North Arrow Acquires Remaining Interests IN Qilalugaq (Nunavut) and Pikoo (Saskatchewan) Diamond Projects from Stornoway

Suite 960 – 789 West Pender Street, Vancouver, BC, Canada V6C 1H2

Tel: 604 668 8355 / Fax: 604 604 336 4813

News Release

NORTH ARROW ACQUIRES REMAINING INTERESTS IN QILALUGAQ (NUNAVUT)

AND PIKOO (SASKATCHEWAN) DIAMOND PROJECTS FROM STORNOWAY

January 17, 2017 Trading Symbol: TSXV: NAR #17-01

North Arrow Minerals Inc. (TSXV -NAR) is pleased to announce it has entered a property purchase agreement with

Stornoway Diamond Corporation (TSX-SWY) under which North Arrow will acquire Stornoway’s remaining interests in the

Qilalugaq and Pikoo Diamond Projects. Upon closing the transaction, North Arrow will hold 100% interests in both projects.

Ken Armstrong, President and CEO of North Arrow, stated , “The agreement announced today allows North Arrow to

consolidate our ownership of the Qilalugaq and Pikoo Projects without up-front cash payments and provides the company

with greater flexibility to manage continued evaluation of two of the most compelling exploration stage diamond projects in

Canada. The Qilalugaq Project, Nunavut, hosts the large Q1-4 kimberlite which contains a population of fancy orangey yellow

diamonds that are unique in Canada. A diamond drill has been mobilized to the community of Naujaat, just 9 km from Q1-4,

where a drilling and sampling program is planned for this spring and summer. Further, the Pikoo Project remains Canada’s

most recently discovered new diamond field with kimberlite intersected in 70% of the drill holes completed to date. We

continue to define priority drilling targets at Pikoo bo th near existing discoveries and at the heads of unsourced kimberlite

indicator mineral trains.”

Under terms of the property purchase agreement, North Arrow will acquire Stornoway’s approximate 18% interest in the

Qilalugaq Project and approximate 15% in terest in the Pikoo Project in exchange for 2,000,000 common shares of North

Arrow. As additional consideration, Stornoway will retain 0.5% and 1.0% gross overriding royalties on diamonds and 0.5%

and 1.0% net smelter returns royalties on base and precious metals mined from the Qilalugaq and Pikoo Projects, respectively.

North Arrow will also make Cdn $2.5M and Cdn $1.25M cash payments to Stornoway at the same time that first royalty

payments relating to the Qilalugaq and Pikoo Projects, respectively, are payable. Closing of the agreement with Stornoway is

subject to a number of terms and conditions, including the acceptance of the TSX Venture Exchange.

About North Arrow Minerals

North Arrow is a Canadian based exploration company focused on the identific ation 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 Qilalugaq and Pikoo Projects, North Arrow is also currently evaluating

the Loki (NWT), Lac de Gras (NWT), Mel (NU), Luxx (NU) and Timiskaming (ON ) Diamond Projects. 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.

North Arrow Minerals Inc.

/s/ “Kenneth A. Armstrong”

Kenneth Armstrong

President and CEO

For further information, please contact:

Ken Armstrong

Tel: 604-668-8355 or 604-668-8354

Website: www.northarrowminerals.com

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.