Polar Star Mining Corporation

Polar Star Mining Corporation

December 15, 2008 16:03 ET

Chepica Option Extension Terminated

TORONTO, ONTARIO--(Marketwire - Dec. 15, 2008) - Polar Star Mining Corporation (TSX VENTURE:POS) ("Polar Star" or the "Company") announces the termination of the Chepica Option Extension, previously announced on November 18, 2008. The Company currently owns a 15% equity interest in the Chepica mining property and mill (the "Chepica Project") and continues to have the right to acquire the remaining 85% of the Chepica Mine by making cash payments totalling 2.7 billion Chilean Pesos (approximately US $4.2 million) by June 20, 2009, pending successful completion of its final due diligence review.

Qualified Person

Mr. Terence Walker, M.Sc., P.Geo., is the qualified person within the meaning of National Instrument 43-101. Mr. Walker has reviewed the contents of this news release.

About Polar Star

Polar Star was created to acquire advanced stage exploration properties focusing on gold, copper-gold, 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

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:

Shares Outstanding: 39,241,098 as at December 15, 2008.

Business Television Feature:

Polar Star was selected and featured on Business Television in early December 2008. If you missed the show, please click on the link below to watch the full-feature: www.b-tv.com/features/watch-now.html?clip=BNNpolarstarmining.wmv.

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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