49 North 2009 Resource Flow-Through Limited Partnership Transfers Interest in Dumont Nickel Inc. to 49 North Resources Inc.

49 North Resources Inc. ("FNR") (TSX VENTURE:FNR) announces that in connection
with the closing of its roll-over transaction with 49 North 2009 Resource
Flow-Through Limited Partnership (the "2009 Fund") on February 1, 2010, it
acquired ownership of 10,000,000 common shares of Dumont Nickel Inc. ("Dumont")
(representing 5.38% of Dumont's outstanding common shares). Prior to the closing
of the roll-over transaction, FNR owned 10,505,000 common shares of Dumont
(representing 5.65% of Dumont's outstanding common shares) and 5,000,000
warrants, each exercisable into a common share of Dumont for $0.05 per share. 


Upon completion of the acquisition, FNR will own 20,505,000 common shares
(representing 11.03% of Dumont's outstanding common shares) and warrants
exercisable into 5,000,000 common shares (representing 11.19% of the outstanding
warrants).


In connection with the acquisition of securities, FNR and the 2009 Fund entered
into a transfer agreement providing for the private sale of the 10,000,000
common shares by the 2009 Fund to FNR at a price of $0.015 per share for an
aggregate purchase price of $150,000. 


FNR acquired the common shares in the roll-over transaction for investment
purposes. FNR may in the future take such actions in respect of its holdings as
it may deem appropriate in light of the circumstances then existing, including
acquiring ownership or control over additional common shares or other securities
of Dumont or the disposition of all or a portion of its holdings in open market
or in privately negotiated transactions.


The re-sale of the common shares was carried out in accordance with and in
reliance on the "accredited investor" exemption in section 2.3 of National
Instrument 45-106 - Prospectus and Registration Exemptions which has been
adopted by the securities regulatory authorities in all Provinces of Canada and
which exempts the transfer and issue of such securities from the registration
and prospectus requirements of applicable securities law.


The 2009 Fund, FNR and Tom MacNeill may be considered to be joint actors under
applicable securities legislation. However, the issuance of this press release
is not an admission that any entity named in this press release owns or controls
any of the securities described in this press release or is a joint actor with
any other entity named in this press release.


A copy of the early warning report in respect of this transaction has been filed
with the applicable securities commissions and can be found at www.sedar.com.