49 North Raises $11,093,819 at the Initial Closing of Its Private Placement

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


Mr. Tom MacNeill, President and CEO of 49 North Resource Fund Inc. ("49 North")
(TSX VENTURE FNR), announced today that the company has raised gross proceeds in
an amount equal to CDN $11,093,819 at the initial closing of its private
placement. A total of 3,670,479 units were sold at an issue price of CDN $2.75
per unit. Each unit is comprised of one common share and one common share
purchase warrant, exercisable at CDN $3.50 within the next 2 years. In addition
to the units sold, 49 North completed a share exchange transaction with Grafton
Resource Investments Ltd. ("Grafton") in which 49 North issued to Grafton
333,334 common shares at CDN $3.00 per share, in exchange for 21,985 shares of
Grafton, representing a value of CDN $1,000,002 based on the net asset value per
share of Grafton as at May 29, 2009. Grafton is a closed-end resource fund
managed by Newland Fund Management LLP of London, England. An exchange was also
completed with Pinetree Capital Ltd. (TSX: PNP), a diversified investment,
financial advisory and merchant banking firm focused on the small-cap market. 49
North issued Pinetree 815,000 units in exchange for 914,796 shares of Pinetree
Capital Ltd. representing a value of CDN $2,241,250. 


Management is pleased not only with the success of the current fundraising but
also the strategic alliances with Grafton Resource Investments Ltd. and Pinetree
Capital Ltd. 49 North's focus on Saskatchewan will be well served in the
international arena through these and other institutional relationships
developed in the course of the current equity raise. As a result Management
believes the company is well positioned to capitalize on the many resource
opportunities arising from the current turbulent economic climate.


Mr. Tom MacNeill subscribed for 945,454 units, increasing his holdings to
approximately 13% of the outstanding common shares of 49 North. The units
purchased by Mr. MacNeill were issued in exchange for the transfer to 49 North
of certain shares of Athabasca Potash Inc. (TSX: API), Westcore Energy Ltd.(TSX
Venture: WTR), NuCoal Energy Corporation (a private company) and Prairie Hunter
Energy Corporation (a private company) by Mr. MacNeill (the "Transferred
Securities"). All of the Transferred Securities meet 49 North's investment
criteria and the valuation of the Transferred Shares was approved on behalf of
49 North by a committee comprised of independent members of its board of
directors. 


49 North anticipates it will complete a second and final closing respecting the
private placement offering in the near future. The proceeds from the private
placement will be used for direct project development as well as investing in
junior and intermediate exploration companies. The common shares, warrants and
common shares underlying the warrants are subject to a hold period that expires
on October 18, 2009.


MGI Securities Inc., the lead agent, and Genuity Capital Markets are agents for
the private placement and received a fee comprised of a commission and a work
fee totaling CDN $698,506. As additional consideration 49 North issued 285,836
broker warrants and agreed to pay a commission of 3.0% of any amount the company
receives from the exercise of any warrant underlying the units.


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.