SASKATOON, SASKATCHEWAN – (CNW – February 8, 2012) 49 North Resources Inc. (“49 North”) (TSXV: FNR) reports that it has agreed to purchase the remaining shares of its previously 89.5% owned subsidiary, Allstar Energy Limited (“Allstar”), for an aggregate purchase price of $1,250,000 payable through the issuance of 288,462 common shares of 49 North at a deemed price of $3.25 per share, cash consideration of $100,000 payable at closing and issuance of an interest free promissory note in the amount of $212,500 due April 30, 2012 (the “Acquisition”). 49 North acquired its initial stake in Allstar in April, 2010.

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