Polar Star Shines as BHP Billiton Agrees to Option Up to 5 Sites in N. Chile
Polar Star Mining Corp (PSR.TO) is retracing its earlier path higher, climbing to within a penny of its previous high today at 37.5 cents a share and the company reporting that it signed a letter of intent with BHP Billiton optioning as much as 172,600 hectares of exploration land in northern Chile to the mining giant now held by Polar Star.
BHP, as part of the deal, will commit to US$1 million for preliminary work to identify up to five blocks for future exploration, earmarking $3.5 million in additional funds for each of the exploration blocks selected. Following earn-in and formation of a joint venture entity, BHP will sole fund additional work to earn an additional interest, or the parties will fund expenditure pro-rata.
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