/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
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.
SOURCE: Polar Star Mining Corporation
For further information:
Adam Rochacewich, CFO
Tel: (416) 368-3496