Polar Star Appoints Chief Operating Officer and Plans for Production at Chépica (cnw)
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TORONTO, May 16 /CNW/ - Polar Star Mining Corporation (TSX: PSR) ("Polar Star" or the "Company") is pleased to announce the appointmentof Mr. Martin L. Gallon, BSc to the position of Chief Operating Officer("COO"), effective today.
Mr. Gallon is a corporate development and operational executive withover 40 years of experience including grassroots and brownfieldexploration, underground and surface mining production, projectfeasibility, process plant design, business development and projectfinancing. Mr. Gallon's initial role is to bring the Chépica Mine backinto production to produce positive cash flow to fund exploration atthe Company's other projects including Montezuma.
Commenting on the appointment of Mr. Gallon, Doug Willock, CompanyPresident and CEO said "The addition of Martin Gallon to the Polar Star team is an importantstep in the Company's transition from explorer to producer andrepresents another major milestone for Polar Star. The successfulrealisation of the Company's strategy, of advancing exploration on ourflagship Montezuma copper-gold porphyry project and other majorexploration projects in Chile, will be significantly boosted by thecash flow generated from restarting gold and copper production atChépica, 280 kilometres southwest of Santiago. Martin's substantialexperience in successfully bringing on underground mines and processingfacilities will be instrumental in the smooth restart of the ChépicaMine and Plant and to achieving the target of restarting production inQ4 2011".
In connection with Mr. Gallon's appointment, he has been issued 150,000stock options with an exercise price of
.90. The options have a termof 3 years and will vest upon the Chépica Mine reaching certainproduction and cash-flow targets.
On May 12, 2011 the Company held its annual and special meeting ofshareholders in Toronto, Canada. Over 62% of the Company's issued andoutstanding shares were voted before or at the meeting, re-electing theCompany's current directors and adopting a new stock option plan, acondition of the Company's graduation to the TSX in November 2011. Thestock option plan remains essentially unchanged, but introducesenhanced amendment provisions and a cashless exercise option. Mr.Willock gave a presentation at the conclusion of the meeting outliningthe Company's strategy to advance the Montezuma project, commenceproduction at Chépica and seek joint venture partners for selectproperties contained in its 370,000 hectare land portfolio. A copy ofthe presentation can be found on SEDAR, or on the Company's new websiteat www.polarstarmining.com.