Strongbow Exploration Inc.

Strongbow Exploration Inc.

May 04, 2007 13:22 ET

Strongbow Receives Final Approvals of Plan of Arrangement and Announces Trading Details in Respect of Shares of North Arrow Minerals Inc.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 4, 2007) - Strongbow Exploration Inc. (TSX VENTURE:SBW) is pleased to announce that Strongbow has received TSX Venture Exchange (the "Exchange") acceptance of, and the final order of the British Columbia Supreme Court approving, the Plan of Arrangement to re-organize Strongbow's exploration assets and divide them between Strongbow and North Arrow Minerals Inc.

Under the terms of the Plan of Arrangement (the "Arrangement"), Strongbow transfers to North Arrow $800,000 and its interests in certain of its northern exploration properties in exchange for 15,000,000 shares of North Arrow and Strongbow distributes approximately 10.3 million shares of North Arrow to Strongbow shareholders of record on the effective date. Each Strongbow shareholder will, upon closing of the Arrangement, receive one share of North Arrow for every five shares of Strongbow held. Strongbow will retain the balance of approximately 4.7 million North Arrow shares. Strongbow will retain its 100% interest in the Snowbird Nickel project and Nickel King property, its various interests in a number of gold properties in the Spences Bridge gold belt of British Columbia, including the Skoonka Creek property and its interest in the Canada Uranium Joint Venture with Bayswater Uranium Corporation. After completion of the Arrangement North Arrow will hold a diversified portfolio of gold, base metal and diamond exploration properties in Nunavut and the Northwest Territories, including the Anialik and Regan Lake properties, and an option to earn, from Strongbow, a 60% interest in the Silvertip Project in Nunavut.

Strongbow has established after market close on May 9, 2007 as the effective time and date for closing the Arrangement and made special arrangements with the Exchange for handling settlement of trades of its shares up to the effective time. All shares of Strongbow traded over the facilities of the Exchange on or after May 4, 2007 up to the close of trading on May 9, 2007 will settle on May 9, 2007. All shareholders of Strongbow as of May 9, 2007, including shareholders who acquired Strongbow shares in trades settling on May 9, 2007, shall participate in the Arrangement and receive North Arrow shares under the Arrangement. On May 10, 2007 Strongbow shares will trade without an accompanying entitlement to North Arrow shares and North Arrow shares shall commence trading under the symbol "NAR".


Kenneth A. Armstrong, President and CEO

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable securities legislation. These forward-looking statements are made as of the date of this news release and the companies do not intend, and do not assume any obligation, to update these forward-looking statements.

Forward-looking statements may include, but are not limited to, statements with respect to the timing and amount of exploration activities, requirements for future listings and regulatory approvals. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Strongbow or North Arrow to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors may include, among others, risks related to the actual results of exploration activities; future metal prices; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental or regulatory approvals or financing. There can be no assurance that forward-looking 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.

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

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