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.
