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File: ARCTIC STAR -  Amended news release regarding completion of 8,000,000 unit private placement.DOC

ARCTIC STAR DIAMOND CORP.
Suite 1818 - 701 West Georgia Street, 
Vancouver, BC, Canada
V7Y 1C6
Tel: (604) 689 - 1799
Fax: (604) 689 - 8199

News Release

ARCTIC STAR AMENDS CLOSED PRIVATE PLACEMENT

Vancouver, BC - February 21, 2011 - Arctic Star Diamond Corp. (TSX-V Symbol: ADD) announces that further to its amende
--->d news release of October 19, 2011, it completed its unit private placement on October 21, 2010. 

The Company on October 19, 2010 announced the private placement for gross proceeds of $400,000 through the issuance of
---> 8,000,000 units at a price of $0.05 per unit (each, a "Unit").  Each unit consisted of one common share of the Compan
--->y and one non-transferable common share purchase warrant, each warrant entitling the holder to purchase one additional
---> common share of the Company for a period of two years from the closing date at the exercise price of $0.10 per share.
---> Patrick Power, the President, Chief Executive Officer and director of the Company purchased 1,400,000 units less than
---> he initially subscribed for. Final gross proceeds for the private placement were therefore $330,000 through the issua
--->nce of 6,600,000 units. 

All the securities issued in connection with this private placement are subject to a hold period expiring on February 
--->22, 2011.  

The proceeds of the financing are being used for working capital.

For a more complete business and financial profile of the Company, management encourages interested parties to view th
--->e Company's documents posted on www.sedar.com.


On behalf of the Board of Directors


______________________________
Patrick Power
President & Chief Executive Officer


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.