North Arrow Minerals Inc. (NAR: TSXV) is pleased to announce plans to explore its Lac de Gras diamond property during the 2010 field season and the closing of a previously announced $500,400 private placement. The Lac de Gras property is located within the prolific Lac de Gras diamondiferous kimberlite field in Canada's Northwest Territories. The property directly adjoins the mineral leases that host the Diavik diamond mine, located only 10 km to the north. The Ekati diamond mine is located within 40 km to the northwest. The kimberlites of the Diavik and Ekati diamond mines are among the richest diamond deposits in the world.
The property will be jointly explored with Dr. Chris Jennings, who has been active in diamond exploration since 1974, initiating and supporting pioneering research for kimberlite exploration. Dr. Jennings was a director and consultant to Aber Resources Ltd. at the start of the famous Canadian diamond rush of the 1990's which was triggered by diamond discoveries in the Lac de Gras area. Dr. Jennings has completed a review of detailed airborne geophysical data collected over North Arrow's Lac de Gras land holdings. The data was reprocessed using a proprietary technique and Dr. Jennings has identified a total of 57 priority kimberlite targets. The 2010 exploration program will consist of ground magnetic and electromagnetic surveys and diamond drilling of prospective targets.
The Company and Dr. Chris Jennings have also closed a previously announced non-brokered private placement of 2,780,000 units at a price of $0.18 per unit for gross proceeds of $500,400. Each unit consists of one common share of North Arrow and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of North Arrow at a price of $0.30 per share until March 26, 2011. The common shares issued as part of this private placement and any common shares issued upon the exercise of these warrants are subject to a hold period which expires July 27, 2010.
Net proceeds from the private placement will be used to advance the Company's Lac de Gras project and for general working capital.
In addition North Arrow is pleased to announce that effective April 1st and subject to regulatory approval, it has retained the services of Mr. Pierre Anglos of Cumberland, British Columbia to provide assistance with North Arrow's Investor Relations and Public Relations efforts. Mr. Anglos has over twenty years experience with financial, marketing, and private business and was an Investor Advisor for three and half years with a national recognized brokerage firm.
Mr. Anglos will receive a monthly fee of CDN$6,500 as well as incentive stock options to purchase 300,000 shares of the Company. Pricing of the options shall be such that 150,000 of the options shall be exercisable at a price of $0.19 per share and the remaining 150,000 options shall be exercisable at a price of $0.25. The options shall be granted under the terms of the Company's Stock Option Plan and are subject to the approval of the TSX Venture Exchange. The agreement has an initial term of six months, with a firm commitment for three months. Upon completion of the guaranteed period, this agreement shall remain in effect until terminated by either party upon 15 days advance written notice to the other.
North Arrow's exploration programs are conducted under the supervision of Gordon Clarke, P.Geol (NT&NU), Vice President, Exploration for North Arrow 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 and CEO
Tel: 604-668-8355
Email: [email protected]
Gordon Clarke
Vice President, Exploration
Tel: 867-873-8483
Website: www.northarrowminerals.com
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy of this release.
