North Arrow’s Corporate Update, Intends To Acquire Lac de Gras Diamond Project

North Arrow Minerals Inc. (TSXV:NAR) announced a corporate update and says it will acquire the Lac de Gras diamond project.

As quoted in the press release:

The various arrangements announced today are intended to allow North Arrow shareholders to benefit from: i) increased exposure and leverage to the Lac de Gras diamond project where, under the terms of an existing option agreement, Harry Winston Diamonds Inc. will fund up to $5 million exploring over 300,000 acres within the Lac de Gras diamond field; ii) a stronger board of directors; and iii) a clean balance sheet resulting from the proposed financing and loan conversion. Upon closing of these transactions, North Arrow will have sufficient working capital to evaluate new exploration opportunities over the next eighteen to twenty-four months while benefiting from third party funding of exploration activities at the Lac de Gras, Contwoyto (funded by Elgin Mining Inc. – please see news release dated July 9, 2012), and Hope Bay (funded by Sennen Resources) projects.

Click here to read the North Arrow Minerals Inc. (TSXV:NAR) press release.