High North Resources Ltd. Amends Its Proposal to Debentureholders - Seite 2

Management ("Management") and the board of directors (the "Board") believe that the Revised Indenture Amendments offer an enhanced solution, are in the best interests of the Debentureholders and the Company's other stakeholders and provide a number of benefits including the following:

(i) reducing the Company's financial liabilities and/or deferring payments under the Indenture until October 4, 2016;

(ii) improving the Company's financial liquidity and sustainability for ongoing operations and asset development;

(iii) enabling Management and the Board to focus on enhancing long-term value for its stakeholders; and

(iv) enabling the Company to continue as a going concern.

High North intends to continue to operate as usual and will carry on satisfying its trade creditors, customers and employees in the ordinary course of business.

The Debentureholders will be entitled to vote on an extraordinary resolution (the "Extraordinary Resolution") to approve the Revised Indenture Amendments, and upon approval the Revised Indenture Amendments will be implemented by way of a supplemental convertible debenture indenture entered into between High North and the Trustee on or before July 30, 2015. The Extraordinary Resolution must be passed by the favourable votes of the Debentureholders of not less than 66 2/3% of the principal amount of the outstanding Debentures present in person or represented by proxy at the Meeting and voted upon on a poll on the Extraordinary Resolution.

Each Debentureholder will be asked to return to High North, an executed election form (the "Election Form") indicating which of the Options the Debentureholder elects and the amount of Debentures subject to each Option. Assuming the Extraordinary Resolution is passed, any Debentureholder who does not provide an Election Form, or who does not properly indicate in the Election Form which of the Options it elects, will be deemed to have elected to select Option A in respect of all of the Debentures held by that Debentureholder.