/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE
TORONTO, Oct. 29, 2012 /CNW/ - Polar Star Mining Corporation ("Polar Star" or
the Company") (TSX:PSR) is pleased to announce the appointment of two new
members to the Company's board of directors.
Mr. Kaare Foy has been appointed Chairman of the board of directors. Mr. Foy
obtained his Bachelor of Economics degree at Monash University, and became an
Associate of the Australian Society of Accountants and a Member of the
Australian Institute of Directors. In 1995, he emigrated to reside
permanently in Canada and for most of his career has specialized in company
"turnarounds" with more than 30-years' experience serving on the boards of
publicly listed companies in Australia, Canada and the United Kingdom.
Mr. Colin Bird has been appointed Chief Executive Officer of the Company and a
member of the board of directors. Mr. Bird is a Chartered Engineer, a Fellow
of the Institute of Materials, Minerals and Mining and is a certified mine
manager both in the UK and South Africa. He has been involved in the
management of mining nickel, copper, gold, coal and other diverse mineral
operations. Mr. Bird has founded and floated several public companies in the
resource sector and served on resource company boards in the UK, Canada and
South Africa. In the exploration arena he founded, financed and was Chairman
of Kiwara PLC, an AIM listed company, which discovered, and sold for $270
million, a large open pit copper project in Zambia.
Polar Star also announces that in accordance with its stock option plan and to
incent management and the board of directors, the Company has granted an
aggregate of 11,335,000 options to purchase common shares of the Company to
certain directors, officers and employees of the Company. All options expire
on December 31, 2017 and have the following characteristics:
390,000 options have an exercise price of $0.20 and vest ½ on June 30, 2013
and ½ on December 31, 2013. 6,100,000 options have an exercise price of
$0.20 and vest immediately. 2,850,000 options have an exercise price of
$0.50 and vest immediately. 1,995,000 options have an exercise price of
$0.75 and vest immediately.
This news release may contain forward-looking statements based on assumptions,
uncertainties and management's best estimates of future events. Actual
events or results could differ materially from the Company's expectations and
projections. Investors are cautioned that forward-looking statements involve
risks and uncertainties. Accordingly, readers should not place undue
reliance on forward-looking statements. When used herein, words such as
"anticipate", "will", "intend" and similar expressions are intended to
identify forward-looking statements. For a more detailed discussion of such
risks and other factors that could cause actual results to differ materially
from those expressed or implied by such forward-looking statements, refer to
Polar Star's filings with Canadian securities regulators available on
www.sedar.com or the Company's website at www.polarstarmining.com.
About Polar Star
Polar Star is an emerging exploration and mining company with a focus on
building value in Chile through discovery, development and production. The
company is advancing its flagship exploration property, Montezuma, that covers
40 kilometres of the West Fault zone and the cross-cutting Esperanza Fault
systems. The property is located between Codelco's Radomiro Tomic -
Chuquicamata - Ministro Hales mines in the north and Antofagasta PLC's El
Tesoro - Esperanza - Polo Sur mines to the south. Polar Star operates the
Chépica gold/silver/copper mine located 270 kilometres south of Santiago,
Chile. The head office of Polar Star is located in Toronto.
Shares outstanding: 161,045,475 as at October 29, 2012.
Adam Rochacewich, CFO Tel: (416) 368-3496 Email:email@example.com
SOURCE: Polar Star Mining Corporation
To view this news release in HTML formatting, please use the following URL:
CO: Polar Star Mining Corporation
NI: MNG 2575 WNEWS
Press spacebar to pause and continue. Press esc to stop.