North Arrow Announces Results Of Silvertip And Regan Lake Drilling Program

August 18, 2008

North Arrow Minerals Inc. (NAR: TSXV) has received assays for drilling carried out on its Silvertip and Regan Lake properties located in the Back River area of Nunavut. At the Silvertip property Pale Showing 1,594 m were completed in nine holes and at Regan Lake 278 m were completed in one drill hole. The Silvertip property is located approximately 110 km east of the Diavik diamond mine and 115 km south of Sabina Silver's Hackett River deposit. North Arrow can earn up to a 60% interest in the project from Strongbow Exploration Inc. (SBW: TSXV) by spending $5 million prior to December 31, 2011. The Regan Lake project is located approximately 30 km northeast of the Silvertip project. It consists of approximately 9,787 ha of Nunavut Tunngavik Incorporated (NTI) parcel (BB-07) of Inuit Owned Lands (IOL) and is 100% owned by North Arrow.

Drilling at the Silvertip property was designed to test the repeatability of historical drilling, down dip extension of mineralization and continuity along strike for the Pale Showing. During 1977 and 1978, Cominco Ltd. tested the Pale Showing with 13 drill holes (2,541 m), with 12 of the holes intersecting significant polymetallic mineralization over a strike length of approximately 300 m and up to a depth of 200 m. Drilling at the Regan Lake property was designed to test a fold hinge in iron formation outlined by a ground geophysical program. Intermittent historical work from the 40's to the 80's has identified the presence of gold bearing iron formation on the Regan Lake property.

The initial Pale discovery showing was verified by hole ST-6. Hole ST-6 drilled at an inclination of -45 degrees intersected 23 m grading 0.26 g/t Au, 185.44 g/t Ag, 0.01% Cu, 0.21% Pb and 0.53% Zn. Included in this intersection was 4 m grading 0.02 g/t Au, 345 g/t Ag, 0.01% Cu, 0.21% Pb and 0.50% Zn and 6 m grading 0.19 g/t Au, 385.50 g/t Ag, 0.02% Cu, 0.31% Pb and 0.73% Zn. Infill drilling results from hole ST-3 drilled at an inclination of -65 degrees confirmed mineralization along strike. Hole ST-3 intersected 34 m of 1.32 g/t Au, 88.51 g/t Ag, 0.06% Cu, 0.84% Pb and 2.19% Zn. Additional infill drilling intersected broad zones with intermittent anomalous values over narrow widths.

Overall the drilling on the Pale Showing confirmed the tenure of known mineralization but did not indicate higher grades or wider zones of mineralization. The information obtained from this latest drilling program will be compiled with historical data and the property will be reevaluated.

Drill results for hole RL-1 on the Regan Lake property did not return any significant assays. There however remain a number of untested iron formation type targets on the Regan Lake property. These were outlined in 2004 by a detailed (50 m line spacing) Dighem helicopter borne magnetic and electromagnetic survey which detected iron formation type responses on the property over a strike length of 19 km.

All samples from the 2008 drilling programs were split with one half of the core submitted to Acme Analytical Laboratories for analysis. Initial sample preparation was carried out in Acme's Yellowknife Northwest Territories preparation lab with each sample weighed, dried and crushed with 70% passing through a 2 mm screen and a split of up to 250 g forwarded to Acme's Vancouver, British Columbia assay lab. In Vancouver the split was pulverized to better than 95% passing a 100 micron (150 mesh) screen. A fire assay for gold and silver was then carried out on a 30 g pulp sample. A 1 g pulp sample was subjected to a hot aqua regia digestion and a multi element assay (23 elements, including copper, lead and zinc) using inductively coupled plasma emission spectrometry was carried out. Laboratory inserted duplicates and standards provided optimum precision and accuracy. North Arrow conducted an internal quality assurance/quality control program, with the regular insertion of blank and field duplicate samples into the sample stream. North Arrow's 2008 exploration programs are conducted under the supervision of Gordon Clarke, P.Geol. (NT&NU), President and CEO for North Arrow and a qualified person under NI 43-101.

North Arrow Minerals Inc.
/s/ "Gordon Clarke"

Gordon Clarke
President and CEO

For further information, please contact:
Gordon Clarke
President and CEO
Tel: 867 873-8483
Email: [email protected]

The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy of this release.

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