VANCOUVER, BC--(Marketwired - February 15, 2017) - North Arrow Minerals
Inc. (TSX VENTURE: NAR) is pleased to announce it has closed the previously disclosed
property purchase agreement with Stornoway Diamond Corporation (TSX: SWY) under which North Arrow
has acquired Stornoway's remaining interests in the Qilalugaq and Pikoo Diamond Projects (Please see North Arrow news release
#17-01 dated January 17, 2017). North Arrow now holds 100% interests in both projects.
Upon closing the property purchase agreement, Stornoway has transferred its approximate 18% interest in the Qilalugaq Project
and approximate 15% interest in the Pikoo Project to North Arrow, and North Arrow has issued to Stornoway 2,000,000 common shares
of North Arrow. Stornoway retains 0.5% and 1.0% gross overriding royalties on diamonds and 0.5% and 1.0% net smelter returns
royalties on base and precious metals mined from the Qilalugaq and Pikoo Projects, respectively. North Arrow is also required to
make Cdn $2.5M and Cdn $1.25M cash payments to Stornoway at the same time that first royalty payments relating to the Qilalugaq
and Pikoo Projects, respectively, are payable.
About North Arrow Minerals
North Arrow is a Canadian based exploration company focused on the identification and evaluation of diamond exploration
opportunities in Canada. North Arrow's management, board of directors and advisors have significant successful experience in the
Canadian diamond industry. In addition to the Qilalugaq and Pikoo Projects, North Arrow is also currently evaluating the Loki
(NWT), Lac de Gras (NWT), Mel (NU), Luxx (NU) and Timiskaming (ON) Diamond Projects. North Arrow also maintains a 100% interest
in the Oro Hope Bay Gold Project (NU), located approximately 3km north of TMAC Resources' new Doris Gold Mine. North Arrow's
diamond exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo. (ON), President and CEO of North
Arrow and a Qualified Person under NI 43-101. Mr. Armstrong has reviewed the contents of this press release.
North Arrow Minerals Inc.
/s/ "Kenneth A. Armstrong"
Kenneth Armstrong
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts
responsibility for the adequacy or accuracy of this release.
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.