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North Arrow Acquires Options to Earn an Interest in Three Canadian Diamond Projects and Announces a $3 Million Private

North Arrow Acquires Options to Earn an Interest in Three Canadian Diamond 
Projects and Announces a $3 Million Private Placement
Financing 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/14/13 -- North
Arrow Minerals Inc. (TSX VENTURE:NAR) ("North Arrow" or the
"Company") is pleased to announce it intends to complete a $3,000,000
non-brokered private placement and has entered into an assignment
agreement with 0954506 B.C. Ltd. ("BCCo") under which BCCo has agreed
to assign and transfer to North Arrow all of BCCo's interest and
obligations in certain option agreements with Stornoway Diamond
Corporation. Stornoway has granted three distinct and separate
options to BCCo to acquire an 80% interest in each of the Qilalugaq,
Pikoo and Timiskaming diamond projects located in Canada. Stornoway
is the holder of a 100% interest in all three projects. BCCo is a
private company controlled by Eira M. Thomas. Ms. Thomas is the
daughter of D. Grenville Thomas, President, CEO and a director of
North Arrow. 
Upon closing of the assignment, North Arrow will have options to earn
an 80% interest in each of the Qilalugaq, Pikoo and Timiskaming
diamond properties by completing exploration work programs (each an
"option work program") on each of the projects. If North Arrow
completes an option work program and provides notice to Stornoway of
its intent to vest an 80% interest in a project, Stornoway will have
a one-time right (the "Back-in Right") to buy-back a 20% interest in
the project by paying to North Arrow an amount equal to three times
the costs incurred in connection with the applicable option work
program. Upon earn-in by North Arrow in a project, North Arrow and
Stornoway will form a joint venture for the purpose of further
exploration of the project, and the interests would be 80% North
Arrow and 20% Stornoway, unless Stornoway exercises the Back-In
Right, in which case the interest would 60% North Arrow and 40%
Stornoway.  
Mr. Thomas stated, "The acquisition of these options to earn an
interest in the Qilalugaq, Pikoo and Timiskaming diamond projects,
combined with North Arrow's Lac de Gras diamond project currently
under option to Harry Winston Diamond Corporation, positions North
Arrow as a diamond-focused exploration company. North Arrow has the
management and tec
hnical expertise and the financial capacity to
evaluate and advance this pipeline of early to more advanced-stage
diamond properties. Upon closing the financing announced today, North
Arrow plans to initiate exploration programs on the Timiskaming and
Pikoo projects and will continue to evaluate and acquire additional
high quality diamond exploration opportunities." 
Qilalugaq diamond project (Nunavut)  
The 7,143 hectare Qilalugaq diamond project is located near the
community of Repulse Bay, Nunavut. The property was originally staked
by BHP Billiton Diamonds Inc. and subsequently optioned by Stornoway
in 2006. Stornoway acquired a 100% interest in the project in 2010.
The project is subject to a 3% net smelter returns royalty on metals
produced and a 3% gross-overriding royalty on the sale of industrial
minerals, including diamonds. A total of eight kimberlite pipes
(Q1-4, A34, A42, A59, A76, A94, A97 and A152) have been identified
within the Qilalugaq diamond project as well as a number of laterally
extensive kimberlite dyke systems.  
The 12.5 hectare Q1-4 kimberlite is the largest kimberlite pipe in
the eastern Canadian Arctic. In a technical report dated June 8, 2012
Stornoway announced an Inferred Mineral Resource at Q1-4 estimated to
be 26.1 million carats from 48.8 million tonnes total content of
kimberlite with an average +1 DTC total diamond content of 53.6
carats per hundred tonnes (cpht) extending from surface to a depth of
205m. Additional resource upside in the form of a target for further
exploration was estimated at between 7.9 to 9.3 million carats of
diamonds from 14.1 to 16.6 million tonnes total content of kimberlite
with an average +1 DTC total diamond content of 56.1 cpht, extending
from 205m depth to 305m depth. The mineral resource estimate
comprised the integration of kimberlite volumes, density, petrology
and diamond content-data obtained from 5,133 m of diamond drilling,
2,714 m of reverse circulation (RC) drilling, 2.9 tonnes of samples
submitted for microdiamond analysis, 257.7 tonnes of samples
submitted for macrodiamond sampling with 59.2 carats of diamonds
(2,054 stones) recovered from RC drilling, 7.5 carats of diamonds
(205 stones) recovered from surface trenching and 2.36 carats of
diamonds (69 stones) recovered from HQ diameter diamond drilling.  
The above noted resource estimate is less than one year old and
incorporates all exploration data relating to the Qilalugaq project;
therefore, North Arrow considers the resource estimate to be relevant
and reliable. However, a Qualified Person has not, on behalf of North
Arrow, done sufficient work to classify the Qilalugaq historical
estimate as a current mineral resource, and therefore North Arrow is
not treating the historical estimate as a current mineral resource.
Mineral resources that are not mineral reserves do not have
demonstrated economic viability. The potential quantity and grade of
a target for further exploration referred to above is conceptual in
nature, there has been insufficient exploration to define a mineral
resource, and it is uncertain whether further exploration will result
in the target being delineated as a mineral resource. 
North Arrow will have the option to earn an 80% interest in the
Qilalugaq project by completing an option work program that includes
the collection of a 1,000 tonne mini bulk sample from the Q1-4
kimberlite for the purpose of recovering a large enough parcel of
diamonds to better determine diamond grade, size distribution,
diamond parcel value, and to establish whether or not coloured
diamonds persist into the larger diamond sizes. The option work
program must be completed within two years of receipt of the required
land use permit and, in any event must be completed no later than
January 2018. 
Pikoo diamond project (Saskatchewan) 
The Pikoo diamond project consists of 33,374 hectares of mineral
claims located approximately 140 km east of La Ronge, Saskatchewan.
An all-season road to the community of Deschambault Lake comes to
within 6 km of the project's southern boundary. Stornoway staked the
Pikoo claims based on results of regional exploration programs
intended to test the diamond potential of the Sask craton in
north-central Saskatchewan. Surficial till sampling of the Pikoo
Property has identified two distinct kimberlite indicator mineral
trains. The mineral trains are well defined and a bedrock source for
the indicator minerals is interpreted to be located within the
current property outline. Two potential source areas have been
identified: the North target area and the South target area. A
partially disaggregated boulder identified by Stornoway geologists as
altered kimberlite was discovered in the spring of 2012 from the
North target area, however a bedrock source has not been identified.
These exploration results have been derived from Stornoway's Pikoo
diamond project database and North Arrow considers the information to
be relevant and reliable. However, there is no certainty that a
bedrock source will be discovered within either of the North or South
target areas. 
North Arrow will have the option to earn an 80% interest in the Pikoo
diamond project by completing an option work program consisting of a
minimum 2,000 m diamond drilling prog
ram including a minimum of two
drill holes at each of the North and South target areas. The work
program must, among other requirements, be initiated by January 2015
and completed by January 2016. 
Timiskaming diamond project (Ontario/Quebec) 
The Timiskaming diamond project consists of 3,865 hectares of
non-contiguous mineral claims in the Cobalt-New Liskeard-Elk
Lake-Notre Dame du Nord (Ville Marie) region of northeastern Ontario
and northwestern Quebec. Between 1995 and 2012, Stornoway and its
predecessor companies conducted comprehensive diamond exploration
programs within the project area resulting in the discovery of nine
kimberlites. Six of these kimberlites (95-1, 96-1, SC-118, KL-01,
KL-22, and Baby) are subject to the option agreement with BCCo.
Surficial sediment sampling and geophysical data from the Timiskaming
diamond project suggest additional undiscovered kimberlites may be
located within the project area. North Arrow considers the
information in the Timiskaming diamond project database to be
relevant and reliable. However, there is no certainty that
diamondiferous kimberlite source bodies will be discovered within the
project area.  
North Arrow will have the option to earn an 80% interest in the
Timiskaming diamond project by completing an option work program that
includes testing three separate geophysical targets, each with at
least one diamond drill hole. The option work program must be
commenced by January 2015 and completed by January 2016. 
North Arrow / BCCo assignment agreement 
Under the terms of the assignment agreement between North Arrow and
BCCo, BCCo will assign and transfer its interest in the Stornoway
option agreements in exchange for a cash payment from North Arrow of
$20,000. North Arrow will also issue to BCCo 500,000 transferrable
share purchase warrants. Each warrant will entitle BCCo to acquire
one common share of North Arrow at a price of 25 cents for a period
of five years from the closing date of the assignment. The warrants
will only become exercisable in the event North Arrow exercises an
option to earn an interest in at least one of the Qilalugaq, Pikoo
and Timiskaming projects.  
The assignment agreement requires, as a condition of closing, that
North Arrow complete a minimum $2,000,000 financing. 
Private Placement Financing 
North Arrow also reports that it intends to complete a non-brokered
private placement of up to 20,000,000 shares at a price of 15 cents
per share for total gross proceeds of $3,000,000. Proceeds from the
private placement will be used to finance exploration programs at the
Timiskaming, Pikoo and Qilalugaq projects and for working capital
purposes. It is anticipated that insiders of the Company will
participate in the private placement on the same terms and conditions
as arm's length subscribers. The Company may pay commissions and
finders' fees in connection with the financing.  
The assignment agreement and private placement announced in this news
release is subject to certain conditions, including receipt by North
Arrow of all necessary regulatory approvals, including the approval
of the TSX Venture Exchange. All securities issued as part of the
private placement will be subject to a hold period of four months
from the date of issuance of the securities. 
Change to Board of Directors 
North Arrow also reports that Karl Fix has resigned as a director of
the Company to pursue other business interests. North Arrow thanks
Mr. Fix for his service to the Company. 
Qualified Person  
Kenneth Armstrong, P.Geo. (ON), director of North Arrow and a
Qualified Person under National Instrument 43-101, has reviewed and
approved the contents of this news release.  
North Arrow Minerals Inc.   
Kenneth Armstrong, Director 
This news release contains "forward-looking statements" including but
not limited to statements with respect to North Arrow's plans, the
estimation of a mineral resource and the success of exploration
activities. Forward-looking statements, while based on management's
best estimates and assumptions, are subject to risks and
uncertainties that may cause actual results to be materially
different from those expressed or implied by such forward-looking
statements, including but not limited to: risks related to the
successful integration of acquisitions; risks related to general
economic and market conditions; closing of financing; the timing and
content of upcoming work programs; actual results of proposed
exploration activities; possible variations in mineral resources or
grade; failure of plant, equipment or processes to operate as
anticipated; accidents, labour disputes, title disputes, claims and
limitations on insurance coverage and other risks of the mining
industry; changes in national and local government regulation of
mining operations, tax rules and regulations. Although North Arrow
has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. North Arrow undertakes no obligation or
responsibility to update forward-looking statements, except as
required by law. 
Neither the TSX Venture Exchange nor its Regulation Services Provider
accepts responsibility for the adequacy or accuracy of this release. 
Contacts:
North Arrow Minerals Inc.
Ken Armstrong
604-668-8355 
North Arrow Minerals Inc.
Gren Thomas
604-668-8355
604-668-8366 (FAX)
www.northarrowminerals.com