Polaris Minerals Corporation

COMPANY DATA | INTRODUCTION |  PROJECT IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE

COMPANY DATA

INTRODUCTION

Polaris Minerals Corporation is exclusively focused on the development of construction aggregate (sand and gravel) 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.

PROJECT IN HAND

Orca Quarry, Vancouver Island, British Columbia

Polaris owns 88% of the Orca Quarry with the remaining 12% participating interest held by the Namgis First Nation. The Orca Quarry is located on the east coast of northern Vancouver Island, 3.8 km west of Port McNeill, B.C. The Orca Quarry's East Cluxewe deposit has over 130 million tons of high-quality sand and gravel reserves (less tons quarried to date) and is expected to have an operating life in excess of 25 years. The Orca Quarry is permitted and capable to produce 6.6 million tons of sand and gravel per year. An updated Technical Report suggests 9.6 million tons per year is achievable.

The Orca Quarry is meeting the needs of west coast ready-mix concrete producers that require a long-term supply of high quality construction aggregate. Sales of construction aggregate commenced from the Orca Quarry at the end of March 2007 and as production increases the costs per ton will be reduced through economies of scale. The Orca Quarry includes a dedicated ship loading facility capable of loading vessels with a capacity of up to 80,000 tons.

The first long-term supply agreement has been secured for delivery of construction aggregates from the Qrca Quarry to Shamrock Materials Inc., a major ready-mix concrete producer in the San Francisco Bay area. Deliveries have begun under this agreement.

Polaris has formed a Strategic Alliance with Cemex, US, Inc., a leading construction materials company. The agreement established Polaris as the exclusive supplier of marine transported aggregates to Cemex in California, Oregon and Washington. Cemex, in turn, becomes the exclusive distributor for Orca Quarry products in these markets except four counties in Northern California that full under the Shamrock agreement. Additionally, Cemex and Polaris will partner in seeking the development of new port terminals within the three state areas.

A supply agreement has also been secured with Burnco Rock Products, a ready-mix concrete producer in the lower mainland area of Vancouver. Under this 5 year agreement, Burnco takes delivery of sand and gravel into barges that has provided and then transports the material to its off-loading facility on the Fraser River.

Polaris has entered into two long term Contracts of Affreightment (both 15 years) with CSL International Inc., operator of the world's largest fleet of rapid self-unloading freighters for bulk transportation of sand and gravel from the Orca Quarry to California. 

Eagle Rock Quarry, Vancouver Island, British Columbia

The Eagle Rock Quarry is 70% owned by Polaris and 30% by local First Nations. It is located on deep tidewater 15 km south of Port Alberni on Vancouver Island, B.C., which will be developed during the second phase of the Company's business plan. 

The Eagle Rock Quarry has a very large high-quality granite resource suitable for asphalt paving and ready-mix concrete production. It has 757 million tons of NI 43-101 compliant resource and has a potential life in excess of 100 years. The Eagle Rock Quarry is permitted for a production level of 6 million tons per year. It has the potential to be developed into one of the largest, lowest cost, high-quality construction aggregate quarries on the west coast of North America. The Company expects to quarry, crush and screen the granite resource to produce construction aggregates products on site. Products are expected to be shipped in bulk carriers or barges to coastal urban markets on the West Coast of North America and Hawaii.

Richmond Terminal, Port of Richmond, San Francisco Bay

Polaris owns 70% of the Richmond Terminal in the Port of Richmond in San Francisco Bay. The Richmond Terminal serves the east coast of San Francisco Bay and is adjacent to Interstate 580. The Richmond Terminal, held under a 40-year land lease with Levin Enterprises, Inc., is a receiving, storage and distribution terminal for construction aggregate having a permitted annual throughput capacity of 1.5 million tons. Effective January 1, 2008, the Richmond Terminal commenced commercial operations. Sales from the Richmond Terminal increased steadily during 2008 to a total of 320,000 tons. This environmentally sensitive, fully-enclosed facility is proving to be a flagship operation for promoting the Company's capabilities.

Pier B Terminal, Port of Long Beach, California

On August 18, 2008, Polaris purchased a 12.4 acre site in the Port of Long Beach, California together with its Strategic Alliance Partner, Cemex Inc., in pursuit of its strategic objective to serve the Los Angeles market in due course. The first phase of development, which is subject to permitting, will be development and construction of a sand and gravel terminal and a ready-mix concrete plant. It is presently expected that the first phase of the Pier B development project will commence in 2012. The second phase of development is expected to be the construction of a separate aggregate terminal which will receive and distribute granite from the proposed Eagle Rock Quarry.

MANAGEMENT

Herbert G.A. Wilson, Director, President & Chief Executive Officer
Mr. Wilson has over 30 years of experience in the development and operation of construction materials and industrial mineral operations. Mr. Wilson was President of United States Lime & Minerals Inc., and was a founding director and Executive Vice-President and Chief Operating Officer of Global Stone Corporation.

Roman Shklanka, Ph.D. (Geology), M.A., B.Comm., Chairman and Director
Dr. Shklanka is the Chairman and a Director of International Barytex Resources, Kobex Resources Ltd. and Pacific Imperial Mines Ltd. He is an independent consultant in mineral exploration. For over 20 years, Dr. Shklanka has held various exploration and management positions with Placer Dome Inc. including Vice President of Exploration.

Lisa J. Dea, Vice President, Finance and Chief Financial Officer
Ms. Dea is a Chartered Accountant with the Canadian Institute of Chartered Accountants. Ms. Dea began her career in 1994 in the Assurance & Advisory division of Deloitte and Touche LLP and achieved the position of Senior Manager prior to her departure in 2005.

Kenneth M. Palko, B.Sc. (Hons) in Civil Engineering, B.A. (Psychology), Vice President, Technical Services
Mr. Palko has over 10 years of experience in the Ontario aggregate industry in various operational, marketing and project management roles with Holcim and Lafarge. Mr. Palko is a Professional Engineer (Civil) in good standing in the Province of British Columbia.

Marco A. Romero, Director and Founder
Mr. Romero is an entrepreneur with over 30 years of experience in the mining and construction materials industries. Mr. Romero is the President and CEO of Delta Minerals Corporation.

David F. Singleton, President, Eagle Rock Aggregates Inc.
Mr. Singleton has over 40 years experience in the industrial minerals sector and has been President of Proconsult UK Ltd. since 1990.

Directors

Colin K. Benner
Terrence A. Lyons
Marco A. Romero
Roman Shklanka
Paul B. Sweeney
Herbert G.A. Wilson


NEWS UPDATE

On May 26, 2009, Polaris Minerals Corporation announced that its subsidiary company, Orca Sand & Gravel Ltd., has been selected by the BC Ministry of Energy, Mines and Petroleum Resources as a recipient of the 2008 Stewart/O'Brian Safety Award for having zero lost time accidents during the year.

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