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Polar Star Mining Corporation (PSR.TO) announced that further to its news release dated February 21, 2012, it has entered into an amended and restated option agreement with Kairos Capital Corporation after Kairos agreed to acquire an interest in certain mineral exploration properties located in Chile.

Pursuant to the terms of the original option agreement, Kairos agreed to acquire from Polar Star a 51% interest in: 16 mineral exploration concessions, known as the Nancagua Property; and 29 exploration concessions and an option to acquire five additional exploration concessions, known as the Fortuna Property; and/or one of Polar Star's non-core properties.

Under the terms of the amended agreement, Kairos will pay US$165,000 to Polar Star and shall have funded US$50,000 of option payments due to a third party in respect of the Fortuna Property, in exchange for which Kairos will acquire a 100% interest in the Nancagua Property and a 50% interest in the Fortuna Property.

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