Tantallon,

Perhaps this is what you were referring to:

CANADIAN ARROW MINES LTD.

P.O Box 1001

Liberty Mineral Exploration Inc.

1340 Delnite Road

Timmins, ON, P4N 7C2

Ph: (705) 268-7659 (705) 268-7682

www.libertyminerals.com

TSX-V: LBE

January 19, 2005

N E W S R E L E A S E

PURCHASE AND SALE OF McWATTERS DEPOSIT

Canadian Arrow Mines Limited (CRO:TSXV) (“Arrow”) and Liberty Mineral

Exploration Inc. (LBE:TSXV) (“Liberty”) are pleased to announce that they have signed a

letter of intent pursuant to which Liberty has offered to sell the McWatters deposit located in

Ontario to Arrow in consideration for 3,000,000 shares of Arrow and $350,000 cash. Liberty

has agreed to pool the shares of Arrow that form part of the consideration such that no more

than 15% of these shares may be sold by Liberty in any given quarter. In addition, the

companies have agreed that any nickel sulphide deposits discovered within a 3 km radius

around the McWatters deposit that may be discovered on claims owned by Liberty may be

offered to Arrow on a first right of refusal based on the percentage formula of 5% of gross

economic nickel value at the time of sale.

Arrow is currently undergoing a 60 day due diligence period to review the property.

Completion of this acquisition is subject to the signature of a formal agreement and the approval

of the Board of Directors for each Company. In addition, this transaction is subject to the

approval of the TSX Venture Exchange.

The McWatters deposit is located 23 kilometres to the southeast of Timmins and was

discovered by McWatters Gold Mines in partnership with Quebec Manitou Mines Limited in

P.O Box 1001

Timmins, ON, P4N 7H6

Ph: (705) 264-2296 Fx: (705) 267-7490

www.canadianarrowminesltd.com

TSX-V: CRO

2

1961. Exploration completed on the McWatters Property since 1961 has identified a zone of

high grade nickel sulphides and a halo of lower grade nickel sulphide mineralization with a

historic resource calculation completed by McWatters Mining in 1964 that does not comply

with NI 43-101 standards with a lower zone of 144,165 tons of 2.17% Ni and an upper zone

of 415,450 tons of 0.85% Ni.

Canadian Arrow has acquired the property as part of its strategy to advance high grade nickel

projects within existing mining camps and this property will compliment Arrow’s property

position in the Shaw Dome area which includes both the McWatters West and Hart Nickel

Properties. As part of the due diligence process, Arrow will be completing additional diamond

drilling to test for the continuity of the nickel sulphide mineralization, re-logging of diamond drill

core completed by Liberty and re-assaying of sample intervals to verify metal contents and

metal tenors.

Liberty is focused on a near term production scenario for both its Redstone Mine Property and

McAra Lake Cobalt Project. Liberty has 100% interest in both projects, subject to vender

NSR’s.

Canadian Arrow Mines Limited

per:

“Singed”

Paul Davis, Director

Liberty Mineral Exploration Inc.

per:

“Signed”

Ed Ludwig, President/Director