Sheldon Inwentash, announces that on August 26, 2011, he acquired ownership of 1,000,000 common shares (the “Common Shares”) and 500,000 common share purchase warrants (the “Warrants”) of Arctic Star Exploration Corp. (“Arctic Star”). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.50 until August 26, 2012. In the event that the Warrants are fully exercised, these holdings represent approximately 5.0% of the total issued and outstanding common shares of Arctic Star as of August 26, 2011, calculated on a partially diluted basis assuming the exercise of the Warrants. As a result of this transaction, Mr. Sheldon Inwentash and his joint actors collectively held, as at August 26, 2011, an aggregate of 4,583,339 common shares of Arctic Star, including the Common Shares, and rights to acquire an additional 1,833,333 common shares of Arctic Star upon the exercise of convertible securities, including the Warrants (collectively, the “Convertible Securities”). Of these totals, Mr. Inwentash owns 1,260,416 common shares, including the Common Shares, and rights to acquire an additional 666,667 common shares upon exercise of certain convertible securities, including the Warrants, (the “Inwentash Convertible Securities”) directly. In the event that the Convertible Securities are fully exercised, the holdings of Mr. Inwentash and his joint actors represents a total of 6,416,672 common shares of Arctic Star, or approximately 20.4% of all issued and outstanding common shares as at August 26, 2011, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Inwentash Convertible Securities are fully exercised, the direct holdings of Mr. Inwentash represents a total of 1,927,083 common shares of Arctic Star, or approximately 6.4% of all issued and outstanding common shares as at August 26, 2011, calculated on a partially diluted basis assuming the exercise of the Warrants only.

These transactions were made for investment purposes and Mr. Inwentash and each of its joint actors could increase or decrease their respective investments in Arctic Star depending on market conditions or any other relevant factor.

Sheldon Inwentash
c/o 130 King Street West, Suite 2500
Toronto, Ontario
M5X1A9