North Arrow Provides Update on Lithium and Diamond Projects

May 7, 2010

North Arrow Minerals Inc. (NAR: TSXV) is pleased to provide an update on its lithium and diamond exploration projects.

Drilling is ongoing at the Company's Beaverdam lithium project in North Carolina, where two of a planned eight to ten holes have been completed. The project is located in the Tin-Spodumene belt of North Carolina, historically the most important lithium producing region in the world. First assay results from the current drilling are expected in early June.

The Company has also commenced an investigation of the mineralogical and geochemical characteristics of the high grade, spodumene rich McAvoy pegmatite at the Company's Torp lithium project in Nunavut. Channel sampling of the pegmatite in 2009 returned 4.5% Li2O over six metres and 3.3% Li2O over seven metres from channels sawn 78 metres apart. Analysis of the McAvoy pegmatite will include a mineralogical examination by SGS Lakefield Research Limited using their QEMSCANTM technology (Quantitative Evaluation of Materials by Scanning Electron Microscopy), X-ray diffraction analysis and whole rock analysis. Initial evaluations of the McAvoy pegmatite spodumene indicate it may be a candidate to produce a premium, technical grade spodumene concentrate.

The Company is continuing planning for exploration of its Lac de Gras diamond project during the 2010 field season. The project is located within the prolific Lac de Gras diamondiferous kimberlite field in Canada's Northwest Territories and directly adjoins the mineral leases that host the Diavik diamond mine, located only 10 km to the north. The Ekati diamond mine is located within 40 km to the northwest. The kimberlites of the Diavik and Ekati diamond mines are among the richest diamond deposits in the world. Current work includes permitting activities, data compilation and ranking of 70 priority kimberlite targets that have been identified from high resolution airborne geophysical data. The targets were selected using a proprietary processing technique developed by Dr. Chris Jennings and that has a proven track record of diamondiferous kimberlite discovery in the Lac de Gras kimberlite field. The 2010 exploration program will consist of ground magnetic and electromagnetic surveys and diamond drilling of prospective targets.

North Arrow's exploration programs are conducted under the supervision of Gordon Clarke, P.Geol (NT&NU), Vice President, Exploration for North Arrow and a qualified person under NI 43-101.

North Arrow Minerals Inc.

/s/ "D. Grenville Thomas"
D. Grenville Thomas
President and CEO

For further information, please contact:

D. Grenville Thomas
President and CEO
Tel: 604-668-8355
Email: [email protected]

Gordon Clarke
Vice President, Exploration
Tel: 867-873-8483

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

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