/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
TORONTO, Nov. 9, 2009 /CNW/ - Polar Star Mining Corporation (TSXV: PSR) ("Polar Star" or the "Company") announces an update for the Third Quarter activities on its 100% owned Montezuma Property in Chile. The Company also announces the early exercise of over 2.78 million warrants of the company providing proceeds of $1.25 million.
- Montezuma consists of the 100% owned exploration concessions staked
by Polar Star totalling approximately 50,000 hectares and covering
25 kilometres of the West Fault, well known for the exceptional size
of its associated porphyry copper deposits such as Escondida and
- During August 2009, select holes from the March 2009 drill campaign
were re-analysed for gold, silver and a variety of other associated
elements. Assays received contain gold values in the range of 0.2 -
1.8 g/t and silver values in the range of 2 - 49 g/t. Recent detailed
mapping of an old hand trench, 200-300m north of hole 7 has uncovered
a 70m wide zone of copper oxides including chrysocola, atacamite,
cuprite and possibly chalcocite within 20cm of surface. This showing
lies on the south edge of a 1.5 sq km area of alteration and staining
visible on the enhanced satellite image. Recently received
preliminary assays show a 20 metre zone of Cu, Au and Ag enrichment,
grading from a low of 0.22% to a high of 31.3% Cu, from a low of
0.08 g/t to a high of 11.75 g/t Au and from a low of 0.5 g/t to a
high of 618 g/t Ag.
- During September and October 2009, an additional 74.7 line kilometres
of IP surveys, digital enhancement and re-interpretation of the
project satellite imagery were completed and geological mapping and
soil sampling of the IP electrode pits was initiated. Data received
indicates a new anomaly, 3 kilometres north of the main anomaly, at
least 600 metres wide and 3 kilometres long open to the north, south
- Polar Star continues its drill target selection process and plans to
begin drilling in late November 2009. Attached is an updated map of
the Montezuma anomalies.
- In July 2009, Polar Star staked an additional 8 properties in the
Mega Porphyry Belt to the south of the Company's Montezuma Property
and to the north of the Zaldivar and Escondida mines. The properties
total 63,700 hectares and are located within the Domeyko Fault System
and in some cases along the West Fault.
Early Exercise of Warrants
- As of the date of this release, 2,779,366 warrants, expiring in
August 2010, were exercised early, providing proceeds of $1,250,715
to the Company. HudBay Minerals Inc. announced November 3, 2009 that
they acquired 1,004,336 common shares of Polar Star through the early
exercise of the August 2010 warrants, bringing its aggregate holding
of common shares to 6,873,704. An international institutional
investor also exercised their warrants early.
"We are encouraged by the progress we are making in advancing our properties," stated Doug Willock, President and CEO of Polar Star. "The early exercise of warrants is an endorsement of our work and provides funds that will be used for further exploration."
For further details on exploration activities and corporate matters, please refer to the Company's Financial Statements and Management Discussion and Analysis of Financial Condition and Results of Operations for the 3 and 9 months ended September 30, 2009, on SEDAR at www.sedar.com, or on the Company's website at www.polarstarmining.com.
The qualified person within the meaning of National Instrument 43-101 is Mr. Terence Walker, M.Sc., P.Geo. Mr. Walker has reviewed the contents of this news release.
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 274,000 hectares prospective for gold, copper-gold, uranium, phosphate and lithium.
Shares Outstanding: 62,610,607 as of November 9, 2009
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.
To view a map of the Montezuma Project, please click here:
SOURCE Polar Star Mining Corporation
For further information: For further information: David Speck, Vice President of Corporate Development and Director, Polar Star Mining Corporation, (416) 368-3496, email@example.com