Polar Star Mining Corporation
TSX VENTURE : POS
PINK SHEETS : POSRF

Polar Star Mining Corporation

July 08, 2008 10:08 ET

Polar Star: 3.1 Meters of 13.55 g/t Au, 9.8 g/t Ag and 0.58% Cu at Chepica Mine

TORONTO, ONTARIO--(Marketwire - July 8, 2008) - Polar Star Mining Corporation (TSX VENTURE:POS)(PINK SHEETS:POSRF) ("Polar Star" or the "Company") announces the successful completion of its initial due diligence program at the Chepica Copper-Gold Mine, Mill and 1,440 hectares of associated mining properties (the "Chepica Mine"). Effective June 20, 2008, Polar Star acquired an initial 5% equity interest in the Chepica Mine by paying US$307,000. Polar Star's Chepica Acquisition Agreement gives Polar the right to acquire an additional 80% by making cash payments totaling approximately US$4.7million by June 20, 2009, pending successful completion of its final due diligence review.

Highlights

- Widths of 2.8 - 7.3 meters of 0.69-13.55 g/t of gold, 3.5 - 15.8 g/t of silver and 0.12 - 2.73% copper were noted during the initial due diligence review of the Chepica #1 adit.

- A diamond drill program commenced June 24, 2008 at Chepica Mine's number one vein, as part of the final due diligence review.

- On July 7, 2008 a second, track-mounted diamond drill was added to complement the current truck-mounted diamond drill program.

- A sulphide flotation plant has been delivered to site and is currently being installed.

Set out below are the results from 85 channel samples taken during Polar Star's initial due diligence review across the width of the #1 adit completing 17 sections at 5 -10 meter intervals along its 102 meter length. The results are sequentially arranged running from the north end of the adit to the south portal entrance. Assaying of 23 similarly spaced sections across the #2 adit are still in progress and will be reported shortly. Each section consists of a series of channel samples cut across the roof of the adit at right angles to the general vein trend. Individual samples within the sections were selected based on vein characteristics. The section values reported in the table are therefore weighted averages.



Chepica #1 Adit Channel Sample Results

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Section Width(m) Au g/t Ag g/t Cu% Comments
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Ch1-10 3.1 3.88 10.3 0.14 Full width of Adit
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(including) 2.4 4.63 10.6 0.06 Main Footwall Vein
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CH1-17 2.8 7.12 6.3 0.22 Full width of Adit
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(including) 1.6 12.11 8.0 0.26 Main Footwall Vein
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CH1-9 3.3 12.07 9.0 0.28 Full width of Adit
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(including) 2.3 16.9 10.5 0.38 Main Footwall Vein
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CH1-16 3.1 13.55 9.8 0.58 Full width of Adit
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CH1-8 2.9 9.32 9.6 0.35 Full width of Adit
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(including) 2.4 10.81 9.2 0.32 Main Footwall Vein
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CH1-15 3.2 2.92 5.6 0.25 Full width of Adit
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(including) 2.2 4.05 7.2 0.27 Main Footwall Vein
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CH1-7 3.7 3.85 5.0 0.67 Full width of Adit
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(including) 1.8 6.13 7.1 0.84 Main Footwall Vein
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CH1-14 3.6 1.98 8.8 0.22 Full width of Adit
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(including) 2.5 2.57 11.2 0.28 Main Footwall Vein
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CH1-6 3.3 0.69 8.0 1.15 Full width of Adit
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(including) 1.6 1.27 11.3 1.61 Main Footwall Vein
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CH1-13 7.3 2.23 15.8 1.18 Full width of Adit
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(including) 5.6 2.83 19.6 1.49 Main Footwall Vein
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CH1-5 5.6 0.88 10.4 1.79 Full width of Adit
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(including) 3.5 1.21 13.0 2.49 Main Footwall Vein
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CH1-12 2.9 4.25 13.6 2.73 Full width of Adit
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(including) 2.2 5.56 16.6 3.40 Main Footwall Vein
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CH1-4 5.2 3.04 8.1 1.58 Full width of Adit
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(including) 2.3 6.66 14.9 3.36 Main Footwall Vein
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CH1-11 4.1 1.37 9.9 0.72 Full width of Adit
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(including) 2.0 1.96 18.6 1.10 Main Footwall Vein
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CH1-3 4.0 1.37 3.5 1.65 Full width of Adit
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(including) 2.1 2.43 11.8 2.52 Main Footwall Vein
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Ch1-2 5.2 4.78 14.0 0.25 Full width of Adit
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(including) 2.8 7.58 8.2 0.12 Main Footwall Vein
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Ch1-1 18.1 0.28 4.5 0.21 Hanging Wall alteration
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The #1 adit roughly follows the footwall vein in an altered and mineralized system from 20-35 meters wide and exposes three 15-44 meter long shoots, two gold-silver +/- copper and one copper-gold-silver rich i.e.:

North Shoot: 43 meter grading 6.5g/t gold, 8.0g/t silver, 0.35% copper across 3.2 meters average width (FW vein: 43 meters grading 8.3g/t gold, 9.2 g/t silver, 0.39% copper across 2.3 meters average width)

Central Shoot: 44 meter grading 1.9g/t gold, 9.2g/t silver, 1.59% copper across 4.6 meters average width (FW vein: 44 meters grading 3.1g/t gold, 14.7g/t silver, 2.4% copper across 2.8 meters average width

South Shoot: 15 meter grading 4,8g/t gold, 14.0g/t silver, 0.21% copper across 5.2 meters average width

(FW vein: 15 meter grading 7.6g/t gold, 8.2g/t silver, 0.25% copper across 2.8 meters average width)

The north and south shoots are open to extension along strike and all are open down dip.

The Chepica Mine

This Chepica Mine acquisition adjoins Polar Star's wholly owned Corinto and Batuco claims. These claims plus the Chepica Mine property total 16,640 hectares in the Pencahue District, Region VII, Chile on which prior exploration by other companies has defined 15 high grade gold and copper-gold zones. The Chepica Mine is scheduled to go into production during the third quarter of this year at a planned initial production of 200 tonnes per day increasing to over 500 tonnes per day by mid 2009. The Mine will produce a copper-gold concentrate.

The Chepica Mine property, located 225 kilometers south of Santiago, near the city of Talca, covers the Cerro Chepica high grade copper-gold mining district. It is readily accessible by paved and good gravel road from the city of Talca 20 kilometers to the east. See Polar Star's news release of April 24, 2008 for additional information.

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. All analyses were carried out at ALS Patagonia Laboratories, Coquimbo, Chile. Routine gold analysis was carried out on 30g sub-samples using a fire assay pre-concentration and atomic absorption spectro-photogrametric (AAS) finish. Samples with values greater than 10g/t were re-analysed by fire assay and gravimetric finish. Silver and copper were also routinely analysed by ICP following hot four acid digestion. Samples with copper values over 1% were re-analysed using a hydrofluoric-nitric-hypochloric acid digestion, hydrochloric acid leach and AAS finish.

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 covering approximately 141,000 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: 31,548,698 as at July 8, 2008.

Business Television Feature:

Polar Star was selected and featured on Business Television in early March 2008. If you missed the show, please click on the link below to watch the full-feature http://www.b-tv.com/i/videos/PolarStar.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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