Canadian Arrow Completes $1.5 Million Private Placement



    TORONTO, July 21 /CNW/ - Canadian Arrow Mines Limited (CRO: TSX-V) (the
"Company") is pleased to announce that it has closed its previously announced
non-brokered private placement pursuant to which it issued 4,284,150 common
shares on a flow-through basis at a price of $0.35 per share for gross
proceeds of approximately $1,500,000 (the "Offering"). In connection with the
Offering the Company paid a commission to certain entities in the amount of 5%
of the gross proceeds of the Offering.
    Proceeds from the placement will be utilised by the Company for general
exploration on its regional exploration projects in northwestern Ontario.
    The Company has 68,889,722 shares outstanding following the completion of
the Offering. The shares issued in connection with the Offering are subject to
a four month hold period.

    About Canadian Arrow Mines, Ltd.

    Canadian Arrow Mines, Ltd. is an established Canadian exploration and
development Company committed to developing and advancing base metal deposits
close to existing infrastructure through exploration, development and
acquisition. Shares of Canadian Arrow Mines trade on the TSX Venture Exchange
under the symbol "CRO".
    Investors are invited to visit Canadian Arrow's IR hub at
http://www.agoracom.com/IR/CanadianArrow where they can post questions and
receive answers within the same day, or simply review questions and answers
posted by other investors. Alternately, investors are able to e-mail all
questions and correspondence to CRO@agoracom.com where they can also request
addition to the investor e-mail list to receive future press releases and
updates in real time.

    If you would like to receive press releases via email please contact:
    mirna@chfir.com

    THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS.

    THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THIS PRESS
    RELEASE NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
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    %SEDAR: 00008534E




For further information:

For further information: visit the website at www.canadianarrowmines.ca,
or call toll free, 1-877-262-6354, or contact: Canadian Arrow Mines, Ltd., R.
Kim Tyler, P. Geo, President, Tel: (705) 673-8259, E-mail:
kim@canadianarrowmines.ca; CHF Investor Relations, Barry Leung, Tel: (416)
868-1079 ext. 222, E-mail: barry@chfir.com; or Alison Tullis, Tel: (416)
868-1079 ext. 233, E-mail: alison@chfir.com


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