Polar Star Mining Corporation

Polar Star Mining Corporation

October 16, 2007 08:44 ET

Chuquicamata Area Property Acquisitions

- 92 square kilometers staked in Chuquicamata belt - Surface work program to commence in preparation for drilling

TORONTO, ONTARIO--(Marketwire - Oct. 16, 2007) - Polar Star Mining Corporation (TSX VENTURE:POS) ("Polar Star" or the "Company") has acquired approximately 9,200 hectares in the Chuquicamata copper belt which hosts some of the world's largest porphry copper deposits. Following a recent site visit, the Company has scheduled an initial work program, commencing in October, consisting of surface mapping and geophysics with a view to drilling on two of its wholly owned projects, specifically, Tulipan and Chulacao, which are believed to have the potential to host major copper porphry deposits.

Tulipan Project

The Tulipan project consists of 4,800 hectares located approximately 45 kms south of Corporaci centsn Nacional de Cobre de Chile's ("Codelco") Norte Division's Chuquicamata open pit mine near Calama in Region II. Prior mining in the Tulipan area including a 50x50 metre pit focused on high grade copper oxide showings but no known advanced exploration techniques or drilling.

Tulipan appears to cover the same structural zone as Codelco's Gaby project to the south. In July 2006 the Mining Magazine reported that "The most significant addition to Codelco's portfolio is the Gaby project it is advancing in a joint project with China Minmetals. Gaby will include an open-pit mine and processing facilities to produce 150,000 t/y of pure copper in the form of cathodes. The US$766 million project is 120 km south of the city of Calama in Chile's northern Region II and is expected to begin producing in 2008." Codelco is the world's largest copper producer and is owned by the Government of Chile.

Chulacao Project Highlights

Polar Star's Chulacao project consists of 2,000 hectares situated 90 kms east of Calama, near the town of San Pedro de Atacama. Prior mining in the Chulacoa area exploited an atacamite-antlerite rich copper oxide manto from 2 to 5 metres thick developed in recent pediment gravels.The manto and old mine overlie steeply dipping tuffaceous sandstones which are also heavily mineralized and have been intruded by a younger salt diapir at least 500m in diameter which contains copper oxide rich fragments up to 10m diameter over most of is exposed area. Antlerite is a copper oxide which typically developes very close to its primary sulphide source and since this area is within the zone of Chilean mega porphyries, its primary source could be a highly prospective porphyry copper deposit.

For a map of the Polar Star mining locations, please click on the following link:


Qualified Person

The exploration and drill program will be carried out under the direction of Mr. Terence Walker, M.Sc., P.Geo., qualified person within the meaning of National Instrument 43-101. Mr. Walker has reviewed the contents of this news release.

About Polar Star Mining Corporation

Polar Star (TSX VENTURE:POS) was created to acquire advanced stage exploration properties focusing on gold, copper-gold and uranium. In Chile, the Company has acquired approximately 70,000 hectares of prospective mineral claims. These 100% owned properties are in addition to the optioned Sonia-Puma properties where Polar Star can earn up to a 60% interest. Polar Star is continuing to review new opportunities in Chile to add to the current porfolio of properties. In Canada, the Todd Creek Property located near Stewart, B.C. consists of 12,222 hectares in which Polar Star can earn up to a 60% interest. The Company has approximately $5 million in cash and short term investments and no debt or exposure to asset-backed securities.

Forward-Looking Statements

The statements made in this News Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. Accordingly, readers should not place undue reliance on forward-looking statements. For a more detailed discussion of such risks and other factors, 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.

Share Capitalization:
Basic shares outstanding: 29.7 million
Fully Diluted: 36.1 million
(Shares under escrow: 9.7 million)

The Toronto Stock Exchange Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release and the information contained herein.

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