February 3, 2011 (Investorideas.com Mining stocks newswire) North Arrow Minerals Inc. (NAR: TSXV) is pleased to announce an option agreement with Chelsea Minerals Inc., (NEX:CCC.H) allowing Chelsea the right to earn a 60% interest in North Arrow's Hope Bay Oro gold project in Nunavut. The Oro project consists of five leases covering an area of over 10,000 acres that adjoins the new Hope Bay Gold Mine. Under the terms of the agreement, Chelsea may earn up to a 60% interest in the project by making an initial cash payment of $50,000 and spending $5 million over a five year period. A minimum expenditure of $500,000 is required in the first year