49 North Announces the Results of Its Annual and Special Meeting of Shareholders

49 North Resource Fund Inc. ("49 North" or the "Company") (TSX VENTURE:FNR) is
pleased to announce that at the Annual and Special Meeting of Shareholders held
June 17, 2009 (the "Meeting") the Company's shareholders elected Jeffrey N.
Green and Stephen P. Halabura to the board of directors of the Company.


Mr. Green is the managing partner of Jovian Asset Management Inc., a wholly
owned subsidiary of Jovian Capital Corporation, a TSX listed financial services
company. Jovian Asset Management Inc. is a holding company which owns Jovian
Capital's asset management entities, such as BetaPro Management Inc., Jove
Investment Management Inc., Leon Frazer & Associates, Pescara Partners Inc. and
TE Investment Counsel Inc. Additionally, he is the Chairman of Mission Hills
Capital Partners, a privately held merchant back that provides investors with
access to private equity and other high growth investment opportunities in
China. He presently sits on the board of directors for both Gilead Power
Corporation, a company involved in developing renewable energy projects in
Ontario, and Niskibi Power Corporation, a pure power company focused solely on
power generation and transmission opportunities in Ontario and northern
Manitoba. Niskibi Power Corporation is leveraging its strong aboriginal ties as
the primary driver to its business development plans.


Mr. Halabura is the President and CEO of North Rim Exploration Ltd., a
Saskatchewan-based geoscience and mining engineering consulting company. North
Rim Exploration's specialty is the geology of potash, coal, hydrocarbons and
industrial mineral deposits, mine engineering as applied to potash deposits, and
drill program design and supervision. Mr. Halabura and his firm have provided
research and advisement to oil and mining companies, investors, and First
Nations since 1984. Mr. Halabura's other business interests include founder of
Prairie Hunter Energy Corporation, a Regina based oil exploration and production
company, and NuCoal Energy Corporation, a Saskatoon based coal exploration and
development company. Mr. Halabura obtained his B.Sc. in Geology (Honors) Degree
in 1980 and his M.Sc. in Geology in 1983 from the University of Saskatchewan. He
is Past President of the Association of Professional Engineers and Geoscientists
of Saskatchewan and was recently appointed an Honorary Fellow of Engineers
Canada.


Mr. Harvey Bay did not stand for re-election as a director of 49 North at the
Meeting. 49 North extends its thanks to Mr. Bay for his past contribution on the
Company's board.


49 North also reports the resolutions reappointing its incumbent auditors,
authorizing the change of the Company's name to "49 North Resources Inc.",
authorizing the removal of the second preferred, series 1 shares from the
Company's articles, approving the continuation of the Company's stock option
plan and authorizing the cancelation and re-granting of certain stock options
were all approved.


49 North 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
(FOFI) regarding possible future events that are based upon assumptions. FOFI
involves known and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those anticipated in such
FOFI. Readers are cautioned not to place undue reliance on FOFI as it is
inherently uncertain and no assurance can be given that the expectations
reflected in such information will prove to be correct. The FOFI in this release
is made as of the date hereof and 49 North assumes no obligation to update or
revise such information to reflect new events or circumstances.


The securities of 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.