North Arrow Commences Processing of Qilalugaq 1500 Tonne Sample

VANCOUVER, BC--(Marketwired - October 16, 2014) - North Arrow Minerals Inc. (TSX VENTURE: NAR) is pleased to announce that a majority of the 1,500 tonne Qilalugaq Project bulk sample has been received by the processing laboratory in Thunder Bay, Ontario and that processing of the sample is underway. The bulk sample was collected in July and August 2014 from the Q1-4 kimberlite located just nine kilometres from the Hamlet of Repulse Bay (Naujaat), Nunavut. The sample is being processed for the recovery of commercial sized (+0.85 mm) diamonds and the resulting diamond parcel will be used to provide an indication of Q1-4's overall diamond value as well as the sample's diamond content, size distribution and to establish whether or not fancy yellow diamonds seen in earlier-stage sampling persist into the larger diamond sizes. Sample processing is expected to take approximately four months. North Arrow is currently working to earn an 80% interest in the Qilalugaq Diamond Project from Stornoway Diamond Corporation (TSX: SWY) by collecting and processing the current bulk sample (please see North Arrow news release dated April 29th, 2013 for additional details on the option agreement with Stornoway). For more information on the Qilalugaq Project please visit the project web page www.northarrowminerals.com/projects/qilalugaq.

The company is also pleased to report the completion of a follow up till sampling program at the Pikoo Diamond Project in central eastern Saskatchewan. A total of 119 till samples were collected during the program, supplementing 441 samples obtained earlier this year. The 2014 till sampling programs have more than doubled the total number of samples collected from the Pikoo Project area and preliminary results have defined at least two, and possibly up to five, new kimberlite indicator mineral (KIM) trains. These new KIM trains are separate and discrete from the previously identified North and South Pikoo KIM trains, where diamond bearing kimberlite was discovered in 2013. Results from the remaining 2014 samples will be used to better define the KIM trains and to prepare for a winter 2015 drill program on the property. The 2014 Pikoo exploration program is being conducted with Stornoway under an 80% (North Arrow) / 20% (Stornoway) participating joint venture arrangement. Additional information on the Pikoo Project can be found on the project web page www.northarrowminerals.com/projects/pikoo.

North Arrow's diamond exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo., President and CEO of North Arrow and a Qualified Person under NI 43-101. Mr. Armstrong has reviewed the contents of this press release.

About North Arrow Minerals

North Arrow is a Canadian based exploration company focused on the identification and evaluation of diamond exploration opportunities in Canada. North Arrow's management, board of directors and advisors have significant successful experience in the Canadian diamond industry. In addition to the Pikoo and Qilalugaq Projects, North Arrow is also evaluating each of the Redemption (NWT), Lac de Gras (NWT), Mel (NU), Luxx (NU) and Timiskaming (ON/QC) Diamond Projects.

North Arrow Minerals Inc.  

Kenneth Armstrong
President and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

This news release contains "forward-looking statements" including but not limited to statements with respect to North Arrow's plans, the estimation of a mineral resource and the success of exploration activities. Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to general economic and market conditions; closing of financing; the timing and content of upcoming work programs; actual results of proposed exploration activities; possible variations in mineral resources or grade; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations. Although North Arrow has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. North Arrow undertakes no obligation or responsibility to update forward-looking statements, except as required by law.