Canadian Arrow Mines Announces Increase in Underwriters' Option in Previously Announced "Bought Deal" Financing



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

    SUDBURY, ON, March 29 /CNW/ - Canadian Arrow Mines Ltd. (CRO:TSX-V) (the
"Company") is pleased to announce that it has amended the terms of the
previously announced bought deal with Canaccord Capital Corporation
("Canaccord") to increase the size of the underwriters' option granted to
Canaccord by 3,500,000 units (the "Units") subject to the approval of the TSX
Venture Exchange and, if required by the Exchange, a majority of the
shareholders of the Company (which may be obtained by the written consent of
shareholders holding more than 50% of the outstanding common shares of the
Company). Under the amended agreement, Canaccord now has the option to
purchase up to an additional 5,000,000 Units at any time up to 48 hours prior
to the closing date. If the full underwriters' option is exercised, Canaccord
will purchase up to a total of 5,000,000 additional Units, for additional
gross proceeds of C$2.5 million. Assuming that the underwriters' option is
exercised in full, the total gross proceeds to the Company from this financing
will be C$7,500,000.
    Each Unit will consist of one common share and one-half of one common
share purchase warrant. Each whole warrant, expiring 18 months from the
closing date, will entitle the holder to subscribe for one additional common
share at a price of C$0.70.
    The Company plans to use the net proceeds of this financing to continue
exploration of the Company's mineral properties and for general working
capital purposes.
    The offering is scheduled to close on or about April 17, 2007 and is
subject to certain conditions including, but not limited to, the receipt of
all necessary approvals including the approval of the TSX Venture Exchange.
The securities to be issued under this offering will be offered by way of
private placement exemptions in all the provinces of Canada, offshore and in
the United States on a private placement basis pursuant to an exemption from
the registration requirements of the United States Securities Act of 1933, as
amended.
    This news release is intended for distribution in Canada only and is not
intended for distribution to United States newswire services or dissemination
in the United States. The Company and Canaccord agree that the Units will not
be offered or sold in the United States or to, or for the account of, United
States persons except to accredited investors pursuant to the exemption from
the registration requirements contained under the United States Securities Act
of 1933, as amended to deal with the possibility that the Units may be sold to
United States persons.

    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".

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ana@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.





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.,
Dean MacEachern, Vice President, Exploration, Tel: (705) 673-8259, E-mail:
dean@canadianarrowmines.ca; CHF Investor Relations, Account Manager, CHF
Investor Relations, (416) 868-1079 ext. 247, barry@chfir.com

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Canadian Arrow Mines Limited

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