is expected to arrive in San Francisco Bay, on April 3, 2007. After anchoring at common anchorage #9, the ship will be met by a fleet of barges operated by, and on behalf of, Shamrock Materials, Inc. The ship will off-load approximately 33,000 tons of sand and gravel into the barges, which will be towed to Shamrock's receiving terminal, located on the Petaluma River at Petaluma. Shamrock is a leading San Francisco Bay Area ready-mix concrete producer, and has a long term, exclusive supply and distribution agreement for Orca Quarry products within the Northern Bay area.
Mr. Marco Romero, President and CEO of Polaris, said: "I am pleased to announce the commencement of shipments of sand and gravel from the Orca Quarry to California. It is fitting that this shipment will meet the requirements of our first customer, Shamrock Materials, which has been a supporter of our business plan since 2005. Shamrock has invested in an extremely efficient marine terminal dedicated to receiving sand and gravel from the Orca Quarry for decades to come. With each shipment of our high quality materials, we will be repaying that trust."
After lightering onto Shamrock's barges, the partially-laden vessel will proceed to another customer's terminal in the Bay Area to off-load the remainder of its cargo.
Mr. Romero continued: "While our initial business plan was built around shipping construction aggregates into California using Panamax vessels, we are pleased to have commenced deliveries to our first customer in the Vancouver ready-mix concrete market. On March 22 we loaded sand and gravel into our customer's barges, which were the first sales under a five-year supply agreement."
To view recent images of the barges loading, please visit the photo gallery on Polaris' website at http://www.polarmin.com/photogallery/orcasand_mar07B/orcasand_mar07B.php.
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.
For further information, please contact:
Marco Romero, President & CEO or
Mike Westerlund, Director, Corporate Development
Polaris Minerals Corporation
Tel: (604) 915-5000
Web site: www.polarmin.com
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, 2005, 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.