POS Polar Star Mining (Tier2)

Polar Star Mining Corporation ("Polar Star") (TSX VENTURE:POS) has re-negotiated
its option to purchase agreement on the Chepica mining property and mill (the
"Chepica Project") whereby Polar Star can now take operational control of the
project and has three years to the pay the balance of the purchase price. Polar
Star expects to complete documentation and closing of this restructured deal
during December 2008. The modified agreement terms are: 1) Polar Star will
purchase an additional 5% equity of the Chepica Project for CP$150 million
(approximately US$236,000 under today's current exchange rates); 2) the
remaining balance of the previously agreed purchase price will be increased by
20% at closing; and, 3) Polar Star has the option to pay this balance in part or
in full at any time from the profits of any mining and milling operations which
may occur over the next three years. There are no minimum cash amounts that are
required to be paid during the three year period and Polar Star will be the sole
operator. Closing will be subject to receipt of the usual regulatory approvals.


On November 14, 2008, as part of their on-going sampling and testing of
operations on the Chepica No2 Vein, the current owner/operators of the Chepica
Project shipped 22 tonnes of test material from their onsite flotation mill to
the Empresa Nacional de Mineria, Chile ("ENAMI") smelter at Valpariso. Their
planned production rate of 200 tonnes per day is expected to be reached by the
second quarter of 2009.


Polar Star's initial 5,000 metre drill program at the Chepica Project is
scheduled to be completed on or about November 30, 2008.


There is no current NI 43-101 compliant resource report on the Chepica Project
however SRK International will be incorporating these results in a National
Instrument 43-101 compliant report which is expected to be delivered in the
first quarter of 2009.


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.


About Polar Star

Polar Star was created to acquire advanced stage exploration properties focusing
on gold, copper-gold, and uranium. The Corporation's material assets include 20
projects in Chile, which are 100% owned and cover approximately 146,112
hectares. Polar Star announced the closing of a $5 million private placement on
July 8, 2008 during which HudBay Minerals Inc. acquired 3,860,605 Units
(approximately 9.8% of the now outstanding shares of the Company).


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: 39,241,098 as at November 18, 2008.

Business Television Feature:

Polar Star was selected and featured on Business Television in early March 2008.
If you missed the show, please click on the link below to watch the
full-feature.


http://www.b-tv.com/i/videos/PolarStar.wmv

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