Polaris Minerals provides business update
VANCOUVER, Jan. 6, 2014 /PRNewswire/ - Polaris Minerals Corporation (the "Company") (TSX:PLS) reports that, during the fourth quarter ended December 31, 2013, the Orca Quarry operation loaded 15 ships carrying in excess of 1,060,000 tons, a new record for quarterly shipments. This is in sharp contrast to 2010, the low point of the recent recession, when the Company loaded 18 ships through the full year and recorded sales of 1,280,000 tons.
The Company has appointed Richard A. Williams as Director Business Development for its US marketing and distribution subsidiary. Mr. Williams is an experienced concrete engineer and marketing professional based in the greater Los Angeles area who will provide technical expertise in design for projects where the premium quality of the Orca Quarry sand and gravel can offer cost effective solutions. The Company has also begun placing initial orders for equipment to be used berthing vessels at its terminal site in the Port of Long Beach and anticipates bringing the first phase of this facility into operation around mid-year 2014. During December, 2013, the Company and its exclusive shipping contractor agreed to amend the contract of affreightment for shipments to California to provide for the carriage of joint cargos with another BC shipper and to lower the annual commitment level.
Herb Wilson, President and CEO commented: "The level of shipments in the fourth quarter was further evidence of the continuing improvement in our principal US markets as underlying sales increased compared with last year and inventories that had been drawn down during the third quarter of 2013 were replenished. We are very pleased that the newly amended shipping contract now reflects our business as it is today and provides an excellent framework for the future." He continued, "The Long Beach area has a number of significant infrastructure projects slated and it is essential that our sand and gravel is available locally in order to compete for these opportunities. We are delighted to have secured the services of Dick Williams, a well known and widely respected concrete engineer, who will bring his considerable expertise to bear in specifications for Orca materials. The Company plans to develop the Long Beach terminal site in two phases as sales gradually increase, the financing for this development having been secured through last June's equity issue."
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.
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 planned development of the terminal site in the Port of Long Beach in California, the future financial or operating performance of the Company, 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, 2012, 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