Mr. Tom MacNeill reports

49 NORTH RESOURCES INC. GRANTS INCENTIVE STOCK OPTIONS

49 North Resources Inc. has approved the grant of 2.3 million stock options pursuant to the company's stock option plan. Of the options, 1.2 million were granted to directors and executive officers, with the balance granted to consultants. The options are exercisable at five cents per share and, if not exercised, expire Jan. 26, 2036, subject to earlier expiration, in accordance with the stock option plan and the applicable policies of the TSX Venture Exchange.

49 North is a natural-resource-focused investment company. The company's diversified portfolio of assets includes investments in a wide range of natural resource companies and projects.