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Montezuma Drill Results Continue to Expand Zones A and B
Toronto, Ontario -- February 24, 2011 -- Polar Star Mining Corporation (TSX: PSR) ("Polar Star" or the "Company") today announced assay results from eight additional holes drilled in Zones A and B as part of its ongoing program of diamond drilling at its wholly owned Montezuma Project in Chile.


"All drill holes in Zones A and B have generated encouraging results that demonstrate the large extent of copper mineralization within the porphyry systems in these zones," said Doug Willock, President and CEO.

"The new data further indicate the presence of copper mineralization over extensive areas and to depth.

Given our large, 501 square kilometre land base at Montezuma, there is strong potential for additional discoveries as exploration proceeds this year."
To date, 31 diamond drill holes have been completed and two are currently in progress.

Complete assays have now been received for the first 23 drill holes, of which 15 have been previously released.

Eleven of these - 31, 32, 33, 35, 37, 41, 44, 46, 48, 50 and 52 -- were drilled in Zone A and eight - 38, 42, 43, 45, 47, 49, 51 and 53 -- were drilled in Zone B.

Significant new intercepts are presented in the table that follows.

A map of the drill holes is available at: www.polarstarmining.com/maps-and-charts/Montezuma/default.aspx.


Highlights
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The ongoing diamond drill program continues to expand on and confirm the exceptional size of the copper and gold bearing porphyry systems discovered in Zones A and B, both of which are open along strike and at depth.

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The gold-rich system in Zone A has been intersected over a strike length of 1.5 kilometres and to a vertical depth of 384 metres.

New enhanced satellite imagery suggests that this mineralized structural zone continues to the north through Zone C and is at least six kilometres long.

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The porphyry system in Zone B has been intersected over a surface area of about 2.5 square kilometres and a vertical depth of 1.1 kilometres. By comparison, Antofagasta plcs new $2.3 billion Esperanza Mines orebody (1.3 billion tonnes grading 0.45% Cu) is reported to have a footprint of 0.28 square kilometres.

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Of the newly released results, intercepts include: o Zone A: 37 metres of 0.28% copper equivalent ("Cu Eq") in Hole 46 and 22 metres of 0.28% Cu Eq in Hole 52 o Zone B: 19 metres of 0.39% Cu Eq in Hole 47, 30 metres of 0.25% Cu Eq in Hole 47, 19 metres of 0.36% Cu Eq in Hole 49 and 33 metres of 0.33% Cu Eq in Hole 51.

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Leached cap and secondary copper sulphide enrichment zones are exposed at surface and were cut in four holes over a surface area of about one square kilometre in Zone B.

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The secondary copper sulphide enrichment zones in the drill holes range in thickness from four to 70 metres and grade up to highs of 1.74% to 3.5% Cu over four metres.

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A near surface zone of exotic copper minerals, mainly copper wad and cupriferous limonite, were also intercepted in several holes in Zone B.

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Primary copper-gold mineralization is associated with classic phyllic and potassic alteration shells.

These shells and the secondary copper sulphide zones are characteristic of Chilean mega copper porphyry deposits. .

Zones A and B are two of nine target zones, each two to four kilometres long, defined by Polar Stars detailed geological, geochemical and geophysical surveys.

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The 20,000-metre diamond drill program announced January 12, 2011 has commenced.
Montezuma Phase III Reconnaissance Diamond Drilling Summary by Zone
Hole # From To Width Cu Au Ag Zn eCu Mo Re Comments
(m) (m) (m) % g/t g/t % % ppm ppm
Zone A
MODD46-10 83 217 134 0.09 0.13 2.4
0.18
Thrust zone +py, cpy
including 138 175 37 0.19 0.15 1.9
0.28
193 202 9 0.24 0.52 5.5
0.53
217 443 226 0.02 0.22 2.9 0.53 0.15
Zinc Halo (suplhide)
MODD48-10 253 262 9
0.98 0.3
0.46
East edge of Zone (oxide)
MODD50-10 113 284 171 0.05 0.09 0.8
0.10
Thrust zone +py, cpy
307 464 157
0.12 2.6 0.43 0.09
Zinc Halo (suplhide)
MODD52-10 248 337 89 0.06 0.18 1.6 0.22 0.16
Thrust zone +py, cpy
including 248 270 22 0.11 0.34 1.1
0.28
Thrust zone +py, cpy
319 337 18 0.03 0.16 4.7 1.11 0.16
Zinc Halo (suplhide)
Zone B
MODD47-10 253 287 34 0.20 0.04 1.1 0.02 0.23
py-cpy, Phyllic Zone
including 253 272 19 0.32 0.10 2.2 0.03 0.39
388 418 30 0.20 0.08 0.65
0.25
py-cpy, Phyllic Zone
451 508 57 0.14 0.10 0.99
0.20
py-cpy, Phyllic Zone
including 478 499 21 0.19 0.13 1.3
0.26
MODD49-10 122 186 64 0.07 0.05 0.73 0.04 0.10 9.6 0.02 py-cpy-Mo, phyllic/potassic
218 388 170 0.05 0.04 0.48 0.03 0.08 8.8 0.02 py-cpy-Mo, phyllic/potassic
514 638 124 0.06 0.11 0.63
0.12
py-cpy, Phyllic Zone
including 622 641 19 0.16 0.36 2.9 0.6 0.36 4.4 0.03 py-cpy-Mo, phyllic/potassic
MODD51-10 171 181 10 0.08 0.14 1.35
0.15 4.9
py-cpy-Mo, phyllic/potassic
185 233 48 0.06 0.07 0.51
0.09
py-cpy, Phyllic Zone
253 299 46 0.06 0.06 0.35
0.09
py-cpy, Phyllic Zone
305 849 544 0.07 0.13 0.53
0.14
py-cpy, phyllic/potassic
including 308 318 10 0.11 0.06 1.3
0.15
py-cpy,potassic zone
332 340 8 0.10 0.09 1.8
0.16
py-cpy,potassic zone
Hole # From To Width Cu Au Ag Zn eCu Mo Re Comments
(m) (m) (m) % g/t g/t % % ppm ppm
404 419 15 0.16 0.30 0.8
0.30
py-cpy,potassic zone
464 473 9 0.21 0.19 1.3
0.31
py-cpy,potassic zone
488 521 33 0.17 0.33 0.6
0.33
py-cpy,potassic zone
549 588 39 0.14 0.19 0.6
0.23
py-cpy,potassic zone
MODD53-10 54 438 384
0.01 0.66 0.1 0.04
Zinc Halo (oxide + sulfide)
* Note - Copper Equivalent is based on US metal prices of: Copper - $4.44/lb, Gold - $1,385/oz, Silver - $30.60/oz, Zinc - $1.12/lb. Metallurgical recoveries and net smelter returns are assumed to be 100%.
Phase III Reconnaissance Diamond Drill Program
Of the 31 holes drilled to date, assay results have now been received from the first 23.

These results include highs of:
Zone A Hole 32 20 metres of 0.21% Cu and 0.36 g/t Au 0.52% Cu Eq Hole 33 100 metres of 0.15% Cu and 0.72 g/t Au 0.51% Cu Eq Hole 35 21 metres of 0.15% Cu and 0.13 g/t Au 0.23% Cu Eq Hole 46 37 metres of 0.19% Cu and 0.15 g/t Au 0.28% Cu Eq Hole 52 22 metres of 0.11% Cu and 0.35 g/t Au 0.28% Cu Eq Zone B Hole 38 44 metres of 0.55% Cu and 0.17 g/t Au 0.66% Cu Eq 68 metres of 0.27% Cu and 0.07 g/t Au 0.31% Cu Eq Hole 45 24 metres of 0.29% Cu and 0.25 g/t Au 0.41% Cu Eq 44 metres of 0.21% Cu and 0.34 g/t Au 0.37% Cu Eq Hole 47 19 metres of 0.32% Cu and 0.10 g/t Au 0.39% Cu Eq 30 metres of 0.20% Cu and 0.08 g/t Au 0.25% Cu Eq Hole 49 19 metres of 0.16% Cu and 0.36 g/t Au 0.36% Cu Eq Hole 51 33 metres of 0.17% Cu and 0.33 g/t Au 0.33% Cu Eq
To put these intercepts in context, the published discovery intercepts for the Toki deposit of Codelco (2.6 billion tonnes grading 0.49% copper) were 24 metres averaging 0.30% copper and 21 metres averaging 0.27% copper.
Zone A The 11 holes completed during this phase of diamond drilling Zone A outline a 1,500-metre, pyrite-rich auriferous zone that appears to be an imbricate thrust zone separating a generally barren upper volcanic plate from an underlying altered intrusive complex.

The presence of chalcopyrite-rich phyllic and potassic altered intrusive clasts within the thrust suggest the presence of a porphyry system in the lower plate.

The zone varies in thickness from 26 metres in Hole 32 to 360 metres in Hole 46.

Drill hole mineralogy and assays indicate that the mineralized zone has a copper-enriched top and zinc-enriched base.

Re-evaluation of the prior reverse-circulation drill holes in Zone A and enhancement of new satelite imagery of the area suggest this mineralized structure zone continues to the north through Zone C.

If so, its minimum strike length is in the order of six kilometres.


Zone B The 12 holes completed during this phase of diamond drilling in Zone B outline an extensive zone of disseminated and veinlet pyrite-chalcopyrite mineralization in porphyry style phyllic to potassic alteration.

This porphyry system covers a surface area of at least 2.5 square kilometres and is continuously mineralized to a vertical depth of at least 1.2 kilometres. This mineralized zone occurs below a cover of younger unaltered volcanics and or leached cap varying in thickness from 220 metres in Hole 38 to 48 metres in Hole 56.


Secondary chalcocite-pyrite enrichment zones have been encountered within and at the leached cap - hypogene sulfide contact in Holes 38, 43, 45, and 51.

This zone varies from three layers of four to 16 metres thick averaging 0.25% to 0.38% Cu Eq in Hole 45 to 70 metres in Hole 38, which contains an intercept of 44 metres averaging 0.66% Cu Eq.

The hypogene copper mineralization in all the holes to date occurs primarily within the phyllic zone.

However, Holes 38, 45, 49 and 51 also cut the outer edge of the potassic zone at depths from 122 metres in Hole 49 to 935 metres in Hole 38. This outer potassic zone in Hole 38 contains a 68 metre section of 0.31% Cu Eq.

In Hole 45 a 44 metre section contains 0.37% Cu Eq and in Hole 51 a 33 metre section contains 0.33% Cu Eq.

Hole 45 also transitions into the silicic core zone at about 915 metres, exhibiting strong quartz-molybdenite stockwork veining.


Radiometric age dating of the mineralized intrusive from holes in both zones gave ages in the range of 38.5 to 39.7Ma (millions of years), comfortably within the 43 to 37Ma range for mineralized intrusives in both the Chuquicamata and Esperanza mining districts.


The target widths Polar Star is pursuing at Montezuma are those comparable to the typical widths of economic ore bodies in the Chuquicamata district to the north of Montezuma, and can range from as narrow as 85 metres in the case of Codelcos Ministro Hales deposit to approximately 600 metres with Codelcos main Chuquicamata deposit.

The Ministro Hales deposit has a resource of 1.3 billion tonnes at a grade of 0.95% Cu.

To the south of Montezuma, Antofagasta plcs new $2.3 billion Esperanza Mines orebody (1.3 billion tonnes grading 0.45% Cu) is reported to have a footprint of 0.28 square kilometres - about one-tenth of the surface area covered by the currently known extent of the porphyry system in Zone B.
The Company believes that the results to date from this phase of drilling continue to confirm and expand the size of the two porphyry systems discovered in Zones A and B.

This phase of widely spaced anomaly evaluation has now been completed in Zones A and B.

Once the remaining assays from these zones have been received, a detailed analysis of all geological, analytical and geophysical data will be carried out with a view to targeting the most economically prospective sections of the two systems.

Once such a target has been confirmed by drilling, Polar Star will then plan for follow-up resource definition drilling.

In the meantime, drilling will continue to evaluate Zones C to G.


Qualified Person The drill program is being carried out under the direction of Terence Walker, M.Sc., P.Geo., a qualified person within the meaning of National Instrument 43-101.

Mr.

Walker has reviewed the contents of this news release.

All the analysis was done at ALS Chemex Laboratory in Coquimbo, Chile and Lima, Peru.

Routine gold analysis was carried out on 30g sub-samples using a fire assay pre-concentration and atomic absorption spectro-photogrametric (AAS) finish.

Samples with gold or silver values greater than 10g/t were re-analyzed by fire assay and gravimetric finish. Copper and 48 other elements including silver were routinely analyzed by the ICP technique following a hot four acid digestion.

Samples with copper, zinc and lead values greater than 1% were re-analyzed using a hydrofluoric-nitric-hypochloric acid digestion, hydrochloric acid leach and AAS finish.
Forward-Looking Statements This news release may contain forward-looking statements based on assumptions, uncertainties and managements best estimates of future events. There is no certainty that deposits of similar size to Antofagasta plcs Esperanza or Codelcos Toki deposits will be developed on Polar Stars properties.

Actual events or results could differ materially from the Companys 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 Corporations filings with Canadian securities regulators available on www.sedar.com or the Companys website at www.polarstarmining.com.
About Polar Star Mining Corporation Polar Star Mining Corporation (TSX: PSR) is an emerging exploration company with a focus on building value in Chile through discovery and development. Its flagship property, Montezuma, covers 40 kilometres of the West Fault and the cross-cutting Esperanza Fault system and is located between Codelcos Radomiro Tomic - Chuquicamata - Mansa Mina group of copper-molybdenum porphyry deposits, and Antofagasta PLCs El Tesoro - Esperanza - Polo Sur group of copper-gold porphyry deposits.
Share Capitalization Shares outstanding: 90,410,435 as at February 24, 2011
Contact information Adam Rochacewich, CFO Tel: (416) 368-3496 Email:
www.polarstarmining.com