Not for distribution to United States wire services or dissemination in the United States
TORONTO, Oct. 1, 2012 /CNW/ - Polar Star Mining Corporation ("Polar Star" or the Company") (TSX:PSR) is pleased to announce that it has signed a $750,000 promissory note (the "Note") with Praetorian Resources Limited. The Note will accrue interest at a rate of 12% per year, with a minimum amount of interest payable after the date that is 16 days from the date of issuance of the Note of $15,000. Proceeds from the Note will be used to make payment for liabilities of the Company now due.
The Company also announces the resignation of Douglas Willock as a director of the Company, effective immediately. Mr. Willock has served as a director of Polar Star since August 2007. The Board wishes to thank Mr. Willock for his contributions to the Company and wishes him great success in his future endeavours.
The Board of Polar Star has appointed Mr. Charles Cannon-Brookes to the Board of Directors effective 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 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: 99,276,001 as at October 1, 2012.
SOURCE: Polar Star Mining Corporation
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