Polar Star Mining Corporation
TSX VENTURE : PSR

Polar Star Mining Corporation

November 10, 2014 13:17 ET

Polar Star Mining Corporation Refiles Interim Financial Statements and MD&A

TORONTO, ONTARIO--(Marketwired - Nov. 10, 2014) -

NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Polar Star Mining Corporation (TSX:PSR) (the "Company"), a Toronto-based company focused on copper and gold exploration and mine development with operations in Chile, announced that it has refiled its interim financial statements and management's discussion and analysis for the six month period ended June 30, 2014 (the "Financial Statements"). The material revisions made to the Financial Statements are as follows:

  1. The refiled Financial Statements do not include a "Notice to Reader" stipulated by National Instrument 51-102, Part 4, subsection 4.3(3)(a), as the refiled Financial Statements have been reviewed by the Company's auditor, KPMG.
  2. The cash flow statement in the originally filed Financial Statements incorrectly had net changes of marketable securities of $(2,100,015) impacting operating activities, but this was a non-cash item; this has been corrected in the refiled Financial Statements.
  3. Investing activities in the originally filed Financial Statements incorrectly had $125,695 VAT as a long‐term receivable impacting operating activities, but this was a non‐cash item; this has been corrected in the refiled Financial Statements.

The refiled MD&A is updated for events that have occurred subsequent to the date of the previously filed version, to the time of refiling.

The refiled Financial Statements and MD&A are available on SEDAR.

NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

About Polar Star Mining Corporation

Polar Star is a TSX listed exploration company with a focus on building shareholder value in Chile. Polar Star's strategy is to identify large, potential copper/gold systems and carry out initial work to establish strong technical fundamentals and thereafter bring in major joint venture partners.

Polar Star is actively exploring its flagship project, Montezuma, through a joint venture with a subsidiary of Newmont Mining. The Montezuma project is located immediately to the south of Codelco's Chuquicamata and Ministro Hales mines, near the town of Calama, in northern Chile. Additionally, Polar Star has formed a strategic alliance by entering into a joint venture agreement with a subsidiary of BHP Billiton, which is currently evaluating several large blocks of tenement along the main porphyry copper belt in northern Chile.

Polar Star also has important passive investments in Kairos Capital Corporation that has exploration properties in Chile, and Xtract Resources Plc that has an operating copper-gold mine in southern Chile.

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