VANCOUVER, March 2 /PRNewswire-FirstCall/ - Polaris Minerals Corporation (the "Company") today announced that it has temporarily reduced the Orca Quarry operating hours by approximately one third during a winter quarter in which demand for construction aggregates has declined due to the wet weather in California and the general weakness in the economy. This move is consistent with the Company's efforts to minimize variable costs, while maintaining the flexibility to respond immediately to the anticipated upturn in demand as the year progresses.
Herb Wilson, President and CEO of Polaris said: "Finished product inventories at the quarry are high and this decision to temporarily reduce the operating hours is necessary during this winter period. We have taken every measure to ensure the impact on employees is minimized and their benefits remain unaffected."
Mr. Wilson continued: "During 2008, efficient operations at the Orca Quarry enabled the Company to become well established as a supplier of high-quality construction aggregates. Sales of 2.32 million tons of sand and gravel to customers in 2008 represented the midpoint of the Company's expectations, and an increase of 1.17 million tons over 2007, when operations commenced. Market visibility this year remains difficult and while the winter weather is adversely affecting the first quarter of 2009, it is the economic conditions that remain the major issue. We look forward, however, to seeing the benefits for construction in California following the recently approved federal stimulus package, which contains significant infrastructure dollars for the State. It is also encouraging to note that California finalized its 2009 budget, which will also be to the benefit the construction industry."
Polaris Minerals Corporation is exclusively focused on the development of quarries and the production of construction aggregates on Vancouver Island, British Columbia, for marine transport to urban markets on the west coast 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
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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.
