(Vancouver, British Columbia) — The Board of Polaris Minerals Corporation (TSX: PLS) today announced that, effective January 1, 2009, Herbert G. A. Wilson, the Company’s Senior Vice President and Chief Operating Officer, will succeed Marco Romero as President and CEO of the Company. Thereafter Mr. Romero, the Company’s founder, will remain a director and also be available to assist management, under the terms of a long-term advisory agreement. Mr. Wilson has been appointed to the Board of Directors of the Company effective immediately.
Roman Shklanka, Chairman, commented: “This is a natural transition that has been in the planning stages for some time, recognizing that the Company was evolving from the entrepreneurial start-up phase to a maturing construction materials producer. Herb Wilson has had an extensive management career in the construction aggregates industry and has been responsible for the construction and operation of our world-class assets since joining the Company seven years ago. The board has every confidence in his abilities.” He continued: “We would like to recognize Marco Romero’s outstanding achievement in building Polaris from an idea to a successful operating company. We are pleased that he has agreed to continue his association with the Company following this transition and wish him every success in his future endeavours.”
Marco Romero, President and Chief Executive Officer, commented: “It was always my intention to achieve a well planned management transition. I know that the Company is now in very capable hands. Herb is an experienced operator and he possesses in-depth knowledge of our company. He has worked hard and played a key role in building Polaris since 2001. He has fully earned this position. I strongly support his promotion.” Mr. Romero continued: “We have been entrusted with unique and irreplaceable assets, and we have put in place all of the elements to manage them in a responsible and sustainable manner. We have been given the social license to operate and grow Polaris into a major long-term player in the west coast construction materials industry. Despite the unprecedented economic headwinds affecting our sector at this time, the Company’s business model is perfectly sound. I will remain committed to Polaris’ long-term success and will support Herb Wilson in any way that I can, so that he can deliver to our shareholders and partners the true long-term value of our exceptional mineral deposits.”
Herb Wilson added: “We have set the stage for Polaris to achieve its long term goals through Marco Romero’s vision and perseverance, and I am confident that we will continue growing a solid business on the foundations established. I look forward to continuing to work with him in his new role. The high professional, environmental and social standards, and the respectful partner relationships, established by him, for which the Company has received so much recognition, will remain central to our plans.”
Polaris Minerals Corporation is exclusively focused on the development of quarries and the production of construction aggregates on Vancouver Island, British Columbia, for marine transport to urban markets on the west coast 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.