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Polaris reports first quarter results and conference call.

Publication: PR Newswire
Publication Date: 16-MAY-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
VANCOUVER, May 16 /PRNewswire-FirstCall/ -- Polaris Minerals Corporation (TSX:PLS) today reported financial results for the first quarter ended March 31, 2007. All financial results are in US dollars, unless otherwise noted.

Effective January 1, 2007, the Company changed its reporting currency to the US dollar (USD). The change in reporting currency is to better reflect the Company's principal operating currency, as Polaris incurs the majority of its operating revenues and costs in USD. Prior to January 1, 2007, the Company reported its annual and quarterly consolidated financial statements in Canadian dollars. All comparative figures have been restated into USD.

As of March 31, 2007, the Company had working capital of $44.0 million, including cash of $76.0 million, compared to working capital of $32.6 million and cash of $42.4 million for the quarter ended March 31, 2006.

Financial Results

Polaris' operating revenues for the first quarter ending March 31, 2007 were...

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