49 North Resource Fund Completes Roll-Over Transactions

49 North Resource Fund Inc. (TSX VENTURE:FNR) reports that it has completed its
previously announced "roll-over transactions" with 49 North 2008 Resource
Flow-Through Limited Partnership (2008-I Fund) and 49 North 2008-II Resource
Flow-Through Limited Partnership (2008-II Fund). Effective February 2, 2009, the
2008-I Fund and 2008-II Fund transferred substantially all of their respective
assets - valued at $4,016,711 in the case of the 2008-I Fund and $1,820, 069 in
the case of the 2008-II Fund, respectively, - on a tax deferred "roll-over"
basis to FNR in exchange for common shares of FNR, including 1,656,376 shares
issued to the 2008-I Fund and 750,544 shares issued to the 2008-II Fund.
Following these transfers, the two Funds were wound up and dissolved and the FNR
shares of the Funds were distributed to their respective partners. As a result,
each (former) limited partner of the 2008-I Fund received approximately 1.809
FNR shares for each limited partnership unit they formerly held in the 2008-I
Fund and each (former) limited partner of the 2008-II Fund received
approximately 3.425 FNR shares for each limited partnership unit they formerly
held in the 2008-II Fund. The transactions also resulted in the number of
outstanding FNR shares increasing from 1,803,777 common shares that were
outstanding immediately before the transactions to 4,210,697 common shares
immediately after the transactions. 


Additional information about FNR and the 2008-I Fund is available at www.sedar.com.