North Arrow Minerals Inc.

North Arrow Minerals Inc.

February 26, 2009 17:22 ET

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

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 26, 2009) - North Arrow Minerals Inc. (TSX VENTURE:NAR) ("North Arrow" or the "Company") is pleased to announce the closing of a non-brokered private placement of 4,000,000 units (the "Units") at a price of $0.05 per Unit, for gross proceeds of $200,000. This non-brokered private placement was previously announced on February 12, 2009. Each Unit consists 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 until February 26, 2011 at a price of $0.10 per share.

The sole subscriber to the private placement is 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 approved the private placement. Neither the Company nor Anglo-Celtic has knowledge of any material information concerning North Arrow or its securities that has not been generally disclosed.

Post-closing, Mr. Thomas, through Anglo-Celtic, owns 5,026,939 common shares (representing an ownership interest of 19.48%) and is 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 common shares of North Arrow (assuming no other common shares are issued by North Arrow, except the warrant shares to Anglo-Celtic). This would result in the creation of a new Control Person, which would require shareholder approval. Depending on the number of common shares of North Arrow that may be outstanding at the time of planning the AGM, the Company may be required to seek shareholder approval for the possible creation of a Control Person at the next Annual General Meeting ("AGM").

Anglo-Celtic and Mr. Thomas have agreed that before the AGM, Anglo-Celtic will not exercise warrants in a manner that would result in the total shares of the Company held by Anglo-Celtic exceeding 20% of the Company's then-issued common shares.

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

North Arrow Minerals Inc.

Gordon Clarke, President and CEO

The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy of this release.

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