Polar Star Mining Corporation

Polar Star Mining Corporation

November 27, 2007 15:30 ET

Polar Star Mining Corporation: Los Azules Option Agreement

TORONTO, ONTARIO--(Marketwire - Nov. 27, 2007) - Polar Star Mining Corporation (TSX VENTURE:POS)(PINK SHEETS:POSRF) ("Polar Star" or the "Company") is pleased to announce that it has entered into an option agreement (the "Option Agreement") to acquire 5 concessions totaling 790 hectares in the Los Azules area, Tierra Amarillo District, Region III, Chile, for US $1.75 million to be made in staged payments over 4 years. The 790 hectares under the Option Agreement are in addition to the 100 % owned 6,568 hectares previously acquired by Polar Star, which brings the total land holdings in the area to 7,358 hectares.


- The Los Azules Breccia Trend will be the subject of a modern exploration program for the first time

- Copper, uranium and gold targets

- Drilling scheduled to commence in December

- SRK Consulting retained to prepare NI 43-101 Report

Exploration History

There are no records of recent systematic exploration in the property area; however, small scale mining has been carried out in the larger pipes since the 1930's. Two of the larger breccias were previously being mined on a small scale, about 250 - 350 tonnes per month, for copper oxide in the 3 - 5% range. In Chile, the average copper grade of similar types of breccias using bulk mining techniques is typically in the 0.7 - 1.0% range. During Polar Star's due diligence visits to the larger pipes, an Exploranium GS135 gamma ray spectrometer was used to check for the presence of uranium. All the breccias tested are uraniferous, consistently recording values of 150 to 550 ppm eU, with an average of 330 ppm (equivalent uranium, which is the equivalent of 0.3 to 1.1 lbs uranium per ton, with an average of 0.6 lbs per ton). Readers are cautioned that spectrometer measures radiation and while a useful tool in exploration, it is not a substitute for an actual assay. Results from a spectrometer can be affected by heat, inexperienced operators, poor calibration, and numerous other factors. The breccia pipes have been mapped at surface over an area of 1,100 metres by 90 metres by 75 metres. An adit intersects the ore body approximately 80 metres from surface. Recent reconnaissance performed by Polar Star geologists has resulted in the identification of an additional three breccia pipes with diametres from 250 to 400 metres on adjacent ground previously staked by Polar Star.

Exploration Program

An initial drill program of approximately US $250,000 is planned to commence in December to verify grade and thickness of the main breccia area.

Los Azules

The Los Azules property is located 800 kilometres north of Santiago and is readily accessible by paved and good gravel road from the city of Copiapo, sixty kilometres to the west. The property covers the historic Los Azules high grade oxide copper-gold mining district within the Late Cretaceous - Paleocene Cu-Au Metallogenic Belt of the Chilean pre-Cordillera.

Property Geology

The property is underlain by a generally sub-horizontal sequence of late Cretaceous - Paleocene sub-areal epiclastic sediments and interbedded andesitic flows, which are cut by numerous post-magmatic hydrothermal collapse breccia pipes. The individual pipes, which are circular to elliptical in plan, range up to 400 metres in diameter. On the newly optioned property, at least four of the pipes are over several hundred metres in diameter. About 100 breccia pipes have previously been recognized in the Los Azules District.


The hydrothermal mineralization of the pipes may be divided into an early fragment replacement stage, followed by open-space filling. The filling stage consists of tourmaline, accompanied by specularite and followed principally by quartz, chalcopyrite, pyrite (+/- gold), molydenite, and galena. All the Azules pipes appear to contain uranium; however, no uranium minerals have been identified to-date. A zone of surface oxidation up to 100 metres deep has produced a blanket of readily leachable green secondary copper minerals, including atacamite, chrysocola, brocanthite, copper wad and copper pitch.

NI 43-101 Report

Polar Star has retained the services of SRK Consulting's Santiago office to prepare a National Instrument 43-101 compliant report on the Los Azules breccia pipes project.

About SRK Consulting

SRK is an independent, international consulting group, employing leading specialists in environmental science and mineral engineering. Its seamless integration of services and global base has made the company a significant international practice in due diligence, feasibility studies and confidential internal reviews. SRK's global experience and reputation for excellence is widely recognized among the major financial institutions and they are repeatedly called upon to advise on and evaluate projects for all types of market transactions. Formed in 1974, SRK employs over 600 professionals internationally in 31 offices on 6 continents.

Qualified Person

The 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, as at November 26, 2007 acquired approximately 118,950 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 as at September 30, 2007 had approximately $5 million in cash and no debt. In Canada, the Todd Creek Property located near Stewart, BC, consists of 12,222 hectares in which Polar Star has earned a 60% interest.

Share Capitalization:

Basic shares outstanding: 29.7 million

Fully Diluted: 36.1 million

(Shares under escrow: 9.7 million)

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.

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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