The Eagle Rock Quarry Project is a large granite resource located on deep tidewater 15 kilometers south of Port Alberni on Vancouver Island, BC, and all products would be dispatched from site in either ocean-going vessels or barges. This Project, which will represents an attractive long-term option on growth in construction aggregate demand, entails the development of a very large deposit of granite suitable for the production of high quality aggregates for use in the production of asphalt and concrete. The Eagle Rock Quarry Project is 70% owned by Polaris and 30% by local First Nations of which the Hupacasath and Ucluelet First Nations each own 10%, with the remaining 10% held in trust.
Construction of the Eagle Rock Quarry could commence when contracted demand has been secured. In addition to supplying granite aggregate for road building uses, production from the quarry could also be utilized in the future to provide coarse aggregate to complement the sand rich Orca Quarry deposit. Following an extensive environmental study and evaluation, the Project received an Environmental Assessment Certificate and Mine Permit for production of 6 million metric tonnes per year (6.6 million tons) that expired in September, 2013, following a 5-year extension. The Company has since entered into discussions with the BC Provincial Government with regard to protecting the value of the extensive environmental assessment pending market improvements that could trigger the Project's development. Eagle Rock Quarry has the potential to be developed into one of the largest, lowest cost, high quality construction aggregate quarries on the west coast of North America.
An exploration and drilling program, completed in 2002, confirmed the suitability of the granite resource for the intended uses and led to total measured and indicated mineral resources of 757 million tons being declared. At the previously permitted production rate, the proposed quarry has a potential life in excess of 100 years. A feasibility study for the development of the project has been advanced through the technical evaluation and process plant design and costing phases, however, the study cannot be completed until market conditions provide an economic assessment to be completed.
Further technical details on the Project can be found in the independent engineer's report titled: "Eagle Rock Quarry Project, British Columbia. NI 43-101 Technical Report and Qualified Persons Review", dated November 18, 2005, a copy of which is available below.