Last C$0.07 CAD
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As of 3:55 PM 04/16/14 All times are local (Market data is delayed by at least 15 minutes).

polar star mining corp (PSR) Snapshot

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polar star mining corp (PSR) Details

Polar Star Mining Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of mineral claims in Chile and Canada. The company primarily explores for gold, silver, copper, and uranium. It holds a 100% interest in the Montezuma property that includes 207 exploration concessions covering an area of approximately 50,100 hectares in the Sierra Limon Verde oxide copper mining district, Chile. Polar Star Mining Corporation is headquartered in Toronto, Canada.

81 Employees
Last Reported Date: 03/31/14

polar star mining corp (PSR) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: C$8.3K
Total Annual Compensation: --
Compensation as of Fiscal Year 2012.

polar star mining corp (PSR) Key Developments

Polar Star Mining Corporation Auditor Raises 'Going Concern' Doubt

Polar Star Mining Corporation filed its Annual on Mar 31, 2014 for the period ending Dec 31, 2013. In this report its auditor, KPMG LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

Polar Star Mining Corporation Completes Initial Diamond Drill Reconnaissance Program at Montezuma

Polar Star Mining Corporation announced the results of its reconnaissance drilling program at the Melisa target located in the northeastern sector of the Montezuma Project. Drill Hole MM11: The assay results show that this hole encountered mineralization over much of its length. Although the copper values were low, the gold values from surface to 365 metres were highly anomalous. The hole commenced in high gold and arsenic values, typical of the high sulphidation zone above copper/gold porphyries, with the first 139.5 metres grading at 0.46 g/t gold; including 4.5 metres grading at 1.76 g/t gold, between 20.2 metres to 24.7 metres. The visual appearance of the core in this hole is typical of alteration patterns evident in most large porphyry systems distributed around the world. Sampling and Laboratory: HQ and NQ size cores were split at site and sent to ALS Chemix a fully accredited and certified laboratory service. Samples were prepared at the ALS Chemix facility in Chile and assayed at the ALS Chemix laboratory in Lima Peru.

Polar Star Enter into Joint Venture Agreement with Newmont Ventures for Exploration of its Montezuma Property in Chile

Polar Star Mining Corporation announced that it has entered into a joint venture agreement with Newmont Ventures Limited to explore, and if appropriate, develop the Montezuma project located in the Antofagasta and Calama districts of Chile. Newmont's initial contribution (phase 1 earn-in) is USD 2.5 million over 30 months from the effective date. No interest in the project will vest with Newmont until completion of the phase 1 earn-in. After completion of this expenditure Newmont will have earned a 51% beneficial interest in the project. The funding requirements for phase 2 is USD 5.5 million over 30 months, which will provide Newmont with an additional 14% beneficial interest in the project, i.e. a total of 65% beneficial interest. Should Newmont elect to continue to phase 3, it will be required to spend an additional USD 12.5 million before the expiry of a further 24 months which will earn Newmont a further 10% beneficial interest in the project. At that stage, Newmont will have a 75% beneficial interest. Upon Newmont reaching 75% interest, the company will have options available to either finance its 25% through to mine production or alternatively accept a financing option provided by Newmont under terms provided for in the agreement. The financing option provided by Newmont allows for an interest at prime plus 4% repayment plan with Newmont receiving 90% of the company's cash flow until the loan to the company has been repaid. Upon execution of this agreement, the joint venture will be governed by a Management Committee to determine overall policies, objectives, procedures, methods and actions under the agreement. The Management Committee shall consist of two members appointed by Newmont and two members appointed by the company. Newmont will have effective control from commencement of the agreement.


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