Canadian Arrow Mines closes previously announced "bought deal" financing



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

    TIMMINS, ON, April 17 /CNW/ - Canadian Arrow Mines, Ltd. (CRO:TSX-V) (the
"Company") is pleased to announce that it has closed the previously announced
bought deal private placement financing. The Company has issued 15,000,000
units, which includes 5,000,000 units pursuant to the option granted to the
underwriters, at a price of $0.50 per unit for aggregate gross proceeds to the
Company of $7,500,000. Each Unit consists of one common share and one-half of
one common share purchase warrant. Each whole warrant, expiring 18 months from
closing, entitles the holder to subscribe for one additional common share at a
price of C$0.70.
    The underwriting syndicate was led by Canaccord Capital Corporation and
included Octagon Capital Corporation. On the closing of the financing the
underwriters received compensation consisting of a cash commission and broker
warrants exercisable for a period of 18 months entitling the holder to acquire
units having the same terms as the units sold pursuant to the offering at a
price of $0.50 per unit.
    The Company plans to use the net proceeds of this financing to continue
exploration on the Company's mineral properties and for general working
capital purposes.

    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, Chief Executive Officer, Tel: (705) 673-8259, E-mail:
dean@canadianarrowmines.ca; CHF Investor Relations, Account Manager, (416)
868-1079, ext. 247, barry@chfir.com


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