Agoracom

Canadian Arrow Mines Ltd. (CRO: TSX-V)(the "Company") is pleased to announce results of an updated Preliminary Economic Assessment (PEA) for the Kenbridge Nickel Project in northwest Ontario. The updated PEA was completed by WMT Associates Ltd. and incorporates two important improvements in the project since the company first issued the Kenbridge PEA in January 2008.

These improvements are:

- New NI 43-101 resource estimate, (August 19, 2008 news release),
prepared by P&E Mining Consultants
- Improved metallurgical recoveries (June 26, 2008 news release)

Cost, value and financial assumptions used in the PEA update were
                  unchanged from the original January '08 PEA including average life of mine
                  US$10.00/lb nickel and US$2.50/lb copper prices and a CD$1.00:US$0.90 exchange
                  rate.
                       Arrow's President, Kim Tyler, comments "The impact of the new resource
                  estimate and higher metal recoveries are substantial for the project. Not only
                  are 13 million additional lbs of recovered nickel expected over the life of
                  the mine but they will be produced at no extra operating or capital cost
                  relative to the January '08 PEA. They are also expected to be produced earlier
                  in the mine life allowing for rapid payback of pre-production capital costs.
                  The exceptional improved metallurgical recoveries thus contribute to Kenbridge
                  achieving an 89% increase in pre-tax net present value over the first PEA, all
                  other assumptions being equal. With expected net cash costs of US$3.47/lb of
                  nickel, Kenbridge would be one of the lowest cost nickel sulphide operations
                  in Canada. Given these results and the fact that the deposit remains open at
                  depth and along strike we are confident to move the Kenbridge project into
                  feasibility as soon as possible".
                  
                       Cautionary Statements:
                  
                       Mineral resources are not mineral reserves and do not have demonstrated
                  economic viability. The PEA update author is not aware of any known
                  environmental, permitting, legal, title, taxation, socio-economic, marketing
                  or other relevant issues that could potentially affect this estimate of
                  mineral resources. The preliminary assessment includes inferred mineral
                  resources that are considered too speculative geologically to have the
                  economic considerations applied to them that would enable them to be
                  categorized as mineral reserves, and there is no certainty that the
                  preliminary assessment will be realized.
                       The PEA update was authored by Mr. Malcolm Buck, P. Eng. of WMT
                  Associates under the direction of The Company's Vice President of Operations,
                  Mr. Garett Macdonald, P.Eng, MBA, both qualified persons as defined by
                  National Instrument 43-101. The information in this release was prepared under
                  the direction of Mr. R. Kim Tyler, P. Geo., President of the Company, a
                  qualified person as defined by National Instrument 43-101.
                       Currencies are expressed in Canadian dollars unless noted otherwise.
                  
                       About Canadian Arrow Mines, Ltd:
                  
                       Canadian Arrow Mines, Ltd. is an established Canadian exploration and
                  development Company committed to developing and advancing base metal deposits
                  close to existing infrastructure through exploration, development and
                  acquisition. Shares of Canadian Arrow Mines trade on the TSX Venture Exchange
                  under the symbol "CRO".
                       
Investors are invited to visit Canadian Arrow's IR hub at
http://www.agoracom/IR/CanadianArrow  where they can post questions and receive
answers within the same day, or simply review questions and answers posted by
other investors. Alternately, investors are able to e-mail all questions and
correspondence to CRO@agoracom.com  where they can also request addition to
the investor e-mail list to receive future press releases and updates in real
time.
                       If you would like to receive press releases via email please contact:
                                                Mirna@chfir.com.
                  
                            THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL
                                          RESPONSIBILITY FOR ITS CONTENTS.
                  
                           THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THIS
                                                  PRESS RELEASE.
                  
                       %SEDAR: 00008534E
                  

For further information: visit the website at www.canadianarrowmines.ca, or
                  call toll free, 1-877-262-6354, or contact: Canadian Arrow Mines, Ltd., R. Kim
                  Tyler, P. Geo, President, Tel: (705) 673-8259, E-mail:
                  kim@canadianarrowmines.ca; CHF Investor Relations, Barry Leung, Director
                  Business Development, Tel: (416) 868-1079 ext. 222, E-mail:
                  barry@chfir.com; or Alison Tullis, Senior Account Manager, Tel: (416)
                  868-1079 ext. 233, E-mail: alison@chfir.com