POLAR STAR RECEIVES CONDITIONAL APPROVAL TO GRADUATE TO THE TSX

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

TSX-V: PSR

TORONTO, Nov. 2, 2010 /CNW/ - Polar Star Mining Corporation ("Polar Star" or the "Company") today announces it has received conditional approval to list its common shares on the Toronto Stock Exchange ("TSX") by graduating from the TSX Venture Exchange.

Final approval of the listing is subject to the Company meeting certain requirements of the TSX and TSX Venture Exchange. Polar Star expects to satisfy all of the necessary conditions and for its shares to begin trading on the TSX before the end of 2010. Upon its listing on the TSX, Polar Star's common shares will continue to trade under the symbol PSR.

Forward-Looking Statements

This news 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's filings with Canadian securities regulators available on www.sedar.com or the Company's website at www.polarstarmining.com.

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 at its Montezuma property located between Codelco's Chuquicamata mine and Antofagasta PLC's Esperanza mine.  The Company's current cash balance is approximately $13.5 million.

Share Capitalization
Shares outstanding: 90,410,435 as at November 2, 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:

Adam Rochacewich, CFO
Polar Star Mining Corporation
[phone]
[email protected]