49 NORTH RESOURCES INC. PROVIDES UPDATE RESPECTING EXPLORATION PROGRAM ON ITS JOINT VENTURE COAL PROPERTIES

TSX Venture Exchange symbol FNR

SASKATOON, Feb. 10 /CNW/ - 49 North Resources Inc. ("49 North") (TSX Venture: FNR) is pleased to provide an update on the on-going winter exploration program being conducted by Westcore Energy Ltd. ("Westcore") (TSX Venture: WTR) as operator on the joint venture coal properties located in west-central Manitoba.

The first hole drilled into the Quasar target included in the winter exploration program (announced December 14, 2010 in a joint press release by Westcore and 49 North) has been completed (Hole Q-11-06).  It is the most westerly hole of a planned 10-hole test of the large geophysical anomaly.  Several coal intervals were encountered in the hole, the first occurring at 36.2 metres below surface.  The coal lies directly beneath mudstones and siltstones of the Cretaceous Joli Fou Formation, a stratigraphic unit typically found overlying coal deposits at Black Diamond.  The hole intersected four major coal units in total, ranging in thickness from 4.6 to 44.5 metres:

Quasar Coal Intervals, Hole Q-11-06  

Hole Description From * To* Width
Q-11-06 Coal 36.2 37.5 1.3
Coal  48.2 52.8 4.6
Coal 62.5 87.4 24.9
Coal 91.0 135.5 44.5
Coal 143.0 152.0 9.0
Total (Composite)     84.3

The drill intercept thickness above represents the true thickness. Please see the attached Figure below showing the location of the Quasar and other winter exploration program targets.

Under the terms of the joint venture, 49 North currently owns 50% interest in the 5 coal exploration permits granted by Mines Branch of Manitoba Innovation , Energy and Mines covering an aggregate of 10,273 hectares of land (the "JV Properties"). Westcore is obliged to expend not less than $500,000 on exploration expenses in respect of the JV Properties during its 2010-2011 exploration program and will earn additional interest in the JV Properties based upon the following:

(a)    provided that Westcore incurs and pays exploration expenditures in excess of $1,000,000 on or before December 31, 2012, Westcore will earn a further 10% interest in the JV Properties; and
(b)    provided that Westcore completes a bankable feasibility study in respect of the JV Properties on or before December 31, 2013, Westcore will earn a further 20% interest in the JV Properties.

The JV Properties are located immediately east of Westcore's Black Diamond Property, where several new coal discoveries have been made in the past year and a half.

Ellen MacNeill, Professional Geoscientist in the Province of Saskatchewan and Qualified Person for this news release, has reviewed and approved its contents.

49 North is a Saskatchewan focused resource investment company with strategic operations in financial, managerial and geological advisory services and merchant banking. Our diversified portfolio of assets includes direct project involvement in the resource sector, as well as investments in shares and other securities of junior and intermediate mineral and oil and gas exploration companies. Additional information about 49 North is available at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Figure - Winter Exploration Program, click the following link: http://files.newswire.ca/931/Winter_Exploration.pdf

SOURCE 49 North Resources Inc.

For further information:

49 North Resources Inc.
Tom MacNeill
President and Chief Executive Officer
306-653-2692 or ir@fnr.ca


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