October 9, 2009 – Polaris Minerals Corporation announced on Wednesday that
it has secured an option to lease an existing marine aggregate importing
terminal in the Port of Long Beach, California.
The 8.3 acre site is privately owned and has
operated for many years receiving construction aggregates from barges and
storing in open stockpiles using mobile equipment. The site, which is already
permitted to receive and distribute up to 3 million tons of construction
aggregates per year, is located on a deepwater channel and is close to
Interstate 710, which services the greater Los Angeles area.
The option period is extendable to June 30,
2010, during which time Polaris will carry out customary due diligence with a
focus on permitting and physical changes related to the use of self-discharging
Panamax vessels for marine delivery of sand and gravel from Polaris's Orca
Quarry situated on Vancouver Island, British Columbia.
In 2008, the Polaris joint venture company,
Cemera Long Beach LLC, purchased a 12.4 acre site at Pier B in the Port of Long Beach for the purpose of receiving
and distributing marine transported sand and gravel and is currently engaged in
the detailed permitting process. It is now anticipated that, upon satisfactory
conclusion of due diligence and lease negotiation, this new site will offer an
attractive alternative to Pier B.
Herb Wilson, President and CEO of Polaris,
said "We are very pleased to have the opportunity to evaluate this
alternative facility which only recently became available. We believe it could
be developed sooner and with significant capital savings over Pier B. Should
due diligence confirm these views, we expect to commence the development of
this new site and proceed with the sale of the Pier B land."
Polaris Minerals Corporation is exclusively focused on the development
of construction aggregate quarries and marine receiving terminals on the west
coast of North America to meet growing local
supply deficits of construction aggregates in urban markets. In 2007, Polaris
began shipping sand and gravel from the Orca Quarry to San
Francisco Bay, Vancouver, and Hawaii.
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