High North Resources Ltd. Amends Its Proposal to Debentureholders - Seite 3

Board Recommendation

The Board has unanimously concluded that the Revised Indenture Amendments are in the best interests of High North and recommends that the Debentureholders vote FOR the Revised Indenture Amendments.

The Meeting and Additional Information

The Meeting will be held at First Canadian Centre, Conference Room, 350 - 7^th Avenue S.W., Calgary, Alberta, T2P 3N9 on May 21, 2015, at 10:00 a.m. (Mountain Daylight Time). The record date for determining the Debentureholders entitled to receive notice of and vote at the Meeting is April 6, 2015.

Additional information about the Revised Indenture Amendments and the Meeting will be provided in an information circular expected to be mailed to Debentureholders on or about April 22, 2015.

The Revised Indenture Amendments will not require any action by the Company's shareholders and are not subject to any shareholder vote.

The Revised Indenture Amendments are subject to certain conditions including, but not limited to, receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

High North is a Calgary-based company that explores, develops and produces oil and natural gas in Western Canada. High North trades on the TSX Venture Exchange under the symbol HN.

Additional information about the Company is available under High North's profile on SEDAR at www.sedar.com.

Forward-looking Statements and Information

This news release contains certain "forward-looking statements" or "forward-looking information" (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or are events or conditions that "will", "would", "may", "could" or "should" occur or be achieved. This news release contains forward-looking statements, pertaining to, among other things, the following: the Meeting, including anticipated dates; the ability of High North to operate effectively and to continue as a going concern; the benefits of the Revised Indenture Amendments; the impact of the Revised Indenture Amendments on High North's stakeholders and on the Company and its financial position, liquidity and outlook, including that the Revised Indenture Amendments will create a financially stronger company and better allow for the pursuit of High North's business and operational goals; approval of the Revised Indenture Amendments by Extraordinary Resolution; execution of the supplemental convertible debenture indenture; the Options and the elections of the Debentureholders related thereto; receipt of regulatory approval from the TSX Venture Exchange; and the effects of the foregoing on stakeholder value. Statements regarding future growth initiatives are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling risks, regulatory changes and certain other known and unknown risks detailed from time to time in High North's public disclosure documents, copies of which are available on High North's SEDAR profile at www.sedar.com.