North Arrow Enters Option Agreement With Harry Winston for Lac De Gras Diamond Project

North Arrow Minerals Inc. (TSXV:NAR) reports that the Company and Springbok Holdings Inc., have signed an Option Agreement with Harry Winston Diamond Mines Ltd.(TSX:HW) with regards to their Lac de Gras property in the Northwest Territories.

The press release is quoted as saying:

North Arrow’s Lac de Gras property covers over 81,000 acres and is contiguous with property held by Harry Winston that covers nearly 226,000 acres. Under the terms of the agreement, the two properties collectively will form a “joint venture property”. Harry Winston is to carry out exploration on North Arrow’s property concurrently with their own, making expenditures of at least $5,000,000 over a five year period in order for the option to vest. Upon vesting, a joint venture will be formed in which Harry Winston will hold a 55% interest and North Arrow and Springbok will equally share a 45% interest in the entire 307,000 acre joint venture property.

North Arrow’s CEO, Gren Thomas says:

“We are pleased to enter into this Agreement with one of Canada’s leading diamond producers and I look forward to once again working with Robert Gannicott and Dr. Chris Jennings, both of whom were integral to the Diavik mine discovery. North Arrow will benefit from having a major partner to advance the exploration on our property, while at the same time we will earn a significant interest in a larger property that has excellent prospects for the discovery of diamonds.”

Click here to access the entire news release.