MONTEZUMA PROJECT DIAMOND DRILL PROGRAM UPDATE

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

TSX-V: PSR

TORONTO, Oct. 20, 2010 /CNW/ - Polar Star Mining Corporation (TSXV:PSR) ("Polar Star" or the "Company") today announces results from Hole 35 in its ongoing program of diamond drilling at its wholly owned Montezuma Project. The Montezuma Project is located in the Sierra Limon Verde District, Region II, Chile, and encompasses 501 square kilometres. 

Twelve diamond drill holes have been completed to date and three are currently in progress. Hole 35 is the fourth hole for which complete assays have been received and was drilled to follow up on significant widths of copper, gold and zinc mineralization cut by holes 31, 32 and 33 in IP anomaly Zone A. Significant intercepts from Hole 35 are presented in the table below.

Highlights

• Diamond drill holes 31, 32, 33, 35, and 37 have cut a pyrite rich auriferous zone varying in thickness from 26 metres in Hole 32 to 258 metres in Hole 33 over a strike length of 1.2 kilometres and to a vertical depth of 384 metres.
• Strongly phyllic and potassic altered and chalcopyrite rich feldspar porhyritic intrusive clasts within the thrust strongly suggest the presence of a copper porphyry below the thrust in IP Zone A.
• Hole 38, the first test hole to test the strong IP chargeability core of anomaly Zone B was was terminated at 1,087.7 metres, the maximum capacity of the drill.  The hole ended in disseminated and veinlet pyrite-chalcopyrite mineralization in porphyry style alteration. The mineralized zone was first encountered at 226 metres depth below weakly altered volcanic and intrusive breccias.
• Three step out holes from Hole 38 - Hole 42, located 200 metres to the west; Hole 43, located 400 metres to the east; and Hole 45, located 500 metres to the northeast - have encountered the same style of pyrite-chalcopyrite mineralization starting at depths varying from about 90 metres in Hole 45 to about 390 metres in Hole 42. Holes 43 and 45 have also cut a near surface zone of exotic copper minerals, mainly copper wad and cupriferous limonite from 7 - 54 metres depth.
• The company believes that the early results from this phase of drilling are strongly suggesting the presence of at least two porphyry systems in Zones A and B which appear to be preserved below barren litho-caps.
• The property covers over 40 kilometres of the West Fault, host to the Radomiro Tomic - Chuquicamata - Mansa Mina group of copper-molybdenum porphyry deposits and the cross-cutting Esperanza Fault system, host to the El Tesoro - Esperanza - Polo Sur group of copper-gold porphyry deposits.
• Zones A and B are two of nine target zones, each 2 to 4 kilometres long, defined by Polar Star's detailed geological, geochemical and geophysical surveys.

Diamond Drill Hole 35 Assay Summary

Hole #	From	To	Width	Cu	Au	Ag	Zn	Comments
	(m)	(m)	(m)	%	g/t	g/t	%
MODD35-10	56.0	77.0	21.0	0.15	0.13	1.6	nsv	Oxide Zone (copper + gold)
	120.0	179.0	59.0	0.05	0.18	3.3	0.06	Sulfide Zone (py,cpy)
	187.0	229.0	42.0	nsv	0.07	6.5	1.24	Zinc Halo (py, sphalerite)
including	199.0	221.0	22.0	nsv	0.09	8.8	1.82

Phase III Reconnaissance Diamond Drill Program

The current ongoing diamond drill program is designed to supplement and expand on the two previous Reverse Circulation ("RC") drill programs in the areas of the IP anomalies in which sulphide mineralization was intersected previously and test additional combined chargeability, geological, and geochemical targets suggested by previous geochemical, trenching and IP/Resistivity programs. Diamond drilling was chosen for this round of exploration to obtain critical geological, mineralogical and structural data necessary to confirm the presence of porphyry copper systems.

Of the seven diamond drill holes completed to date in Zone A, five holes - 31, 32, 33, 35, and 37 - have cut a pyrite rich auriferous zone which appears to be an imbricate thrust zone separating a generally barren upper volcanic plate from an underlying altered intrusive complex. The zone varies in thickness from 26 metres in Hole 32 to 258 metres in Hole 33. These five holes test this zone over a strike length of 1.2 kilometres and to a vertical depth of 384 metres. Drill hole mineralogy and assays suggest that the zone has a copper enriched top and zinc enriched base. Re-evaluation of the prior RC drill holes in Zone A in light of this new diamond drill hole data, suggests that holes 5, 19, 20 and 24 may also have cut this structural zone. If so, its minimum strike length could be in the order of several kilometres.

Hole 38, the first diamond drill hole to test the strong IP chargeability core of Zone B was terminated at 1,087.7 metres, the maximum capacity of the drill.  The hole ended in disseminated and veinlet pyrite-chalcopyrite mineralization in porphyry style alteration. Assays are pending. The mineralized zone was first encountered at 226 metres depth below weakly altered volcanic and intrusive breccias. The company has completed one step out hole 200 metres west of Hole 38 (Hole 42 - terminated at 642 metres) and is currently drilling two additional step out holes, one 400 metres east (Hole 43 - currently at a depth of 603 metres) and the other 500 metres northeast (Hole 45 - currently at a depth of 221 metres) of Hole 38 which are designed to further test the large IP anomaly thought to reflect the mineralization cut in Hole 38. All three holes have encountered the same style of pyrite-chalcopyrite mineralization starting at depths varying from about 90 metres in Hole 45 to about 390 metres in Hole 42.  Holes 43 and 45 have also cut a near surface zone of exotic copper minerals, mainly copper wad and cupriferous limonite from 7 - 54 metres in depth. The surface area covered by this section of Zone B is about 7 square kilometres and hence could also encompass a major porphyry copper-gold system.

The company believes that the early results from this phase of drilling are strongly suggesting the presence of at least two porphyry systems in Zones A and B. This drilling also highlights that both systems are capped by barren volcanic and or intrusions which in the case of Zone A have been thrust over the mineralized system. These barren caps may also explain why prior shallow drill programs by other companies have met with little success.

The company plans to continue detailing Zones A and B with the three drills currently on site and also expects to add one or two more drills in the near future to explore the remaining anomalies. 

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.  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 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.

About Polar Star Mining Corporation
Polar Star Mining Corporation (TSXV: PSR) is an emerging exploration company with a focus on building value in Chile through discovery and development.

Share Capitalization:
Shares outstanding: 90,300,435 as at October 20, 2010

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

For further information:

David Speck, Vice President
Polar Star Mining Corporation
[phone]
[email protected]