/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
TORONTO, May 14 /CNW/ - Polar Star Mining Corporation ("Polar Star" or the "Company") reports today that the Company held its annual general meeting on Thursday May 13, 2010 in Toronto. Doug Willock, President and CEO, made a presentation to shareholders highlighting the Company's recent accomplishments, including the $15 million equity financing completed in March 2010 and the 20,000 metre drill contract signed with Capital Drilling in April 2010. Mr. Willock noted "we expect to start drilling at Montezuma in June where the majority of the planned 20,000 metres of drilling is scheduled to be completed by December 31, 2010. The Company is well financed with $18.4 million cash on hand and has started drilling at Talca."
Polar Star also reports that it has granted options to acquire up to an aggregate of 2,570,000 common shares of the Company to certain directors, officers and employees of the Company. Details of the grants are as follows: 450,000 options vest immediately and are exercisable at $1.20 per share; 1,220,000 options vest on December 31, 2010 and are exercisable at $1.20 per share; 450,000 options vest on December 31, 2010 and are exercisable at $1.50 per share; and, 450,000 options vest on December 31, 2011 and are exercisable at $1.75 per share. All options expire on May 13, 2015.
Mr. Willock's presentation and the Company's Q1 2010 financial statements and Management Discussion and Analysis, are available on the Company's website at www.polarstarmining.com. The Q1 2010 filings are also available on SEDAR at www.sedar.com.
This press 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 Mining Corporation's filings with Canadian securities regulators available on www.sedar.com or the Company's website at www.polarstarmining.com.
About Polar Star Mining Corporation
Polar Star Mining Corporation (TSXV: PSR) is an emerging exploration company with a focus on building value in Chile through discovery and development. The company has approximately 257,000 hectares prospective for gold, copper-gold, uranium, phosphate and lithium.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Shares Outstanding: 84,969,954 as of May 14, 2010.
SOURCE Polar Star Mining Corporation
For further information: For further information: David Speck, Vice President, Polar Star Mining Corporation, (416) 368-3496, email@example.com