FNR 49 North Resources Inc

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES.


49 North 2009 Resource Flow-Through Limited Partnership (the "2009 Fund") is
pleased to announce that it has entered into an agency agreement and has filed
its final prospectus with the securities regulatory authorities in each of the
provinces and territories of Canada, with the exception of Quebec, in connection
with the initial public offering of up to 1,000,000 limited partnership units of
the 2009 Fund at a price of $10 per unit, for gross proceeds of up to
$10,000,000. The initial closing is scheduled for mid-November. 


The offering is being made through a syndicate of agents led by MGI Securities
Inc. and co-led by Canaccord Capital Corporation. Other members of the syndicate
include Blackmont Capital Inc., GMP Securities L.P., Raymond James Ltd.,
Research Capital Corporation, Wellington West Capital Inc., Integral Wealth
Securities Limited, M Partners Inc., Union Securities Ltd., Bolder Investment
Partners, Ltd., Industrial Alliance Securities Inc. and Leede Financial Markets
Inc.


The 2009 Fund intends to invest the proceeds of the offering in a portfolio of
flow-through shares and other securities of junior and intermediate resource
issuers engaged in mineral or oil and gas exploration in Canada, with a view to
achieving capital appreciation for limited partners. Subject to certain
limitations as more particularly described in the 2009 Fund's final prospectus
dated November 5, 2009 (a copy of which is available on SEDAR at www.sedar.com),
limited partners with sufficient income will be entitled to claim deductions for
qualifying Canadian exploration expenses and deemed Canadian exploration
expenses renounced to the 2009 Fund and may be entitled to certain investment
tax credits deductible from tax payable.


The 2009 Fund is also pleased to announce jointly with 49 North Resources Inc.
("49 North") (TSX VENTURE:FNR) that the two parties have today entered an
agreement (the "Transfer Agreement"), pursuant to which, on or about February 1,
2010, the 2009 Fund will transfer its assets to 49 North, on a tax deferred
basis, in exchange for common shares of 49 North (the "Listed Shares"), and,
within 60 days thereafter, the Listed Shares will be distributed to the limited
partners of the 2009 Fund, pro rata, on a tax deferred basis upon the
dissolution of the 2009 Fund (the "Proposed Roll-over Transaction"). The
completion of the Proposed Roll-over Transaction is subject to the receipt of
all approvals that may be necessary and the other conditions set forth in the
Transfer Agreement.


The 2009 Fund is the sixth 49 North flow-through fund. An investment in the 2009
Fund serves as a window for investing in the Listed Shares in a manner that
permits investors to take advantage of risk reducing tax incentives associated
with investments in flow-through funds. By acquiring the stock exchange listed
shares of 49 North in the Proposed Roll-over Transaction, investors who choose
to do so may obtain additional tax benefits by contributing the Listed Shares
received to a self directed RRSP. 


49 North Resources Inc. is a resource investment, financial and managerial
advisory and merchant banking company that invests in the Canadian resource
sector, with an emphasis on junior and intermediate mineral exploration
companies with activities in Saskatchewan. Additional information about the
company is available at www.sedar.com.


Forward Looking Information: This release contains forward-looking information
within the meaning of applicable Canadian securities legislation, including
statements respecting the closing of the 2009 Fund's initial public offering,
the use of proceeds from that offering and the completion of the Proposed
Roll-over Transaction. Forward-looking information involves known and unknown
risks, uncertainties and other factors that may cause actual results or events
to differ materially from those expressed or implied by such forward-looking
information. In addition, the forward-looking information contained in this
release is based upon what management believes to be reasonable assumptions.
Readers are cautioned not to place undue reliance on forward-looking information
as it is inherently uncertain and no assurance can be given that the
expectations reflected in such information will prove to be correct. The
forward-looking information in this release is made as of the date hereof and,
except as required under applicable securities legislation, the 2009 Fund and 49
North assume no obligation to update or revise such information to reflect new
events or circumstances.


The securities of the 2009 Fund and 49 North have not been registered under the
United States Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration or an applicable exemption from the
registration requirements. This release is issued for informational purposes
only and does not constitute an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of any securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful.

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