North Arrow Minerals Inc. (NAR: TSXV) is pleased to announce that the TSX Venture Exchange has accepted the amendments of a letter agreement dated April 23, 2009 between North Arrow Minerals Inc. and Dave Nickerson. The amendments are further to both a letter agreement dated May 29, 2008 between the Company and Strongbow Exploration Inc. (SBW: TSXV), whereby the Company acquired a 100-per-cent interest in the Hay Duck property, and an underlying option agreement dated May 28, 2007, between Strongbow and Mr. Nickerson.
Under the terms of the underlying option agreement, Mr. Nickerson was owed a payment of $25,000 on May 1, 2009. Under the amended agreement, this cash payment has been amended so that Mr. Nickerson has been issued 50,000 common shares at a value of $7,500 and the Company will make a cash payment of $17,500 on January 1, 2010. Also under the amendment terms, all other Hay Duck property payments have had their due dates extended by eight months.
North Arrow Minerals Inc.
/s/ "Gordon Clarke"
Gordon Clarke
Vice-President and Director
For further information, please contact:
Gordon Clarke
Vice-President and Director
Tel: 867 873-8483
Email: [email protected] Website: www.northarrowminerals.com
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy of this release.
