Uranium North Resources Corp.
TSX VENTURE : UNR

Uranium North Resources Corp.
Diamonds North Resources Ltd.
TSX VENTURE : DDN

Diamonds North Resources Ltd.

October 23, 2012 09:35 ET

Diamonds North and Uranium North Report Acquisition of Talisman Copper-Silver Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 23, 2012) - Uranium North Resources Corp. (TSX VENTURE:UNR) and Diamonds North Resources Ltd. (TSX VENTURE:DDN) ("the Companies") announce that their U.S subsidiary Minerals North LLC has acquired 100% interest the historic Talisman Mine in Ferry County, Washington State, USA and an initial exploration program has been completed on the property.

Samples from the initial program yielded mineralization as high as 144 g/t silver, 3.45% copper, 6.3% lead and 6.91% zinc. A recently completed magnetic survey defined a large magnetic high anomaly west of the mine that appears to be associated with this mineralization.

"Originally we staked the Talisman mine to test for a Buckhorn type gold skarn deposit. After our initial exploration program we have identified high silver, copper, lead and zinc showings extending well beyond the mine site. The project's close proximity to the Teck Trail smelter and current commodity prices position Talisman as a high value project requiring follow-up to further trace and better define the mineralized zones," says Mark Kolebaba President and CEO.

Results from twenty grab samples collected from undocumented mineralized zones on the property are listed in the table below. The samples reported are from intermittently exposed mineralization over a 700 X 800 metre area southwest of the known Talisman mine. Mineralized zones range from about less than a metre to 10 metres in thickness and are relatively flat-lying.

Sample Silver
(g/t)
Copper
(%)
Lead
(%)
Zinc
(%)
Sample Silver
(g/t)
Copper
(%)
Lead
(%)
Zinc
(%)
1 144.0 1.02 1.24 0.14 11 19.3 2.19 0.01 0.19
2 142.0 0.05 6.35 3.35 12 18.6 2.72 0.02 0.30
3 111.0 1.47 1.36 0.04 13 14.9 0.01 0.11 0.03
4 94.4 0.07 2.08 0.78 14 12.8 0.37 0.12 0.14
5 85.5 0.00 4.29 1.08 15 11.3 0.89 0.03 0.02
6 81.6 0.00 2.68 0.02 16 7.7 0.95 0.00 0.12
7 77.5 3.45 0.04 0.07 17 4.2 0.02 0.05 0.03
8 71.6 3.12 0.02 0.20 18 2.9 0.01 0.04 0.08
9 24.9 2.08 0.00 0.11 19 1.2 0.06 0.01 6.91
10 20.3 0.34 0.01 0.12 20 1.0 0.33 0.00 0.53

Mineralization at Talisman is skarn related. Exact production records of the historic mine are not available, however, 521 tons of ore shipped during the early 1900's are reported to have averaged 5% copper, 3 opt (102.9 g/t) silver, and 4.1% zinc. This is consistent with the results obtained by the Company west of the known mine site.

Further mapping and prospecting is planned to trace and better define the mineralized zones within and around the magnetic anomaly west of the mine. In addition, the possibility of other mineralized zones exist, either up or down-section and will be tested.

No significant gold assays were reported in the 2012 samples or historically, however, gold skarn mineralization is known to zone laterally from base metal rich zones to more precious metal rich zones and will be a focus in upcoming exploration programs.

Talisman Mine fits the Minerals North LLC property criterion as it hosts high grade mineralization that could potentially support underground mining and direct shipping of ore to the Teck Trail Smelter which is only 57 km along major highway routes.

The property was staked entirely on US forest service land by Minerals North and is 100% owned.

If the property goes into production a 0.25% royalty fee will be payable to a consulting geologist. The royalty may be purchased at any time for the value of 300 ounces of gold.

Graham Gill P.Geo, and Bruce Kienlen P.Geol. are the Qualified Persons as defined by National Instrument 43-101 reviewing the data collected and overseeing the project. All the Minerals North samples were completed by ALS Canada Ltd. The historical work is from private reports and has not been verified by the Company, however, it appears to have been completed under standard best practices consistent with the time and appears to be of reasonable quality.

Diamonds North Resources Ltd. and Uranium North Resources Corp. have formed and jointly own Minerals North LLC, a Nevada registered company with the objective to explore mineral potential in Washington State. This partnership demonstrates the Companies' commitment to increasing shareholder value while maintaining low cost exploration. The Companies are actively seeking joint venture partners for our northern Canadian projects as they represent significant opportunity.

On behalf of the Board of Directors,

Mark Kolebaba, President & CEO

Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements. Grams per tonne are noted as g/t. All dollar amounts are expressed in Canadian dollars, unless otherwise specified.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information