🕐29.10.12 - 19:54 Uhr
POLAR STAR ANNOUNCES BOARD AND MANAGEMENT CHANGES
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Not for distribution to United States wire services or dissemination in the
United States
POLAR STAR ANNOUNCES BOARD AND MANAGEMENT CHANGES
Toronto, Ontario October 29, 2012, Polar Star Mining Corporation (Polar
Star or the Company) (TSX:PSR) is pleased to announce the appointment of
two new members to the Companys 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 on June 30, 2013
and 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.
Forward-Looking Statements
This news release may contain forward-looking statements based on
assumptions, uncertainties and managements best estimates of future events.
Actual events or results could differ materially from the Companys
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 Stars filings with Canadian securities
regulators available on www.sedar.com or the
Companys 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 Codelcos Radomiro Tomic -
Chuquicamata - Ministro Hales mines in the north and Antofagasta PLCs El
Tesoro - Esperanza - Polo Sur mines to the south.
Polar Star operates the
Chpica gold/silver/copper mine located 270 kilometres south of Santiago,
Chile.
The head office of Polar Star is located in Toronto.
Share Capitalization
Shares outstanding: 161,045,475 as at October 29, 2012.
Contact Information
Adam Rochacewich, CFO
Tel: (416) 368-3496
Email:
www.polarstarmining.com