Polar Star Mining Corporation
TSX VENTURE : PSR

Polar Star Mining Corporation

April 07, 2009 07:30 ET

Polar Star Board Nominees Recommended by Leading Proxy Advisory Firm

RiskMetrics Recommends Rejection of Willock Slate

TORONTO, ONTARIO--(Marketwire - April 7, 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) announced today that RiskMetrics Group, a leading North American proxy advisory firm, has recommended that Polar Star shareholders vote in favour of the nominees to the Board of Directors proposed by management and reject the slate nominated by dissident shareholder Douglas Willock at the Company's annual meeting to be held in Toronto on April 17, 2009.

RiskMetrics Group, through its subsidiary ISS Governance Services, is Canada's leading provider of corporate governance and proxy voting solutions and provides proxy research, voting services and corporate governance advisory services to financial institutions and corporations worldwide.

In making its recommendation to its clients, RiskMetrics said: "The management nominees are highly experienced, have successful track records and appear better able to create shareholder value. Therefore support is warranted for the management nominees." It also noted "No major strategic missteps or significant abuse of shareholders' rights are apparent in the board's actions. The Board's strategy appears reasonable and prudent in the circumstances."(i)

"The independent recommendation from RiskMetrics confirms the Board's position that voting for its nominees is in the best interests of the shareholders," said Stephen G. Roman, Executive Chair of Polar Star. "It is our view that the Polar Star Board has the more experienced nominees, a better strategy, and a better understanding of the potential and challenges of the Company's projects. It is clear to us that this proxy vote is simply about Douglas Willock seeking control of Polar Star by installing his hand-picked nominees on the Board for his own interests and not for shareholder value."

The Polar Star Board urges all shareholders to vote their YELLOW form of proxy in favour of the Company's nominees to the Board of Directors. Shareholders with questions or requiring assistance in completing their YELLOW form of proxy are asked to contact Polar Star's proxy solicitation agent, Laurel Hill Advisory Services, LLC toll-free at 1-888-812-9185. To be valid, proxies must be received by 10:00 a.m. (Eastern Time) on April 15, 2009.

(i)Note: Permission to quote from the RiskMetrics report was neither sought nor obtained.

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 may contain 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.

The TSX Venture Exchange 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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