Polar Star Board Nominees Recommended by Leading Proxy Advisory Firm
TORONTO, ONTARIO--(Marketwire - April 7, 2009) - Polar Star Mining
Corporation ("Polar Star" or the "Company") (TSX VENTURE: PSR.V) announced today that
RiskMetrics Group, a leading North American proxy advisory firm, has recommended
that Polar Star shareholders vote in favour of the nominees to the Board of
Directors proposed by management and reject the slate nominated by dissident
shareholder Douglas Willock at the Company's annual meeting to be held in
Toronto on April 17, 2009.
RiskMetrics Group, through its subsidiary ISS Governance Services, is
Canada's leading provider of corporate governance and proxy voting solutions and
provides proxy research, voting services and corporate governance advisory
services to financial institutions and corporations worldwide.
In making its recommendation to its clients, RiskMetrics said: "The
management nominees are highly experienced, have successful track records and
appear better able to create shareholder value. Therefore support is warranted
for the management nominees." It also noted "No major strategic missteps or
significant abuse of shareholders' rights are apparent in the board's actions.
The Board's strategy appears reasonable and prudent in the circumstances."(i)
"The independent recommendation from RiskMetrics confirms the Board's
position that voting for its nominees is in the best interests of the
shareholders," said Stephen G. Roman, Executive Chair of Polar Star. "It is our
view that the Polar Star Board has the more experienced nominees, a better
strategy, and a better understanding of the potential and challenges of the
Company's projects. It is clear to us that this proxy vote is simply about
Douglas Willock seeking control of Polar Star by installing his hand-picked
nominees on the Board for his own interests and not for shareholder value."
The Polar Star Board urges all shareholders to vote their YELLOW form of
proxy in favour of the Company's nominees to the Board of Directors.
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.
(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.
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release and the information contained
herein.
Contacts
Laurel Hill Advisory Services Investors: 1-888-812-9185
Stephen G. Roman Polar Star Mining Corporation Executive Chairman
416-368-3496 info@polarstarmining.com www.polarstarmining.com
Lute & Company Media: John Lute 416-929-5883 jlute@luteco.com
|