North Arrow Announces Closing Of Non-Brokered Private Placement Of $200,000


February 26, 2009

North Arrow Minerals Inc. (NAR: TSXV) ("North Arrow" or the "Company") is pleased to announce a non-brokered private placement of 4,000,000 units (the "Units") at a price of $0.05 per Unit, for gross proceeds of up to $200,000. Each Unit will consist of one common share of the Company and one share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the Company for a period of two years from the closing date at a price of $0.10 per share.

The sole subscriber to the private placement will be Anglo-Celtic Exploration Ltd. ("Anglo-Celtic"), a private company controlled by D. Grenville Thomas, who is a director of North Arrow. The independent directors of North Arrow were consulted prior to the announcement of the proposed private placement. The Company expects to obtain formal approval of the proposed private placement from the disinterested directors of North Arrow in due course.

Upon closing of the private placement, Mr. Thomas, through Anglo-Celtic, will become a "Control Person" (as defined in the TSX Venture Exchange's policies) of North Arrow. By purchasing the Units, Mr. Thomas, through Anglo-Celtic, will own 5,026,939 common shares and will be entitled to purchase a further 4,000,000 common shares by exercising the warrants. If Anglo-Celtic exercises the warrants in full, Mr. Thomas would control approximately 30.3% of the then issued shares of North Arrow (assuming no other shares are issued by North Arrow, except the warrant shares to Anglo-Celtic). The creation of a new Control Person requires shareholder approval, which the Company will seek from shareholders at the next Annual General Meeting.

Proceeds of the private placement will be used to fund continuing exploration and for general working capital.

This private placement is subject to acceptance by the TSX Venture Exchange.

North Arrow Minerals Inc.
/s/ "Gordon Clarke"

Gordon Clarke
President and CEO

For further information, please contact:

Gordon Clarke
President and CEO
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.

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