Business
North Arrow Provides Update on Northern Diamond Projects and Announces Intention of Financing
North Arrow Provides Update on Northern Diamond Projects and Announces Intention of Financing
About this update from North Arrow Minerals Inc.
[{"type":"text","content":"\nNorth Arrow Provides Update on Northern Diamond Projects and Announces Intention of Financing\n\n\n Jul. 16, 2010 (Filing Services Canada) -- North Arrow Minerals Inc.  (NAR - TSX Venture), is pleased to provide an update on its Lac de Gras diamond exploration project. 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.A legal survey of 32 claims totaling 80,420.5 acres is underway that will take the claims to mining lease status. As well a ground investigation of 70 priority kimberlite targets that have been identified from high resolution airborne geophysical data is being carried out. 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 ground investigation will rank targets for follow up ground magnetic and electromagnetic geophysical surveys planned for early August. North Arrow's application for a land use permit to allow diamond drilling at the Lac de Gras project was deemed complete by the Mackenzie Valley Land and Water Board on July 8th.  Permit issuance is expected within 42 days of the acceptance date. If the permit is issued at this time, it would allow for an early September, 1500 metre diamond drilling program of approximately ten to twelve targets prioritized by the August ground geophysical program.Ground geophysical surveys are also planned for August on the Company's diamondiferous Hammer pipe located in the Coronation area, NU.  The property is owned jointly by Stornoway Diamond Corporation (75%) and North Arrow (25%).  This survey will help to define the size and shape of the kimberlite, which is poorly exposed.  Drilling permits are already in place for this property.North Arrow proposes to raise up to $360,000 by way of a non-brokered private placement of 2,000,000 flow-through units (the \"FT Units\") at a price of $0.18 per FT unit. Each FT unit will co...