Uranium North Resources Corp.

Uranium North Resources Corp.

March 24, 2010 08:30 ET

Uranium North Acquires Gold Project With Historic Assays Up to 117 g/t Au and 1420 g/t Ag

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 24, 2010) - Uranium North Resources Corp. (TSX VENTURE:UNR) announces that it was awarded 13 prospecting permits totaling 585,326 acres forming the 100% owned Aura consolidated gold property in Nunavut. The property includes several gold grain anomalies in till where bedrock sources have not yet been determined. The property also includes historical bedrock gold occurrences as well as boulders with up to 117 g/T Au and 1420 g/t Ag. The boulders are not believed to have been traced to a bedrock source.

The gold grain anomalies were identified by the Company from till samples collected over an area spanning 65 by 30 kilometres. Angular gold grains near geological contacts and structures prospective for gold, suggest that the undiscovered bedrock sources are nearby. In addition to the gold grain anomalies, several under-explored historic gold prospects occur in the area. (See Map)

"We believe that we have delineated a very large, essentially unexplored gold district in Nunavut. 100% ownership of this vast area with anomalous gold in till tied together by surrounding high grade bedrock occurrences is a very exciting opportunity for the Company. Rapidly advancing large land packages at low cost in this environment is what we do well," says Mark Kolebaba, President and CEO of Uranium North.

Historic Bedrock Gold Occurrences

The most easterly permit is host to the historic Nowyak gold property where a composite sample of boulders assayed 117g/T Au and 1420 g/T Ag. It is believed that two limited exploration programs in 1998 failed to locate the source of the boulders however, several other high grade bedrock intercepts were identified (See table 1 below).

Table 1: Historic Nowyak gold results

Occurrence g/T Au Metres Sample
1 31.0 2.0 Channel
2 8.62 2.0 Core
3 9.33 1.7 Core
4 5.44 1.6 Core
5 2.67 4.0 Core
6 2.68 1.5 Core
7* 4.26 0.7 Chip

*also contains 71.8 g/T Ag,
 A grab sample yielded 172 g/T Ag from a separate occurrence
True Widths of samples unknown

Just off the western side of the main permit block is historical showing F13 where two zones with mineralization in felsic volcanic tuffs were outlined in 1964. Assays from trenches at Zone One, which has a strike of 400 metres, yielded values up to 4.9 oz/ ton (168 g/T) Au, 1.59 oz/ton (54.51 g/T) Ag and 21.4 % Cu. Available assay data is shown in Table 2 below and samples from trenches 1, 3, 4, 6, Inco1 and 2 are from zone 1 at the F13 showing.

Table 2: Historic assay results for F13 showing

Sample Gold (oz/ton) Gold (Grams/tonne) Silver (oz/ton) Silver (grams/tonne) Copper (%)
Trench 1 0.11 3.77 0.03 0.86 2.02
Trench 3 0.06 2.06 0.12 4.11 21.4
Trench 4 0.88 30.17 0.41 14.06 12.12
Trench 6 4.90 168.0 1.59 54.51 17.6
Trench 6 3.64 124.8 1.18 40.46 14.0
Inco 1 1.82 62.40 0.76 26.06 10.98
Inco 2 0.66 22.63 0.26 8.91 5.46
Trench 8 0.25 8.57 0.11 3.77 5.83
QCP 0.5 17.14 0.22 7.54 0.25
CP 0.94 32.23 0.42 14.4 0.16

Original historical data reported in ozs/ton and converted to grams/tonne by the Company using conversion factor of 34.2857. Historic sample intervals not reported.

A second zone, Zone Two at F13 showing, is outlined by EM geophysics and is represented by the sample from Trench 8. Samples QCP and CP were also collected from the property, and reported high grade gold values of 17.14 g/T and 32.23 g/T respectively.

A third historical showing, just north of the permit block, the Robin showing, reports occurrences along a 60 metre wide gossanous boulder field that extends for more than 1900 metres and is believed to be related to a shear zone. The area reported assays up to 0.55 oz/ton (18.86 g/T) Au, 1.56 oz/ton (53.49 g/T) Ag, and 9.91% Cu.

Bruce Kienlen, P.Geol, is the Qualified Person as defined by National Instrument 43-101, responsible for the till samples collected on the project. The historical work has not been verified by the Company however, Graham Gill, P.Geo, has reviewed the data and it appears to have been completed under standard best practices consistent with the time and appears to be of reasonable quality.

On behalf of Uranium North Resources

Mark Kolebaba, President and CEO

Forward-Looking Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, activities and events or developments that Uranium North Resources Corp (the "Company") expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

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