Last updated on April 17, 2014 at 17:30 EDT

Polaris Completes Land Sale and Signs New Supply Agreement

December 3, 2012

VANCOUVER, Dec. 3, 2012 /PRNewswire/ – Polaris Minerals Corporation (TSX: PLS) announces that the sale of its
jointly owned freehold land on Pier B in the port of Long Beach, CA,
has now closed. Net cash receipts to the Company of $12.4 million will
be used to reduce outstanding debt by $5 million, pay deferred
interest, and for general working capital purposes. The Company has
also entered into a three year supply agreement with a new, third
party, customer commencing during the first quarter next year. Sales
under the agreement will be made F.O.B. at Orca Quarry. Although
volumes are not guaranteed, the agreement is expected to contribute
towards a continued increase in sales during its term.

Herb Wilson, President and CEO, commented: “We are very pleased to have
completed the sale of the Pier B land, which had become surplus to
requirements as a consequence of securing the lease of an established
aggregate importation site in the same port. This alternate site offers
the most cost effective way for the Company to eventually penetrate the
massive Los Angeles Basin market.”

Mr. Wilson also commented on the additional supply agreement, saying:
“Polaris has benefited from the recovery in construction activity in
the San Francisco Bay area, that began mid-2011, by a combination of
product quality and reliable shipping and distribution. These vital
attributes have enabled the Company to secure another new third-party
customer who will be purchasing Orca aggregate products on a
‘free-on-board’ basis at the quarry and contributing to the expected
growth in sales.”

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 Pacific coasts 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.

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, 2011, 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.

SOURCE Polaris Minerals Corporation

Source: PR Newswire