Polar Star Mining Corporation
TSX VENTURE : PSR

Polar Star Mining Corporation

April 14, 2009 15:43 ET

Polar Star Reminds Shareholders That Deadline for Proxy Voting Is Tomorrow Make an Informed Decision and Vote the YELLOW Proxy

TORONTO, ONTARIO--(Marketwire - April 14, 2009) -

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

Polar Star Mining Corporation (TSX VENTURE:PSR) ("Polar Star" or the "Company") today reminded shareholders that 10:00 a.m. ET tomorrow, April 15, is the deadline for voting their YELLOW proxy in time to be counted at the Company's annual meeting on April 17, 2009.

"This vote is crucial to determining the future of our Company and every shareholder should ensure their voice is heard - no matter how many shares they own," said Stephen G. Roman Executive Chairman of Polar Star.

Mr. Roman noted that the choice for shareholders is clear. They can hand over control of the Company to dissident shareholder Douglas Willock and his inexperienced nominees so he can pursue a poorly conceived strategy based on unrealistic projections for the Chepica Project in Chile. Or, shareholders can support the management slate of directors, an experienced and capable Board with a carefully considered plan to develop long-term value within Polar Star.

Polar Star also reminds shareholders that:

- The Company has issued a draft report on the grades and tonnage of the resource at the Chepica Project which found it to be uneconomic to mine under any scenario, vindicating the Board's position. The report indicates the resource grade is only 0.48 per cent copper and 2.6 grams gold per tonne with only a 401,000 - tonne Measured and Indicated Resource at these grades. This is less than a third of the grade promised by Mr. Willock whose entire "vision" for Polar Star is based on his overly optimistic expectations that Chepica could provide the cash flow to develop further properties. In fact, Chepica would simply consume more valuable shareholder funds.

- Polar Star has, on the other hand, also announced the encouraging results of its initial drilling and induced polarization surveys at the Montezuma Project. Based on its experience, the Board believes Montezuma is a much more prospective opportunity for Polar Star than Chepica.

- Leading proxy advisory firm RiskMetrics Group has recommended that Polar Star shareholders vote in favour of the management nominees at the annual meeting. It noted "The management nominees are highly experienced, have successful track records and appear better able to create shareholder value...The Board's strategy appears reasonable and prudent in the circumstances."(i)

- The Board has strengthened the management team with the appointment of David. J Libby, P. Eng., as President. Mr. Libby has many years of experience in mining operations around the world. He supplements an experienced Board that contrasts dramatically with Mr. Willock's nominees who, while associates of Mr. Willock, lack any meaningful operating experience in mining.

- Mr. Willock and his agents have made a number of misleading statements to shareholders and have used questionable tactics in their efforts to seize control of Polar Star. Shareholders are advised to find the facts in the Company's Management Proxy Circular, at the Polar Star website, www.polarstarmining.com, or by contacting the Company's proxy solicitation agent Laurel Hill Advisory Services, LLC toll-free at 1-888-812-9185.

"There is still time to ensure your voice is heard and counted in this decisive vote, but you must act immediately," Mr. Roman said. "We urge you vote now and to vote your YELLOW proxy for long-term value for all Polar Star shareholders."

Shareholders who have not yet voted or have voted a blue dissident proxy, can still vote their YELLOW proxy now in support of the management nominees It is the latest dated proxy received before proxy cut-off that is counted and overturns any previous proxies submitted.

Shareholders with questions or requiring assistance in completing their YELLOW form of proxy are asked to contact Polar Star's proxy solicitation agent, Laurel Hill Advisory Services, LLC toll-free at 1-888-812-9185. To be valid, proxies must be received by 10:00 a.m. (Eastern Time) on April 15, 2009. Please take action now, Internet and Telephone voting is available for registered and non registered shareholders to ensure your vote is received before the deadline.

(i)Note: Permission to quote from the RiskMetrics report was neither sought nor obtained.

About Polar Star Mining Corporation

Polar Star was created to acquire advanced stage exploration properties focusing on gold, copper, and uranium. The Corporation's material assets include 20 projects in Chile, which are 100% owned and cover approximately 146,112 hectares.

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.

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.

Contact Information

  • Investors:
    Laurel Hill Advisory Services
    1-888-812-9185
    or
    Polar Star Mining Corporation
    Stephen G. Roman
    Executive Chairman
    416-368-3496
    info@polarstarmining.com
    or
    Media:
    Lute & Company
    John Lute
    416-929-5883
    jlute@luteco.com