Acquisition of Springbok's Lac de Gras Interests
North Arrow has closed its agreement with Springbok Holdings Inc. under which North Arrow has acquired Springbok's 50% interest in the LDG/GT mining leases and the JT1 and JT2 mineral claims (the "LDG/GT Property"), located in the Northwest Territories (the "Springbok Interests"; please see North Arrow news release dated October 25, 2012). The Springbok Interests include the right to obtain a 22.5% interest in the Lac de Gras Joint Venture Property, subject to the terms and conditions of an option agreement among Springbok, North Arrow and Dominion Diamond Corporation (previously Harry Winston Diamonds Inc.; please see North Arrow news release dated September 6, 2011 for details on the underlying arrangement with Dominion). The Joint Venture Property consists of the 81,500 acre LDG/GT Property as well as 226,000 acres controlled by Dominion. As a result of this transaction, North Arrow retains a 100% interest in the LDG/GT property including the right to obtain a 45% interest in the Lac de Gras Joint Venture Property. Under the terms of the agreement with Springbok, North Arrow has purchased the Springbok Interests for 1,000,000 common shares of North Arrow (10,000,000 pre-consolidation shares at a value of 5 cents per common share). As additional consideration, in the event: i) Dominion exercises its option and earns a 55% interest in the Joint Venture Property (and North Arrow thereby obtains a 45% interest in the Joint Venture Property); and ii) North Arrow subsequently incurs $2 million in joint venture expenditures on the Joint Venture Property, North Arrow will issue to Springbok that number of common shares of North Arrow having a value of $1 million.
North Arrow also reports that Mr. Kenneth Armstrong, P.Geo. (ON), has been appointed President and CEO of the Company. D. Grenville Thomas, formerly President and CEO of North Arrow will remain as Chairman and a director of the Company.
Mr. Armstrong has been a director of the Company since 2007 and is currently the President and CEO of Strongbow Exploration Inc. Mr. Armstrong has seventeen years' experience with diamond, gold and base metal exploration programs in North America, including involvement in the original resource models for the Diavik Diamond Mine in the NWT. Mr. Armstrong is a registered Professional Geoscientist in the Province of Ontario.
Kenneth Armstrong, P.Geo. (ON), President and CEO 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, President and CEO
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.
North Arrow Minerals Inc.
North Arrow Minerals Inc.
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