FNR 49 North Resources Inc

49 North Resources Inc. (TSX VENTURE:FNR) - 

The closing of the acquisition of Athabasca Potash Inc. by BHP Billiton Canada
Inc. pursuant to a statutory plan of arrangement in accordance with section
186.1 of The Business Corporations Act (Saskatchewan) was completed and
announced earlier today (the "Arrangement"). The Arrangement provides for the
acquisition of all of the issued and outstanding common shares of Athabasca
Potash Inc. by BHP Billiton Canada Inc. for $8.35 cash per common share.


Mr. Tom MacNeill, President and CEO of 49 North Resources Inc. ("49 North") (TSX
Venture: FNR) stated that "This transaction marks the first significant exit
from one of 49 North's many early stage investments and enhances our position as
the premier provider of resource capital for Saskatchewan's rapidly developing
exploration economy. We are very pleased with the outcome of our investment in
Athabasca Potash Inc. and have enjoyed working with the company and it's
stakeholders from inception, during its initial public offering, and on through
to the completion of the sale to BHP Billiton Canada Inc."


With the divestiture of its 2,254,000 common shares of Athabasca Potash Inc., 49
North will receive $18,820,900 in cash. As 49 North currently has 12,754,883
shares outstanding, this represents a cash injection of approximately $1.47 per
49 North share. Proceeds from the sale will be used by 49 North to fund a
variety of ongoing resource development projects and early stage investments.


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.

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