Polar Star Mining announces closing of non-brokered private placement

/NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, July 23, 2013 /CNW/ - Polar Star Mining Corporation (TSX: PSR) (the "Company"), a Toronto-based company focused on copper and gold exploration and mine development with operations in Chile, announced today that it has completed the sale of 25,904,663 common shares for aggregate gross proceeds of CDN $3,108,560 under the private placement. As announced on June 7, 2013, each common share was priced at $0.12.

The private placement was completed in two tranches:

i)     20,326,664 common shares issued June 25, 2013 for gross proceeds of CDN$2,439,200

ii)     5,577,999 common shares issued July 23, 2013 for gross proceeds of CDN$669,360

Proceeds of the Private Placement will be used to finance exploration and development programs and for general corporate purposes. The Common Shares issued under the Private Placement are subject to a four month hold period in Canada from their date of issue.

The Company has 191,905,664 Common Shares issued and outstanding following the closing of the Private Placement.

About Polar Star Mining Corporation

Polar Star Mining Corporation ("PSR") is a TSX listed exploration and development company with a focus on building shareholder value in Chile. The Company's strategy is to use cash flow from its Chépica mine (primarily copper and gold) to fund, in part, the exploration programs at its flagship Montezuma property and to advance its large portfolio of other world class projects in Chile through joint ventures. For more information, please visit: www.polarstarmining.com

The statements made in this press 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.

SOURCE: Polar Star Mining Corporation

Colin Bird 
Chief Executive Officer 
Polar Star Mining Corporation 
Email: [email protected] 
Telephone: [phone]