Canadian Arrow Mines Limited Enters Into Two Property Option Agreements



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

    SUDBURY, ON, Jan. 22 /CNW/ - Canadian Arrow Mines Ltd. (CRO:TSX-V) (the
"Company") wishes to announce that it has signed two option agreements to
acquire mineral properties located in the Dryden area, Kenora Mining Division,
District of Kenora, Ontario.
    The two properties are in close proximity of each other and will, in
aggregate, comprise a new Canadian Arrow nickel-copper exploration project in
the Ghost Lake area about 75 km northeast of the Company's Kenbridge Project.
The properties, although historically explored in the past for other metals,
were not explored for nickel and copper. Subsequent grab sampling in 1983 of
massive sulphides exposed on surface trenches reported values as high as 0.65%
nickel, 1.57% copper, 70 ppb Pt and 105 ppm Pd.
    The terms of the first agreement include the payment of a total of
$100,000 cash in tranches over four years, the issuance of a total of 100,000
shares of the Company in tranches over four years and the expenditure of a
total of $100,000 on the properties over four years. The properties are
subject to a 2% net smelter royalty, one half of which can be bought back by
the Company for $1.0 million.
    The terms of the second agreement include the payment of a total of
$100,000 cash in tranches over four years, the issuance of a total of 100,000
shares of the Company in tranches over four years and the expenditure of a
total of $100,000 on the properties over four years. The properties are
subject to a 2% net smelter royalty, one half of which can be bought back by
the Company for $1.0 million.
    Todd Keast, the Vice President of Exploration stated, "The Ghost Lake
Property once again indicates the fertility of nickel-copper deposits in the
Wabigoon-Atikwa region. The inclusion of the Ghost Lake project into the
pipeline of other quality nickel-copper properties acquired by Arrow over the
last eight months will improve the Company's chances of developing a second
project of the caliber of the Company's Kenbridge Project."
    These transactions are subject to regulatory approval.
    The exploration program is being carried out under the direction of The
Company's Vice President of Exploration, Todd Keast; P. Geo., a qualified
person as defined by National Instrument 43-101. The information in this
release was prepared under the direction of Kim Tyler; P. Geo. President of
the Company, a qualified person as defined by National Instrument 43-101.

    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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         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.
    

    This news release may contain certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time with The TSX
Venture Exchange, Canadian Securities Commissions, and the United States
Securities & Exchange Commission. Not to be construed as an offer to buy or
sell securities of this company.

    %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 x247, E-mail: barry@chfir.com; or Cathy Hume, CEO, Tel: (416)
868-1079 x231, E-mail: cathy@chfir.com

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