Polar Star Mining Corporation
TSX VENTURE : PSR

Polar Star Mining Corporation

February 17, 2009 15:03 ET

Polar Star Announces Closing of Financing

TORONTO, ONTARIO--(Marketwire - Feb. 17, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Polar Star Mining Corporation ("Polar Star" or the "Company")(TSX VENTURE:PSR) is pleased to announce the closing of approximately $7 million of its previously announced $8 million brokered private placement (the "Offering"). The Company has issued 20,045,143 units of the Company ("Units") for $0.35 per Unit for gross proceeds of approximately $7 million. D&D Securities Company ("D&D") and GMP Securities L.P. ("GMP") (collectively, the "Agents") acted as agents on the Offering. Each Unit consists of one common share and one half of one warrant. Each whole warrant entitles the holder to subscribe for one common share for $0.45 per common share for a period of 18 months following the closing of the Offering.

The Agents were issued compensation options equal to 6% of the aggregate number of Units sold by the Agents which are exercisable for a period of 18 months following the closing of the Offering at the offering price, as well as a cash commission equal to 6% of the gross proceeds of the Offering.

All securities issued in connection with the Offering are subject to a restricted period that ends no earlier than June 14, 2009.

Polar Star intends to use the net proceeds of the Offering to fund further exploration and development of its mineral properties in Chile and for general corporate purposes.

Not for distribution to United States wire services or dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Polar Star Mining Corporation

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

This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual events or results could differ materially from the Company's expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. When used herein, words such as "anticipate", "will", "intend" and similar expressions are intended to identify forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, 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: 59,286,241 as at February 17, 2009, after completion of this announced financing.

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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