Polar Star Mining Corporation

Polar Star Mining Corporation

July 16, 2008 16:37 ET

Polar Star Mining Corporation-Polar Star Issues 250,000 Options

TORONTO, ONTARIO--(Marketwire - July 16, 2008) - Polar Star Mining Corporation (TSX VENTURE:POS)(PINK SHEETS:POSRF) ("Polar Star" or the "Company") is pleased to announce that in connection with the appointment of Adam Rochacewich, CA as Chief Financial Officer of the Company (previously announced on May 20, 2008), Polar Star has granted Mr. Rochacewich options to acquire up to an aggreagate of 250,000 common shares of the Company. The options are exercisable at $0.65 per share, and expire on July 16, 2013. The options are subject to the following vesting schedule: (i) 83,334 on July 16, 2009, (ii) 83,333 on July 16, 2010 and (iii) 83,333 on July 16, 2011.

About Polar Star Mining Corporation

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 140,000 hectares. Polar Star announced the closing of a $5 million private placement on July 8, 2008 during which HudBay Minerals Inc. acquired 3,860,605 Units (approximately 9.9% of the outstanding shares) of the Company, as at July 8, 2008.

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: 38,964,098 as at July 16, 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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