/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
TORONTO, Feb. 16, 2010 /CNW/ - Polar Star Mining Corporation (TSXV:PSR) ("Polar Star" or the "Company") announces that approximately 70% of the outstanding shares voted today in favor of approving the Company's Amended and Restated Stock Option Plan.
The Amended and Restated Plan ("Resolution No.1") will allow the Company to issue shares from treasury equal to 10% of the issued and outstanding Common Shares on a "rolling" basis. The plan was previously reviewed and given conditional approval by the TSX Venture Exchange. RiskMetrics Group, an independent proxy advisory firm, also published a report recommending that its clients holding Polar Star Mining securities vote in favour of the plan.
As stated in Polar Star's Notice of Meeting, the plan will allow the Company to "attract, retain and motivate qualified employees, officers, directors and consultants... to contribute toward the long-term goals and continued success of the Corporation."
At the same meeting, shareholders approved 2,000,000 incentive stock options granted to certain directors and officers of the Company on April 17, 2009 under the previous fixed stock option plan ("Resolution No.2").
Kingsdale Shareholder Services of Toronto, acted as proxy agent for the meeting.
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 274,000 hectares prospective for gold, copper-gold, uranium, phosphate and lithium.
Shares Outstanding: 70,338,526 as of February 11, 2010
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.
SOURCE Polar Star Mining Corporation
For further information: For further information: David Speck, Vice President, Polar Star Mining Corporation, (416) 368-3496, firstname.lastname@example.org