Mr. Robert Card reports

ARROWSTAR BOARD CHANGES AND NEW CEO

Arrowstar Resources Ltd.'s Robert Card has resigned as president, chief executive officer and chairman of the board. The board of directors has appointed Phillip Thomas, BSc, MBusM, MAIG, MAIMVA as the president, CEO of the company, and chairman of the board. Mr. Thomas has the relevant skill, expertise and experience needed to provide the technical and leadership ability to lead the company's team to production of the Alaska iron ore project. Mr. Thomas has prior experience in taking iron projects in both Mexico and Chile to successful production. In the future the company expects to add additional experienced personnel to its team. Mr. Card remains a director and a member of the team.

The company also announces the resignation of Brian Ashton as a director. After more than 40 years in the securities industry, Mr. Ashton has decided to spend his summers fishing and his winters in California. The company thanks Mr. Ashton for his contributions as chairman of the audit committee, and wishes him well in his retirement. Blaine Bailey, CGA, the company's chief financial officer, has been appointed a director to fill the vacancy. Mr. Bailey will continue as the company's CFO.

The company plans to continue exploration of its Port Snettisham, Alaska, magnetite iron project with a drilling program this summer. The purpose of the drill program is to determine the extent of the mineralization at depth, the mineralogy and petrology, the contact rock and the magnitude of the mineralization. With these data, a National Instrument 43-101 report with indicated and inferred resource statement will be prepared to report on the drilling results, and the extent of the mineralization. The drilling program is budgeted at $1.2-million.

The Snettisham iron ore project was historically explored by the Bureau of Mines in 1955 and by Marcona Corp. in 1969. Marcona conducted sufficient drilling to complete a feasibility study on the deposit and announced plans to put the property into production in partnership with Marubeni of Japan. The decline of iron ore prices in the early 1970s caused the project to be delayed and eventually abandoned. Arrowstar believes the deposit remains extremely well located and of large size to make it economic in today's iron ore market. The property is also located on tidewater on the Pacific Ocean and would serve the Asian iron ore trade. The property will be suitable for direct loading of sea vessels from the property, therefore requiring no roads or rail lines to be built. The Juneau hydroelectric power line is located within two miles of the property.

Phillip Thomas, BSc, MBusM, MAIG, MAIMVA, a qualified person under NI 43-101, has reviewed the content of this release.

We seek Safe Harbor.