VANCOUVER, Oct. 7 /CNW/ - Polaris Minerals Corporation today announced that it has secured an option to lease an existing marine aggregate importing terminal in the Port of Long Beach, California, setting the stage for a more cost-effective and quicker entry into the Los Angeles market.
The 8.3 acre site is privately owned and has operated for many years receiving construction aggregates from barges and storing in open stockpiles using mobile equipment. The site, which is already permitted to receive and distribute up to 3 million tons of construction aggregates per year, is located on a deepwater channel and is close to Interstate 710, which services the greater Los Angeles area.
The option period is extendable to June 30, 2010, during which time Polaris will carry out customary due diligence with a focus on permitting and physical changes related to the use of self-discharging Panamax vessels for marine delivery of sand and gravel from Polaris's Orca Quarry situated on Vancouver Island, British Columbia.
In 2008, the Polaris joint venture company, Cemera Long Beach LLC, purchased a 12.4 acre site at Pier B in the Port of Long Beach for the purpose of receiving and distributing marine transported sand and gravel and is currently engaged in the detailed permitting process. It is now anticipated that, upon satisfactory conclusion of due diligence and lease negotiation, this new site will offer an attractive alternative to Pier B.
Herb Wilson, President and CEO of Polaris, said, "We are very pleased to have the opportunity to evaluate this alternative facility which only recently became available. We believe it could be developed sooner and with significant capital savings over Pier B. Should due diligence confirm these views, we expect to commence the development of this new site and proceed with the sale of the Pier B land."
Polaris Minerals Corporation is exclusively focused on the development of construction aggregate quarries and marine receiving terminals on the west coast of North America to meet growing local supply deficits of construction aggregates in urban markets. In 2007, Polaris began shipping sand and gravel from the Orca Quarry to San Francisco Bay, Vancouver, and Hawaii.
Cautionary Note Regarding Forward-Looking Statements
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 "Risk Factors" in the Company's final prospectus dated December 31, 2008 in respect of the Offering, which is filed with Canadian regulators on SEDAR (www.sedar.com). Except as required by law, 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 Corporation
For further information: For further information: Herb Wilson, President and CEO or Mike Westerlund, Director, Corporate Development, Polaris Minerals Corporation, Tel: (604) 915-5000, firstname.lastname@example.org