April 12, 2010 (FinancialWire) — 49 North Resources Inc. (TSX Venture: FNR) said it has acquired ownership of 1,158,667 common shares of Minerva Minerals Ltd, representing 26.75% of Minerva' outstanding common shares, at a cost of $0.06296 per share.

49 North said the acquisition was completed privately through a series of share purchase agreements. Following the transaction 49 North holds 26.75% of the issued and outstanding common shares of Minerva.

The company said it acquired the shares for investment purposes. 49 North said it may in the future take actions including acquiring ownership or control over additional common shares or other securities of Minerva or the disposition of all or a portion of its holdings in open market or in privately negotiated transactions.

Canada-based 49 North Resources is a resource investment, financial and managerial advisory and merchant banking company that invests in the Canadian resource sector, with an emphasis on junior and intermediate mineral and oil and gas exploration companies with activities in Saskatchewan.

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