Polar Star Mining Corporation
TSX VENTURE : PSR

Polar Star Mining Corporation

February 23, 2009 18:12 ET

Polar Star Seeks Court Orders to Protect Shareholders from Dissident Abuse

TORONTO, ONTARIO--(Marketwire - Feb. 23, 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 it has issued an application asking the Ontario Superior Court of Justice to declare that dissident shareholder Douglas Willock has breached the Canada Business Corporations Act by illegally soliciting proxies for the Company's April 17, 2009 annual and special meeting of shareholders.

The Company believes that Mr. Willock has breached the Act by illegally soliciting proxies without having filed a dissident proxy circular as he is required to do.

Mr. Willock was under contract to serve as president and chief executive officer of Polar Star until January when he requisitioned a special meeting to facilitate a shareholder vote to replace the current Board of Directors. His contract was terminated as a result of the conflict of interest inherent in the requisition. He currently remains on the Board of Directors.

The Company believes that Mr. Willock has engaged in unlawful communication with shareholders and that recent press releases issued by him are misleading and represent improper proxy solicitation.

"A dissident shareholder is permitted to initiate a proxy contest, but there are rules in place to protect all shareholders from abuse by the dissident," said Stephen G. Roman, Executive Chairman of Polar Star. "We believe that Mr. Willock has abused the rights of other shareholders with his actions. We are seeking the assistance of the court because it is our duty to act in the best interests of all shareholders."

The Company is also asking the court for related orders, including:

- restraining Mr. Willock from any further breaches of the Act

- directing him to disclose all communications he has had with Polar Star shareholders

- removing Mr. Willock from the Board of Directors

- barring him from voting at the annual and special meeting of the Company

- prohibiting him from standing for election to the Company's Board of Directors.

Polar Star will issue a management information circular and provide a form of proxy for all shareholders in advance of the meeting. The circular is expected to be mailed by March 26, 2009 and to include a recommendation to shareholders from the Board of Directors.

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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