Polar Star Mining Corporation

Polar Star Mining Corporation

February 27, 2009 14:22 ET

Polar Star Mining Corporation-Drilling Begins at Montezuma

TORONTO, ONTARIO--(Marketwire - Feb. 27, 2009) - Polar Star Mining Corporation (TSX VENTURE:PSR)("Polar Star" or the "Company") is pleased to announce that a reverse circulation (RC) drilling program of an initial 4,000 - 5,000 metres commenced February 26, 2009 on its 43,200 hectare Montezuma Project, Sierra Limon Verde District, Region II, Chile. Quantec Geoscience, Santiago, Chile also initiated a second Induced Polarisation survey to expand upon and infill their 2008 survey.


- Old workings, leached and oxide copper bearing outcrops, geological and geochemical surveys define a highly prospective belt 5-8 kilometres wide by 30 kilometres long centred on the West Fissure Fault System.

- A large Chargeability/Resistivity anomaly 1.0 to 4.2 kilometres wide, 25.2 kilometres long, extending to depths of at least 300 to 500 metres has been identified by the Quantec IP surveys within this belt, along with several other 2-4 kilometre long satellite anomalies.

- A 4000-5000 metre, 16-20 hole reconnaissance RC drill program has been initiated to test hot spots within this anomaly.

- The length of the main IP anomaly is more than sufficient to include all the known Chuquicamata porphyry copper deposits.

- The property consists of 43,200 hectares, and is located 30 kilometres due south of CODELCO's Chuquicamata Mine and Smelter Complex.

- Montezuma covers 25 km of the West Fissure Fault System and associated splays, which hosts many large porphyry copper deposits including Chuquicamata and Escondida.

The Montezuma Project

The Montezuma Project consists of a contiguous group of 100% owned exploration concessions staked by Polar Star. As noted above, the West Fissure Fault System is well known for the exceptional size of its deposits. The Chilean Mine Handbook reported that in 2007 the BHP/RTZ owned Escondida Mine produced 1.5 million tonnes of copper and had copper reserves of 4.3 billion tonnes at an average grade of 0.81% Cu. The Corporacion Nacional del Cobre's ("CODELCO") El Norte Division, which includes Chuquicamata, reported production of 0.9 million tonnes of copper, reserves of 2.3 billion tonnes and an average grade of 0.79% Cu during the same period.

The Montezuma Project is located in the Sierra Limon Verde oxide copper mining district and is readily accessible by paved and good gravel road from the city of Calama, 20 kilometers to the north. The project consists of three groups of exploration concessions; Montezuma, Topater and Limonal totaling 43,200 hectares staked and owned 100% by Polar Star.

The Property lies within the central sub-zone of the main Chilean porphyry belt and covers approximately 25 kilometres of strike of the West Fissure Fault System and associated sub-parallel and NW-SE cross-cutting ancillary faults. The hills of Sierra Limon Verde which cover the Limonal, north and west half of the Montezuma claims generally expose the same group of metamorphosed Paleozoic intrusive, volcanic and sedimentary rocks that host the Chuquicamata porphyry copper deposits. The rest of the Montezuma claims and most of the adjacent Topater claims are covered by pediment gravels derived from the local hills.

Polar's geological and geochemical surveys to date have identified several large areas of leached, hematite stained and sulphate rich caps containing minor amounts of copper wad and chrysocola developed along and lateral to the West Fissure Fault System where it strikes through the northern claims of the Montezuma group and within the Topater group, quartz-tourmaline-copper-gold veins and stockworks of the type commonly found peripheral to porphyry systems. In addition, on several of the IP lines, 1-2 metre deep pits dug for electrodes uncovered disseminated copper minerals in porphyritic intrusive rocks.

There are no public records of mining or exploration activity in the property area. There are however three groups of old drill holes reportedly drilled by Codelco in the central and southern part of the Montezuma property along the projection of the West Fissure Fault System. Cuttings from a number of these holes show propylitic to phyllic alteration assemblages containing disseminated and veinlet pyrite plus minor chalcopyrite and bornite.

The reconnaissance IP survey completed by Quantec Geoscience, Santiago, Chile in 2008 concentrated along a NNE trending belt some 6-9 kilometres wide covering the trace of the West Fissure Fault System and adjacent N-NNE trending splays and cross faults and detected several anomalies. The main anomaly, which is entirely covered either by a sulphate cap or pediment gravels has been expanded by the currently running phase II infill survey to 1.0 - 4.2 kilometres wide, 25.2 kilometres long and extends to depths of at least 300-500 metres. The central sector of the anomaly straddles the West Fault but to the north and south it appears to be controlled by NNE trending splay and cross faults. By comparison the length of this main anomaly is more than sufficient to include all the known Chuquicamata porphyry copper deposits from Radomiro Tomic to Toki.

To view a map of the Montezuma Project, please visit the link below:


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 Mining Corporation was created to acquire advanced stage exploration properties focusing on gold, copper-gold and uranium. The geographic focus of Polar Star is Chile, where the company has approximately 146,112 hectares covering 20 properties.

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: 59,286,241 as at February 27, 2009.

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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