VANCOUVER, April 2 /CNW/ - Polaris Minerals Corporation (TSX:PLS) today
reported financial results for the year ended December 31, 2006. As of
December 31, 2006, the Company had working capital of $37.9 million, including
cash of $49.4 million, compared to working capital of $189,000 and cash of
$1.2 million for the year ended December 31, 2005.
Polaris' principal assets were under construction and, therefore, the
Company had no operating revenues in the period. A loss of $3.8 million
($0.13 per share) was incurred for the year ended December 31, 2006, compared
to a loss of $3.4 million ($0.27 per share) for the period ended December 31,
During the year ended December 31, 2006, the Company capitalized
$54.9 million to the Orca Quarry and $15.3 million to the Richmond Terminal,
compared with $2.8 million and $467,000 respectively in the corresponding
period ended December 31, 2005.
This financial summary should be read in conjunction with the Company's
December 31, 2006 audited consolidated financial statements and Management's
Discussion and Analysis, both of which will be available on www.sedar.com.
The Company substantially completed construction at the Orca Quarry in
2006, paving the way for production and shipments to commence during the first
quarter of 2007. One of the most significant achievements during the fourth
quarter was the installation of the 340 tonne Quadrant Beam Shiploader. These
achievements were particularly noteworthy considering the abnormally severe
weather experienced on the west coast of British Columbia during the past
At the Richmond Terminal, ground preparation and foundation work was
completed and construction of the terminal facilities is underway.
Construction is expected to be completed in the summer of 2007. The redesign
of the terminal is anticipated to result in savings of US$9.1 million,
compared with original estimates.
Polaris received two prestigious awards in the past six months for
excellent social and environmental sustainability practices: The 2006 Mining
and Sustainability Award from the Mining Association of B.C. and the e3
Environmental Excellence in Exploration award from the Prospectors and
Images of the Orca Quarry site, as well as construction progress at the
Richmond Terminal, are being updated regularly at
The Company will host a conference call at 10:00 am PT on Wednesday,
April 11, 2007. Investors and other interested parties may access the
teleconference live by calling 800-732-9303 or 416-644-3417 in North America
or internationally and 00 800 0000 2288 from the United Kingdom.
A live webcast of the conference call will be available through the link
The webcast will be archived for 90 days following the call.
The conference call will be recorded and available for replay at
12:00 pm PT and will be available until April 30, 2007. In North America
dial 877-289-8525, and for international calls, dial 1-416-640-1917. The
access code to hear the recording is 21221077 followed by the number sign.
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.
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, 2006, 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
For further information:
For further information: Marco Romero, President & CEO or Mike
Westerlund, Director, Corporate Development, Polaris Minerals Corporation,
Tel: (604) 915-5000, firstname.lastname@example.org