August 15, 2006
POLARIS ANNOUNCES 2006 SECOND QUARTER RESULTS AND CONFERENCE CALL
VANCOUVER, British Columbia – Polaris Minerals Corporation (TSX:PLS) today reported financial results for the period ended June 30, 2006. As of June 30, 2006, the Company had working capital of $53 million, including cash of $54 million, compared to working capital of $189,000 and cash of $1.2 million for the year ended December 31, 2005.
The Company had no operating revenues and incurred a loss of $2.2 million, ($0.08 per share) for the six month period ended June 30, 2006, compared to a loss of $1.7 million ($0.13 per share) for the six month ended June 30, 2005.
During the six months ended June 30, 2006, the Company capitalized $19.6 million to the Orca Sand & Gravel Quarry and $471,000 to the Richmond Terminal, compared with $306,000 and $160,000 respectively in the corresponding six months ended June 30, 2005. Costs capitalized to the Eagle Rock Quarry Project during the period ended June 30, 2006 were $9,000, compared with $Nil for the same period in 2005.
This financial summary should be read in conjunction with the Company’s June 30, 2006 unaudited consolidated financial statements and Management’s Discussion and Analysis, both of which are available on www.sedar.com.
Second Quarter 2006 Highlights
The Company made substantial progress during the second quarter of 2006 with construction activity at the Orca Quarry ramping up to a high level. The critical marine piling works for the ship loader advanced well and will be completed during the third quarter. Erection of the processing plant is underway as is overburden removal for the pit development. We remain on track to begin production by the end of the year.
The City of Richmond Building Department reviewed the plans submitted in respect of the proposed construction of the Richmond Terminal and issued a Building Permit on August 10, 2006. This development now enables contractual negotiations to be finalized prior to the commencement of construction.
The Company will host a conference call at 10:00 am PDT on Thursday, August 24, 2006. Investors and other interested parties may access the teleconference live by calling 800-814-4860 or 416-644-3419 in North America or 00 800 0000 2288 internationally.
A live webcast of the conference call will be available through the link below:
The webcast will be archived for 90 days following the call.
The conference call will be recorded and available for replay at 12:00 noon PDT and will be available until September 9, 2006. In North America dial 877-289-8525, and for international calls, dial 416- 640-1917. The access code to hear the recording is 21194739#.
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.
For further information, please contact:
Marco Romero, President and Chief Executive Officer
Polaris Minerals Corporation
Tel: (604) 915-5000
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, 2005, 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.