Polar Star drilling update

/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

TSX-V: PSR

TORONTO, June 17, 2010 /CNW/ - Polar Star Mining Corporation ("Polar Star" or the "Company") announces results from the first two of six diamond drill holes completed on the Chépica No. 1 vein system designed to increase the resource identified in SRK's 2009 NI 43-101 Report. These holes are part of an ongoing diamond drill program which will also expand on the previous drill results from the Chépica No. 2 vein systems and test four other vein systems with significant surface gold and silver values.

Highlights

    
    -   6 holes completed on the Chépica No. 1 vein system and extending the
        previous resource sector 50-100 metres down dip and 100 metres to the
        north

    -   Significant copper, zinc and lead grades intersected in deeper levels
        of the main vein system

    -   New vein gold-copper bearing vein system intersected 40-50 metres
        east of, and in, the hanging wall of the Chépica No. 1 vein system

    -   Drill program to continue for the balance of 2010 extending potential
        resource area on Chépica No. 2 vein system and four other vein
        systems along which Polar's surface channel sampling has detected
        strike sections of from 100 - 250 metres returning gold values from
        lows of 2 g/t over 3 metres to a high of 30.5 g/t over 1.5 metres
    

Diamond Drill Results

Chépica 1 Vein System

    

    Hole No.      From        To      Interval   Au    Ag    Cu    Zn%   Pb%
    --------      ----        --      --------   --    --    --    ---   ---
                (metres)   (metres)   (metres)  (g/t) (g/t)  (%)   (%)   (%)
    Section A
    ---------
    CH10-66       60.0       78.0       18.0     1.2   8.5  0.98
      includes    64.0       72.0        8.0    1.81  17.6  1.64
                 144.0      149.0        5.0     2.6  19.1  1.03
      includes   147.0      149.0        2.0    4.60  30.3  1.33

    CH10-67       75.0       77.0        2.0     0.5  15.6  0.37
                 155.0      165.0       10.0     0.7  10.0  0.67  0.96  0.71
      includes   160.0      163.5        3.5    1.99  25.6  1.97  2.20  1.64

    

Diamond Drilling Program

The 6 diamond drill holes completed to date are part of a series of four fences of two holes each drilled to test up to 100 metres down dip and a 100 metres north extension along strike of the previously drilled resource section of the Chépica No. 1 vein system. The first two holes reported above were drilled below the northern half of the resource section and extend the zone a further 75 metres down dip. These and several of the other holes also cut a new vein represented by the first intercepts in the table above.

The balance of the planned 2010 drill program is designed to cross-section the Chépica No. 2 vein system up to 100 metres to the NW and SE of the area of previous drilling, and as the first pass shallow drilling of four other vein systems along which Polar's surface channel sampling has detected strike sections from 100 - 250 metres returning gold values from lows of 2 g/t over 3 metres to a high of 30.5 g/t over 1.5m.

The Chépica Mine

In December 2009 Polar Star finalized an agreement to acquire 100% of the Chépica property and associated assets. The full cost of the option is US$7 million to be paid over 26 instalments terminating in 2016. Polar Star may, at its sole discretion, terminate the agreement at any time with no obligation to continue paying instalments.

This Chépica Mine adjoins Polar Star's wholly owned Corinto, Batuco and Botalcura claims. These claims plus the Chépica Mine property total 22,640 hectares in the Pencahue District, Region VII, Chile on which prior exploration by other companies has defined 15 gold and copper-gold zones. Polar's surface exploration programs to date have outlined six 1 - 2 km(2) areas of multiple, 0.5-25 metres wide, massive and banded quartz veins on its wholly owned claims. Continuous chip samples across individual veins from these areas assay from 0.5 g/t gold over 5 metres width to 3.5 g/t gold over 3.2 metres of width. Diamond drilling of several of these target areas is also planned towards the end of the current program.

The Chépica Mine property, located 225 kilometres south of Santiago, covers the Cerro Chépica copper-gold mining district. It is readily accessible by a paved and good gravel road from the city of Talca 20 kilometres to the east. See Polar Star's prior news releases for additional information.

Montezuma

On June 22, 2010 a track mounted diamond drill is scheduled to commence at Polar Star's Montezuma property in Region II. We expect Capital Drilling will be able to supply two additional diamond drill rigs at Montezuma later in July.

Qualified Person

Mr. Terence Walker, M.Sc., P.Geo., is the qualified person within the meaning of National Instrument 43-101. Mr. Walker has reviewed the contents of this news release. Individual core samples where halved using a diamond core saw, one half bagged and sealed on site for assay the other half retained on site in sealed metallic core boxes for future reference. All analyses were carried out at ALS Patagonia Laboratories, Coquimbo, Chile. 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 values greater than 10g/t were re-analysed by fire assay and gravimetric finish. Silver, copper, zinc and lead were also routinely analysed by ICP following hot four acid digestion. Samples with values over 1% were re-analysed using a hydrofluoric-nitric-hypochloric acid digestion, hydrochloric acid leach and AAS finish.

About Polar Star

Polar Star Mining Corporation (TSXV: PSR) is an emerging exploration company with a focus on building value in Chile through discovery and development. The company has approximately 256,734 hectares prospective for gold, copper-gold,

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: 84,969,954 as at June 17, 2010.

Diamond Drill Results

Chépica 1 Vein System (Holes CH08-01 through CH08-32 reported previously)

    

    Hole  No.   From     To   Interval   Au    Ag    Cu     Comments
    ---------   ----     --   --------   --    --    --     --------
              (metres)(metres)(metres) (g/t)  (g/t)  (%)
    Section 1
    ---------
    CH08-03      0.0    27.0    27.0     2.2   13.5  0.10 Oxide Zone
                                                          ----------
     includes   14.0    24.0    10.0     5.4   14.0  0.13
     includes   17.0    20.0     3.0   12.90   13.0  0.05 Foot Wall Vein

    CH08-04     22.0    44.0    22.0     1.9    9.6  0.24 Sulphide Zone
                                                          -------------
     includes   34.0    41.0     7.0     4.9   12.7  0.45
     includes   34.0    36.0     2.0   11.89   27.5  0.58 Foot Wall Vein

    Section 1A                                            Sulphide Zone
    ----------                                            -------------
    CH08-54     32.0    36.0     4.0    2.67   25.0  0.68 Foot Wall Vein

    CH08-55     38.0    43.0     5.0    0.51   19.0  0.51 Center Vein
                48.0    50.0     2.0    3.01   28.0  1.66 Foot Wall Vein

    CH08-56     78.0    89.2    11.2    0.65    8.0  0.64 Sulphide Zone
                                                          -------------
     includes   85.5    89.2     3.7    1.20    7.0  0.77 Foot Wall Vein

    Section 1B
    ----------
    CH08-57     28.0    36.3     8.3    1.85   15.0  0.51 Sulphide Zone
                                                          -------------
     includes   32.0    36.3     4.3    2.99    8.0  0.61 Foot Wall Vein

    CH08-58     51.0    52.0     1.0    1.44    8.0  0.90 Sulphide Zone
                                                          -------------
                56.0    58.5     2.5    1.18   12.0  1.08 Foot Wall Vein

    Section 2
    ---------
    CH08-01      0.0    33.0    33.0    2.12    5.5  0.06 Oxide Zone
                                                          ----------
     includes   10.0    14.0     4.0    14.5    5.5  0.07
                12.0    14.0     2.0    25.7    8.5  0.05 Foot Wall Vein

    CH08-02     19.0    35.0    16.0     1.6   11.6  0.37 Sulphide Zone
                                                          -------------
     includes   28.0    35.0     7.0     3.7   17.0  0.39
                28.0    30.0     2.0     6.9   39.0  0.36 Foot Wall Vein

    CH08-50     42.0    49.0     7.0    1.42   12.3  0.52 Sulphide Zone
                                                          -------------
     includes   45.0    49.0     4.0    1.83   17.8  0.77 Foot Wall Vein

    CH08-51     61.0    74.0    13.0     2.2   11.3  1.27 Sulphide Zone
                                                          -------------
     includes   68.0    72.5     4.5    4.63   19.2  1.60 Foot Wall Vein

    CH08-52     86.0    93.3     7.3    1.38   10.7  0.80 Sulphide Zone
                                                          -------------
     includes   90.0    92.0     2.0    2.44   16.0  0.87 Foot Wall Vein

    CH08-53     69.0    72.0     3.0    0.55   25.3  2.76 Center Vein

    Section 3
    ---------

    CH08-12     27.0    48.0    21.0    3.37     30  0.56 Sulphide Zone
                                                          -------------
     includes   32.0    34.0     2.0    0.74     19  1.59
                37.0    39.0     2.0   10.45    125  0.14 Foot Wall Vein
                36.0    47.0    11.0    4.28     34  0.34

    CH08-15     38.0    46.0     8.0    0.37    8.6  0.35 Sulphide Zone
                                                          -------------
     includes   39.0    41.0     2.0    0.19   10.6  0.98 Center Vein
                54.0    57.0     3.0    1.58     44  0.59 Foot Wall Vein

    CH08-17     51.0    96.0    45.0     2.1   10.8  0.70 Sulphide Zone
                                                          -------------
     includes   55.0    59.0     4.0     8.0   27.0   2.4 Center Vein
                73.0    90.0    17.0     3.0    8.5  0.89
                84.0    89.0     5.0     6.1    8.4  1.07
                84.0    86.0     2.0    12.8   14.5  1.96 Foot Wall Vein

    Section 4
    ---------
    CH08-05     26.0    44.0    18.0     1.3    8.3  0.20 Sulphide Zone
                                                          -------------
     includes   40.0    43.0     3.0     6.1    8.7  0.63 Foot Wall Vein

    CH08-06     36.0    41.0     5.0    0.22    7.8  0.63 Sulphide Zone
                50.0    60.0    10.0    0.83    5.5  0.63
     includes   51.0    55.0     4.0    1.12    5.8  0.63 Foot Wall Vein

    CH08-07   Zone faulted out anomalous values Au, Ag Cu

    Section 5
    ---------
    CH08-09     39.0    54.0    15.0    2.23    3.6  0.14 Sulphide Zone
                                                          -------------
     includes   47.0    50.0     3.0   10.09    6.7  0.59 Foot Wall Vein

    CH08-10     14.0    21.0     7.0    0.43    1.6  0.03 Oxide Zone
                                                          ----------
                                                          Sulphide Zone,
                                                          --------------
                67.0    69.0     2.0    3.16   34.0  0.52 Foot Wall Vein

    CH08-13     17.0    18.0     1.0    1.21    4.0  0.02 Oxide Zone
                                                          ----------
                27.0    37.0    10.0    1.02   12.8  0.08 Oxide Zone
                                                          ----------
     includes   28.0    29.0     1.0    1.48   30.0  0.04 Hanging wall vein

    Section 6
    ---------
    CH08-14     40.0    54.0    14.0    2.07    4.9  0.39 Sulphide Zone
                                                          -------------
     includes   43.0    46.0     3.0    2.70   10.7  1.27 Center Vein
                49.0    53.0     4.0    4.89    5.3  0.34 Foot Wall Vein

    CH08-16      8.0    15.0     7.0    0.63    5.9  0.03 Oxide Zone
     includes   13.0    15.0     2.0    1.43    6.5  0.05
                                                          Sulphide Zone,
                                                          --------------
                56.0    60.0     4.0    1.12  923.0  1.13 Foot Wall Vein

    CH08-18     70.0    83.0    13.0    0.41    9.3  0.46 Sulphide Zone
                                                          -------------
     includes   76.0    79.0     3.0    0.77   22.3  0.96 Foot Wall Vein

                                                          Sulphide Zone,
                                                          --------------
    CH08-20     28.0    35.8     7.8    2.06   15.4  0.42 Hanging Wall Vein

    Section 7
    ---------
    CH08-08     54.0    63.0     9.0    1.12    8.0  0.51 Sulphide Zone
                                                          -------------
     includes   60.0    62.0     2.0    2.45   14.0  0.89 Foot Wall Vein

    CH08-11     34.2    35.8     1.6    0.52   30.0  1.70 Sulphide Zone,
                                                          --------------
                                                          Hanging Wall Vein
                65.0    71.0     6.0    0.69    9.3  0.39
     includes   68.0    69.0     1.0    1.97   17.0  0.35 Center Vein

    Section 8
    ---------
    CH08-22     39.0    51.0    12.0     3.3    9.3  0.44 Sulphide Zone
                                                          -------------
     includes   42.0    50.0     8.0    4.48   11.3  0.59
     includes   43.0    45.0     2.0    9.91   13.0  0.63 Foot Wall Vein

    CH08-23     87.0   119.0    32.0    2.65    7.8  0.76 Sulphide Zone
                                                          -------------
     includes   93.0   106.0    13.0    5.88    8.4  0.45 Foot Wall Vein
     includes  110.0   113.0     3.0    1.27   13.7  3.16 Foot Wall Breccia

    Section 9
    ---------
    CH08-21     30.0    41.0    11.0    0.75   11.9  0.53 Sulphide Zone
                                                          -------------
     includes   37.0    40.0     3.0    1.22   11.0  0.80 Foot Wall Vein
                44.0    46.0     2.0    0.38    4.0  0.55 Foot Wall Breccia

    CH08-25     56.0    92.0    36.0    2.06    9.0  0.80 Sulphide Zone
                                                          -------------
     includes   59.0    68.0     9.0    2.38   21.0  1.89 Foot Wall Vein
     includes   59.0    64.0     5.0    1.97   30.0  2.62
                77.0    92.0    15.0    2.86    4.8  0.41 Center Vein
     includes   77.0    81.0     4.0    5.34    5.0  0.68
               110.0   122.0    12.0    1.09    3.5  0.33 Hanging Wall Vein
     includes  111.0   114.0     3.0    2.38    5.3  0.51

    CH08-27   Zone displaced by faulting

    CH08-29     26.0    39.0    13.0    0.63    7.7  0.73 Sulphide Zone
                                                          -------------
     includes   33.0    36.0     3.0    1.08   16.0  1.87 Foot Wall Vein

    CH08-64     90.0    95.0     5.0    0.75    6.0  0.51 Hanging Wall Vein
     includes   93.0    95.0     2.0    1.06    8.0  0.63
               102.0   106.0     4.0    1.65    7.5  0.67 Center Vein

    Section 10                                            Sulphide Zone
    ----------                                            -------------
    CH08-24     34.7    38.0     3.3    4.29   28.0  1.20 Foot Wall Vein
                41.0    46.0     5.0    0.63   12.0   0.8 Foot Wall Breccia

    CH08-26     61.0    99.0    38.0    4.32    7.6   0.4 Sulphide Zone
                                                          -------------
     includes   61.0    64.0     3.0    1.87   24.0  1.47 Foot Wall Vein
                73.0    76.0     3.0    2.76   11.3  0.67 Foot Wall Breccia
                86.0    98.0    12.0   13.32   11.4  0.64 Center Vein
                86.0    89.0     3.0   31.67   16.7  0.79
                 107     145    38.0    1.28    8.8  0.52
     includes  109.0   113.0     4.0    4.53   16.5  0.80 Hanging Wall Vein
               142.0   145.0     3.0    2.38     14  0.93

    CH08-28   Zone displaced by faulting

    CH08-63    105.0   110.0     5.0    1.48   14.0  0.96 Sulphide Zone
                                                          -------------
     includes  108.0   110.0     2.0     2.6   14.0  0.71 Center Vein


    Section 11
    ----------
    CH08-32   Zone displaced by faulting

    CH08-35     76.0    83.0     7.0     2.5   16.3  0.89 Sulphide Zone
                                                          -------------
     includes   77.0    81.0     4.0    4.38   22.3  1.37 Foot Wall Vein
                96.0   108.0    12.0    2.44    5.5  0.36
     includes   99.0   103.0     4.0    4.53    4.0  0.31 Center Vein
               135.0   160.0    25.0    0.37    8.8  1.89
     includes  141.0   150.0     9.0    0.23   15.2  3.11 Hanging Wall Vein
               182.0   185.0     3.0    0.48   15.7  1.17

    CH08-61     83.0    89.0     6.0    1.67    7.0  0.28 Sulphide Zone
                                                          -------------
     includes   87.0    89.0     2.0    2.89    6.0  0.31 Foot Wall Vein

    CH08-62    103.0   110.0     7.0    1.45   26.0  2.08 Hanging Wall Vein

    Section 12
    ----------
    CH08-38     70.0    83.0    13.0    0.36    3.6  0.20 Sulphide Zone
                                                          -------------
     includes   79.0    83.0     4.0    0.39    5.5  0.59 Center Vein


    Chépica 2 Vein System

    Hole  No.   From     To   Interval   Au    Ag    Cu     Comments
    ---------   ----     --   --------   --    --    --     --------
              (metres)(metres)(metres) (g/t)  (g/t)  (%)
    Section 1
    ---------
    CH08-47     30.0    39.0     9.0    1.81   30.0  3.32 Sulphide Zone
                                                          -------------
     includes   31.0    33.0     2.0    2.22   45.0  3.97 Foot Wall Vein
     includes   36.0    39.0     3.0    0.86   49.0  6.40 Center Vein

    CH08-48     39.0    41.0     2.0     0.3   33.0   1.7 Center Vein

    CH08-49   No significant values                       Low sulphides

    Section 2
    ---------
    CH08-44   No significant values                       Low sulphides

    CH08-46   No significant values                       Veins faulted out

    Section 3
    ---------
    CH08-39     46.0    49.0     3.0    0.13    3.0  0.82 Foot Wall Vein

    CH08-40   No significant values                       Low sulphides

    Section 4
    ---------
    CH08-42     43.0    44.5     1.5   0.164    5.0  0.80 Center Vein

    CH08-43     58.0    60.0     2.0    4.96    4.0  1.17 Center Vein
                89.0    92.3     3.3    0.14   18.0  4.88 Foot Wall Vein

    CH08-45     43.1    44.1     1.0   0.122    6.0  0.55 Center Vein

    Section 5
    ---------
    CH08-30     47.0    53.0     6.0     1.2   19.0  1.00 Center Vein

    CH08-31     61.0    62.5     1.5    0.43   18.0  1.63 Hanging Wall Vein
                65.0    66.5     1.5    0.38    7.0  2.75 Center Vein

    CH08-37     19.4    22.0     2.6    1.55   22.0  0.05 Hanging Wall Vein

    Section 6
    ---------
    CH08-33     51.0    52.5     1.5    0.51     12  0.73 Center Vein

    CH08-34     64.0    67.5     3.5    0.29   19.0  2.20 Center Vein

    CH08-36     21.0    26.0     5.0    2.40    6.4  1.39 Center Vein
     includes   21.0    24.0     3.0    3.03    8.3  1.69

    

SOURCE Polar Star Mining Corporation

For further information: For further information: David Speck, Vice President, Polar Star Mining Corporation, (416) 368-3496, info@polarstarmining.com

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