North Arrow Minerals Inc. (NAR: TSXV) ("North Arrow" or the "Company") has amended the terms of the agreement for its Hay Duck project, Northwest Territories, as of January 20, 2010. The amended agreement postpones the due dates of three future annual cash option payments totaling $450,000. These future option payments will be payable by the Company annually, following receipt of a land use permit which allows the Company to drill at the Hay Duck property. As partial compensation for amending the agreement, the Company has agreed, subject to receipt of all required regulatory approvals, to issue 50,000 common shares to the property vendor. The fair value of these common shares will be applied against the cash option payment that was due in January 2010. The remainder of that payment will be paid by the Company upon receipt of a land use permit for the Hay Duck property.
North Arrow Minerals Inc.
/s/ "D. Grenville Thomas"
D. Grenville Thomas
President and CEO
For further information, please contact:
D. Grenville Thomas
President and CEO
Tel: 604-668-8355
Email: [email protected]
Gordon Clarke
Vice President, Exploration
Tel: 867-873-8483
Website: www.northarrowminerals.com
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