North Arrow Announces A Non-Brokered Flow-Through Private Placement Of $500,000

May 4, 2009

North Arrow Minerals Inc. (NAR: TSXV) ("North Arrow" or the "Company") is pleased to announce a non-brokered private placement of 5,000,000 flow-through units (the "FT Units") at a price of $0.10 per FT Unit, for gross proceeds of up to $500,000. Each FT Unit will consist of one flow-through common share of the Company and one non-flow-through share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the Company for a period of one year from the closing date at a price of $0.20 per share.

A finder's fee may be payable in cash, common shares and/or warrants to acquire common shares to accredited arm's length parties in respect of sales made to purchasers referred to North Arrow by finders.

The private placement and the finder's fee, including any common shares or finder's warrants issued as part of the finder's fee, are subject to certain conditions, including regulatory acceptance.

The net proceeds of the offering will be used to advance North Arrow's Phoenix and Torp lithium projects in the Northwest Territories and Nunavut, respectively.

North Arrow Minerals Inc.
/s/ "D. Grenville Thomas"

D. Grenville Thomas
President and CEO

For further information, please contact:

D. Grenville Thomas
President & CEO
Tel: 604 668-8355
Email: info@northarrowminerals.com
Website: www.northarrowminerals.com

The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy of this release.

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