/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, Aug. 30 /CNW/ - Polar Star Mining Corporation ("Polar Star" or
the "Company") (TSX-V: POS) is pleased to announce that it has closed a
non-brokered private placement of 50,000 units of the Company (each a "Unit")
at a price of CDN$0.75 per Unit for gross proceeds of CDN$37,500. Each Unit
consists of one common share of the Company ("Common Share") and one-half of
one Common Share purchase warrant. Each whole Warrant entitles the holder to
acquire one Common Share at an exercise price of $1.00 per Common Share until
February 2, 2009.
The Company intends to use the proceeds from the private placement for
general working capital purposes.
The securities issued under this private placement are subject to a four
month resale restriction.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
About Polar Star
Polar Star (TSXV:POS) was created to acquire advanced stage exploration
properties focusing on gold, copper-gold and uranium. In Canada, the Todd
Creek Property optioned in 2006 is located near Stewart, BC and consists of
12,222 hectares in which Polar Star can earn a 60% interest. Results of the
summer 2007 drill program are expected in the fourth quarter. In Chile, the
Company has, as at August 22, 2007, acquired approximately 60,800 hectares of
prospective mineral claims since commencing operations in March, 2007. These
100% owned properties are in addition to the optioned Sonia-Puma properties
where Polar Star can earn up to a 60% interest.
Caution concerning forward-looking statements: The information in this
release may contain forward-looking information under applicable securities
laws. This forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause actual results to differ
materially from those implied by the forward-looking information. Factors that
may cause actual results to vary include, but are not limited to, inaccurate
assumptions concerning the exploration for and development of mineral
deposits, political instability, currency fluctuations, unanticipated
operational or technical difficulties, changes in laws or regulations, the
risks of obtaining necessary licenses and permits, changes in general economic
conditions or conditions in the financial markets and the inability to raised
additional financing. Readers are cautioned not to place undue reliance on
this forward-looking information. The Company does not assume the obligation
to revise or update this forward-looking information after the date of this
release or to revise such information to reflect the occurrence of future
unanticipated events except as may be required under applicable securities
laws. The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Polar Star Mining Corporation, Douglas Willock,
President and CEO, (416) 368-3949