North Arrow Minerals Inc. (NAR: TSXV) ("North Arrow" or the "Company") is pleased to announce it has been notified by the Minerals and Metals Group (MMG) that an exploration drill program is set to commence at the Company's Canoe Lake base metal project in Nunavut. The Canoe Lake property is located within the High Lake greenstone belt, approximately 25 km south of MMG's High Lake base metal project. The project area contains several historic base metal and gold showings. The current drilling program will test a number of targets defined by mapping, lithogeochemical, and time domain electromagnetic surveys completed by MMG in 2008. MMG currently maintains an option to earn a 70% interest in the property by spending $3 million prior to December 2009. North Arrow and MMG are in the process of modifying the option agreement to extend the deadline by which these expenditures are required to December 2010.
MMG acquired the option to earn an interest in the Canoe Lake project as part of its acquisition of certain exploration and development assets from Oz Minerals. MMG owns and operates a portfolio of world-class base metal mining operations, development projects and exploration properties, including the High Lake and Izok Lake base metal projects in Nunavut. MMG is part of the MMG group of businesses which are owned by China Minmetals Non-ferrous Co. Ltd, a division of China Minmetals Corporation, one of the largest state-owned enterprises in the People's Republic of China.
The drilling program will be conducted under the supervision of Ian Neill, P.Geo., MMG's Exploration Manager, Slave Projects and a qualified person under NI 43-101.
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: [email protected]
Website: www.northarrowminerals.com
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy of this release.
