Polar Star Announces Financing

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)is pleased to announce a financing led by D&D Securities Company
("D&D") to raise a minimum of $3,150,000 and up to $8,000,000 (the "Offering")
via a best efforts brokered private placement of units of the Company (the
"Units") at price of $0.35 per Unit. Each Unit will be comprised of one common
share of the Company and one half of one common share purchase warrant, with
each whole warrant being exercisable to acquire one common share at a price of
$0.45 for a period of 18 months after closing.


The Offering is anticipated to close on or about February 6, 2009, or such other
date as the Company and D&D may agree. The securities underlying the Units will
be subject to resale restrictions for a period of four months and one day from
the closing date under applicable securities legislation.


Completion of the private placement will be subject to a number of conditions
including the approval of the TSX Venture Exchange. Polar Star intends to use
the net proceeds of the Offering to fund further exploration and development of
the Company's Chilean mineral properties and for general corporate purposes.


Polar Star has received materials in relation to an application in the Ontario
Superior Court of Justice (the "Application") brought by Mr. Douglas Willock in
relation to his requisition for a shareholder meeting. The Application seeks to
restrict the operation of Polar Star pending the holding of the shareholder
meeting and may include restrictions on the completion of the Offering. It is
too early to determine whether the Application could ultimately succeed.


Not for distribution to United States wire services or dissemination in the
United States. This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United States or to
U.S. Persons unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is available.


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 contains 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.


Share Capitalization:

Shares Outstanding: 39,241,098 as at February 2, 2009.