49 North Makes Annual Payment of Debenture Interest

Mr. Tom MacNeill, President and CEO of 49 North Resource Fund Inc. ("49 North")
(TSX VENTURE:FNR), announced today that the company has paid, in cash, due
interest in the amount of approximately $9 per $100 principal amount of its
outstanding 9% convertible, unsecured, subordinated debentures ("Debentures").
Payment was made to debenture holders of record as of June 30, 2009. The total
of the annual interest payment is $450,000.


Subject to the detailed terms and conditions of a trust indenture dated July 24,
2008 between 49 North and Equity Transfer & Trust Company, as trustee, the
Debentures have a three-year term maturing July 24, 2011 and bear interest from
July 24, 2008 at 9% per annum which, unless the debentures are earlier converted
or redeemed in accordance with their terms, is to be paid on July 24 in each of
2009 and 2010 and on maturity. 


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.