PSR Polar Star Mining Corporation

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.


Highlights

- 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:

http://media3.marketwire.com/docs/PSR0227.pdf

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.

Polar Star (TSXV:PSR)
Historical Stock Chart
From Jun 2024 to Jul 2024

Polar Star (TSXV:PSR)
Historical Stock Chart
From Jul 2023 to Jul 2024