Canadian Business reported that North Arrow Minerals Inc has signed a letter of intent to acquire 100% interest in the El Tesoro project in Chile to help it acquire new copper and gold resources.

The junior mining company said that it will spend USD 1 million in exploration, make a cash payment of USD 600,000 to the owners as well as a cash payment to the owners equal to 50 cents US per tonne of reserves over 2 years.

Mr Brian McEwen CEO of North Arrow Minerals said that "This represents a low-risk opportunity to develop new copper and gold resources, as the agreement allows North Arrow to explore the El Tesoro project with no capital outlay beyond exploration costs for the first two years."

(Sourced from www.canadianbusiness.com)