Polaris Anticipates Closing the Sale of the Long Beach Property in November
VANCOUVER, Oct. 9, 2012 /CNW/ - Polaris Minerals Corporation (TSX: PLS) advises that its joint venture subsidiary, Cemera Long Beach LLC, and the purchaser of the Pier B freehold land, Baker Cold Storage, Inc., have scheduled to complete the sale at the end of November, 2012. In recognition of the extended time that has been required, the purchaser has released non-refundable payments of $275,000. The timing is dictated by a requirement to have a revised Surface Use Agreement, in favour of the buyer, approved by the Long Beach City Council.
Herb Wilson, President and CEO, commented: "The purchaser has worked diligently throughout this complicated transaction and we are pleased to have received excellent service from the responsible state regulatory agency. We now look forward to concluding this matter as envisioned and focusing our energies on our core business as the US construction industry enters a recovery cycle".
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.
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, 2011, 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.
SOURCE: Polaris Minerals CorporationFor further information:
Herb Wilson, President and CEO
Polaris Minerals Corporation
Tel: (604) 915-5000