49 North Resources Inc. ("FNR") (TSX VENTURE:FNR) of 602, 224 - 4th Avenue
South, Saskatoon, Saskatchewan announces that in connection with the closing of
a private placement offering by DNI Metals Inc. ("DNI") on August 4, 2010 it
acquired ownership of 2,142,858 common shares of DNI (representing 7.38% of
DNI's outstanding common shares) and 535,714 warrants, each exercisable into a
common share of DNI for $0.20 per share (representing 23.49% of DNI's
outstanding warrants). Prior to the closing of the private placement, FNR owned
3,096,375 common shares of DNI.


Upon closing of the private placement, FNR will own 5,239,233 common shares
(representing 18.04% of DNI's outstanding common shares) and warrants
exercisable into 535,714 common shares (representing 23.49% of the outstanding
warrants).


In connection with the subscription for securities, FNR and DNI entered into a
subscription agreement providing for the issuance of: (i) 1,071,429 units for
$0.14 per unit, each unit comprised of 1 common share and 1/2 share purchase
warrant; and (ii) 1,071,429 common shares issued on a flow-through basis.


FNR acquired the securities in the private placement for investment purposes.
FNR may in the future take such actions in respect of its holdings as it may
deem appropriate in light of the circumstances then existing, including
acquiring ownership or control over additional common shares or other securities
of DNI or the disposition of all or a portion of its holdings in open market or
in privately negotiated transactions.


The subscription for units was carried out in accordance with and in reliance on
the "accredited investor" exemption in section 2.3 of National Instrument 45-106
- Prospectus and Registration Exemptions which has been adopted by the
securities regulatory authorities in all Provinces of Canada and which exempts
the issue of such securities from the registration and prospectus requirements
of applicable securities law.


A copy of the early warning report in respect of this transaction has been filed
with the applicable securities commissions and can be found at www.sedar.com.