Polaris Minerals Corporation
Thursday, January 24th, 2008
Polaris Minerals Corporation announce today that it shipped 1.18 million tons from the Orca Quarry to customers in California, Vancouver and Hawaii in calendar 2007. The Company expects shipments of between 0.50 and 0.60 million tons during the first quarter of 2008 for a total of 1.68 to 1.78 million tons in the first 12 months of operations. Total shipments for calendar 2008 are expected to be between 2.9 and 3.2 million tons based on current customer expectations.
In 2007, the Company provided guidance that it expected to exceed the Orca Quarry feasibility study target sales of 1.54 million tons in the first 12 months of operations ending on March 31, 2008. The feasibility study also provided estimated sales of 2.53 million tons in the second 12 months of operations.
Commenting on the guidance, Marco Romero, Polaris President and CEO, said “Our performance was excellent in 2007 and, based on customers’ expectations, we anticipate strong growth in 2008. As a result, we now expect to exceed both our first and second year feasibility study estimates of sales volumes. We are also very pleased that our quarry production costs (unaudited) have been in line with the feasibility study and management expectations during 2007. We expect our annual sales volumes to continue to increase in the short and medium term.”