Disclaimer

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Disclaimer

• This presentation includes certain
  forward-looking statements within the meaning
  of applicable securities legislation. These
  statements are based on managements current
  expectations and are naturally subject to certain
  uncertainty and changes in circumstances. Actual
  results may vary materially from the expectations
  contained herein due to changes in economic,
  business, competitive and/or regulatory factors.
  49 North Resource Fund Inc and 49 North 2008
  Resource Flow-Through Limited Partnership is
  under no obligation to (and expressly disclaims
  any such obligation to) update or alter its
  forward-looking statements whether as a result of
  new information, future events or otherwise. The
  reader is cautioned not to place undue reliance
  on forward-looking statements.

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Management and Directors

• Ronald G. Walker, CFO and Director
• Founder and present chairman of Great Canadian
  Dollar Store Franchising Ltd.
• Founder and past president of Pacific Western
  Trust Corporation
• Mr. Walkers extensive involvement in the
  financial and resource sectors includes 21 years
  of mining experience as a past director of Claude
  Resources Ltd. and Shore Gold Inc.
• Harvey J. Bay, Director
• Has served as the Chief Financial Officer of
  Shore Gold Inc. since November 4, 2002, director
  of Shore Gold Inc. since May 15, 2003 and Chief
  Financial Officer, Secretary and a Director of
  Wescan Goldfields Inc. since June 2004
• Mr. Bays career in the mining industry spans 23
  years and includes senior financial positions
  with several well known mining companies,
  including Hudson Bay Mining and Smelting Co. Ltd.
  and Saskatchewan Mining and Development
  Corporation, the predecessor company to Cameco
  Corporation
• Brad Munro, Director
• President and Chief Executive Officer of
  Bittercreek Capital Corporation, and has been
  involved as a director of 21 private and public
  companies during his career
• Mr. Munro presently serves as a director of five
  private companies and four public companies
  Bonnetts Energy Services Trust and Galleon
  Energy Inc. (TSX), and Fairmount Energy Inc. and
  Flagship Energy Inc (TSXV). Mr. Munro was also
  the lead director of the independent committee on
  the recent privatization of CCS Income Trust
• Dr. Edward A. Schiller, Ph.D., P.Geol Senior
  Geological Advisor
• Consulting geologist with over 40 years
  experience in mineral exploration, project
  management, acquisitions, financing, joint
  venture negotiations and corporate governance
• Former director of Dia Met Minerals Ltd., and
  supervised the discovery and drilling of the
  first diamond-bearing kimberlite at Pointe Lake
  in 1991 (now part of the Ekati Mine production). 
  
• Dr. Schiller currently sits on boards of Azteca
  Gold Corp., March Resources Corp., Pan African
  Mining Corp. Sacre-Coeur Minerals Ltd., and
  Athabasca Potash. He also contributes to many
  prestigious resource journals maintaining his
  status as one of Canadas foremost geological
  commentators

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How the World Views Saskatchewan

• "The dominant economic fact of this century will
  be the rise of China," "Saskatchewan has just
  about everything that China craves--agriculture,
  oil and gas, uranium and other minerals"
• Ken Courtis, Vice-Chair Goldman Sachs
• Saskatchewan doesnt realize how important it is
  in the world.. About half of the Paris lights are
  on thanks to Saskatchewan uranium
• Tim Gitzel, Senior Vice-President and Chief
  Operating Officer, Cameco Corporation

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Saskatchewans Resource Industry

• Supplies 1/3 of the worlds potash
• Supplies 1/3 of the worlds uranium
• 2nd largest oil producing province
• 3rd largest natural gas producing province
• 3rd largest coal producing province (recent
  significant new discoveries)
• Advanced oil sands development
• Worlds largest diamond exploration project
• Significant precious and base metals finds (gold,
  zinc, copper)
• Largest rare earth minerals find in North America
• World-class Helium discovery
• Source Saskatchewan Industry and Resources

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History of 49 North Resource Group

• December 2005 Closed 1st FT LP (Raised 6.0
  million)
• November 2006 Closed 2nd FT LP (Raised 8.1
  million)
• February 2007 49 North commences active
  trading on TSX V (FNR)
• October 2007 Closed 3rd FT LP (Raised 9.3
  million)
• January 2008 Conversion to Corporate Structure
• May 2008 Closed 4th FT LP (Raised 9.1 million)

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Top 10 Holdings of FNR As of June 2, 2008
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Portfolio Distribution
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Share Liquidity

• As of June 3, 2008, 318,319 shares of FNR have
  traded year to date
• Given that trading activity since inception has
  been accelerating, we anticipate that a minimum
  of 50 of shares outstanding will trade in 2008

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Peer Group Discount Comparison at March 31, 2008
Average Discount 29.82
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Comparative Performance to Market Index
FNR
TSX Venture Index
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Comparative Performance to Peer Group
FNR
Endeavour
Endeavor Mining
Longview
Pinetree
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49 Norths Vision
To become a leading supplier of investment
capital for the junior and intermediate resource
sector and be the vehicle of choice for
individual investors from Saskatchewan and
elsewhere to participate in this dynamic sector
of Saskatchewans economy.
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Questions?
Thank you for your support.