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TSX-V: PSR
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TORONTO, May 21, 2009 /CNW/ - Polar Star Mining Corporation ("Polar Star" or the "Company") announced it has applied to the Ontario Securities Commission for an extension of the filing of its National Instrument 43-101 technical report (the "Report") on the Chépica Project. The Company, together with SRK Consulting, has refined the geostatistical parameters of the resource model, which may impact the grade and tonnes first previously reported on April 8, 2009. "We instituted a disciplined procedure to examine the draft SRK Consulting Report and all agreed we needed more time to complete the process," said Doug Willock, President and CEO of Polar Star.
The extension relates to a draft of the Report, which the Company received on April 7, 2009 and reported on April 8, 2009. The Report was received and the press release was issued prior to the election of the new board of the Company on April 20, 2009. Investors should not rely on the information in the previous draft report and mineral resource estimate until the final Report is filed.
The Company will issue a news release when the final Report is filed on SEDAR which is expected to occur on or before June 23, 2009.
Qualified Person
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.
Forward-Looking Statements
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 was created to acquire advanced stage exploration properties focusing on gold, copper, and uranium. The Company's material assets include 20 projects in Chile, which are 100% owned and cover approximately 146,112 hectares.
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For further information: Douglas Willock, President and CEO, Polar Star Mining Corporation, (416) 368-3496, info@polarstarmining.com
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