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/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES/
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TORONTO, June 18, 2009 /CNW/ - Polar Star Mining Corporation (TSX-V: PSR) ("Polar Star" or the "Company") is pleased to report it has completed the Technical Report on its Chépica copper/gold project in Chile.
As announced on May 21, 2009, the Company together with SRK Consulting of Santiago Chile have refined the geostatistical parameters of the resource model presented in the draft received in April. The main difference being the change from one generalized search ellipsoid in the April draft to two sub-ellipsoids orientated parallel to the strike of both sections of the Chépica Number 1 Vein system. The Company has now filed the NI 43-101 compliant Technical Report on SEDAR.
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Highlights of the report
- Total Measured and Indicated Resources of the Chépica Number 1 Vein
system are 178,000 tonnes grading 4.1 grams/tonne gold,
9.5 grams/tonne silver and 0.51% copper using an un-capped cut-off
grade of 1.3 grams/tonne gold.
- The current Chépica plant should allow for processing at the designed
capacity of 120 tons/day of sulphide ore. Operating costs of US$8/ton
are in keeping with the design and size of the plant.
- SRK Consulting is of the opinion that there are excellent exploration
opportunities at Chépica to expand the current size of the copper-
gold project.
Chépica Copper-Gold Project Mineral Resource Statement
As of May 8, 2009
Resource
Classification* Tonnage Gold Silver Copper
----------------- ------------ ------------ ------------ ------------
(kilotonnes) (g/t) (g/t) (%)
Measured 85 4.0 9.4 0.50
Indicated 93 4.2 9.5 0.52
------------ ------------ ------------ ------------
178
Inferred 41 4.0 8.7 0.52
* reported at a cut-off of 1.30 g/t gold, not capped
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A resource cut-off of 1.3 grams per tonne of gold was applied to the resource based on experience with the mill on site at Chépica and other operations in the region, and the Company considers that 1.3 grams per tonne is an appropriate indication of commercial viability.
Estimation was based on 50 of 66 drill holes corresponding to 5,299 metres of diamond core drilling, together with 17 underground channel samples and two trench samples totalling 92.5 metres in length.
The resources were estimated by Ordinary Kriging using block model sizes of 2.5 by 2.5 by 5 metres.
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 Mining Corporation (TSXV: PSR) is an emerging exploration company with a focus on building value in Chile through discovery and development. The company has 155,481 hectares covering 22 properties including gold, copper-gold and uranium.
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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.
Share Capitalization:
Shares outstanding: 59,681,241 as at June 18, 2009.
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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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