49 North Resource Fund Inc. Announces Normal Course Issuer Bid

49 North Resource Fund Inc. ("49 North") (TSX VENTURE:FNR) announces today its
intention, and its receipt of all required regulatory approvals including
approval by the TSX Venture Exchange, to make a normal course issuer bid (the
"Bid") for up to 720,823 of its common shares (the "Shares"), representing
approximately 10% of 49 North's public float.


The Bid will commence on August 7, 2009 and continue until the earlier of August
6, 2010 and the date by which 49 North has acquired the maximum 720,823 Shares
which may be purchased under the Bid. The Bid will be made through the
facilities of the TSX Venture Exchange and the purchase and payment for the
securities will be made in accordance with TSX Venture Exchange requirements at
the market price of the Shares at the time of acquisition. All Shares purchased
by 49 North under the Bid will be cancelled.


49 North has appointed MGI Securities Inc. as its broker to conduct the normal
course issuer bid transactions.


Management believes that the Shares have been trading in a price range which
does not adequately reflect their value and that the purchase of the Shares
under the Bid will enhance shareholder value in general. 49 North has purchased
110,400 Shares at an average price of $2.74 pursuant to a normal course issuer
bid during the period from August 6, 2008 to June 30, 2009.


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.