Polar Star: Chépica option agreement finalized and update on early exercise
of warrants

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

TORONTO , Dec. 17, 2009 /CNW/ - Polar Star Mining Corporation (TSXV: PSR) ("Polar Star" or the "Company") announces that further to the Letter of Intent agreement announced on October 13, 2009 , the Company has finalized the Option agreement to acquire 100% of the Chépica property and associated assets. The Company expects to have the final agreement registered on or before January 31, 2010 at which time a US$100,000 option payment will be made. 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.

On November 9, 2009 Polar Star announced the early exercise of 2,779,366 warrants expiring in August 2010 . Since that release, a further 1,192,062 warrants have been exercised, bringing the total number of warrants exercised early to 3,971,428 for proceeds of $1,860,555 .

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. The company has approx 274,000 hectares prospective for gold, copper-gold, uranium, phosphate and lithium.

Share Capitalization

Shares Outstanding: 63,802,669 as of December 16, 2009

Neither 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.

%SEDAR: 00025710E

For further information: David Speck, Vice President of Corporate Development and Director, Polar Star Mining Corporation, [phone], [email protected]