Polaris Stakes New Sand and Gravel Deposit
February 23, 2007
VANCOUVER, British Columbia – Polaris Minerals Corporation (TSX:PLS) today announced that it has applied for a license of occupation covering a promising sand and gravel deposit on northern Vancouver Island, B.C.
The Cougar deposit is located on the shores of Rupert Inlet, a navigable waterway, across the inlet from the former Island Copper Mine. The deposit is approximately 19 kilometres west of the Orca Quarry and 19 kilometres south of the town of Port Hardy. The area is easily accessible by road and electrical power is available nearby.
Initial geological mapping indicates that the site is overlain with extensive sand and gravel deposition. Preliminary observations suggest that this sand and gravel is similar in nature to that found at the Orca Quarry.
The company believes the Cougar deposit has the potential to become a source of sand and gravel, and plans to initiate a quantitative and qualitative assessment of this deposit in the summer of 2007. In keeping with the company’s practice, Polaris will conduct a thorough consultative process with local First Nations and communities before advancing with this project.
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 and 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 forwardlooking 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.