49 North Resources Inc. announces that in connection with the closing of a debt for equity conversion transaction with Greywacke Exploration Ltd. (Greywacke) on February 28, 2014, it acquired ownership of 590,000 common shares of Greywacke (representing 9.53% of Greywacke's outstanding common shares). Prior to the closing of the debt for equity conversion transaction, FNR owned 646,000 common shares of Greywacke, such common shares also being controlled by Mr. Tom MacNeill, the President, Chief Executive Officer and a director of FNR, by virtue of his portfolio management agreement with FNR.

Upon completion of the transaction, FNR will own 1,236,000 common shares of Greywacke (representing 19.97% of Greywacke's outstanding common shares), such common shares also being controlled by Tom MacNeill by virtue of his portfolio management agreement with FNR.

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