Polaris completes lease of Long Beach marine aggregates terminal
VANCOUVER, July 5 /PRNewswire-FirstCall/ - Polaris Minerals Corporation (TSX:PLS) has entered into a lease, with L.G. Everist, Inc. for Berth D-44 in the Port of Long Beach, California, with an initial term of five years and three additional five-year extension options, exercisable by Polaris, which would extend the tenure to June 30, 2030.
The 8.3 acre Berth D-44 terminal has an existing entitlement for a throughput of 3 million tons per year and Polaris is now focused on securing the permit changes required to enable materials to be delivered by Panamax vessels. The terminal is adjacent to a deep water channel, has highway access to the nearby Interstate 710, the major freeway servicing the Port of Long Beach and is ideally placed for sales into the Los Angeles market. First deliveries to the terminal from the Orca Quarry are anticipated towards the end of 2012 reflecting the lead time required for permitting and equipment installation. This development timetable is expected to coincide with the industry's anticipated improvement in market demand.
As a consequence of securing this lease, Polaris, together with its Strategic Alliance partner, is marketing the 12.4 acre freehold site that the company purchased in 2008 on Pier B in the same port.
Herb Wilson, President and CEO, said: "We are delighted to have secured access to this permitted marine aggregate terminal within the Port of Long Beach. The terminal will serve the highly populated Los Angeles market area which has always been a key target in our strategic plans. Berth D-44 will require much lower capital investment for development than the Pier B site and offers lower operating costs. As a consequence, we commenced the marketing of the Pier B site during the second quarter of 2010 and are encouraged by the significant interest received to date".
Polaris Minerals Corporation is exclusively focused on the operation and development of construction aggregate quarries and marine receiving terminals on the west coast of North America to meet local supply deficits of construction aggregates in urban markets.
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, 2009, 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 Corporation