Uranium North Resources Corp.

Uranium North Resources Corp.
Diamonds North Resources Ltd.

Diamonds North Resources Ltd.

December 04, 2006 16:28 ET

Diamonds North Resources Ltd. and Uranium North Resources Corp. Announce that Uranium North Set to Close Financing and Commence to Trade

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 4, 2006) -


Diamonds North Resources Ltd. (TSX VENTURE:DDN) ("Diamonds North") and Uranium North Resources Corp. (TSX VENTURE:UNR reserved) ("Uranium North") (collectively referred to as the "Companies") announce that Uranium North's listing application has been conditionally accepted by the TSX Venture Exchange (the "Exchange"). The acceptance is subject to the closing of the financing announced September 6th, 2006 (see Uranium North news release NR06-03) and completion of the final filings with the Exchange. The Companies expect the shares of Uranium North will be listed and posted to commence trading on the Exchange under the trading symbol "UNR" this week.

Pursuant to the Plan of Arrangement and associated assignment agreements, Diamonds North has been issued, effective November 30, 2006, 3.5 million shares of Uranium North, which shares are subject to escrow restrictions and the issuance of which has resulted in Diamonds North becoming an insider of Uranium North, with Diamonds North owning or exercising control over 28.86% of Uranium North's currently issued and outstanding shares. Upon closing of the brokered Private Placement, Diamonds North will own or exercise control over approximately 16% of the then issued and outstanding shares of Uranium North.

Uranium North owns or holds interests in projects in the Thelon, Athabasca and Hornby Bay Basin regions aggregating approximately four million acres of land located in Nunavut, the Northwest Territories and Saskatchewan. Four projects are considered drill ready to near drill ready, including a historic resource as described in Diamonds North's news release NR06-16 dated June 27, 2006. The historic resource estimate is not compliant with NI 43-101 and should not be relied upon as insufficient qualifying exploration has been carried out to delineate an NI 43-101 compliant mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

A qualifying report dated September 1, 2006 prepared by J.L. LeBel, P.Eng., of Orequest Consultants Ltd., describing the majority of Uranium North's uranium properties has now been filed on SEDAR by Uranium North.


Mark Kolebaba

CEO & President, Diamonds North Resources Ltd.

CEO & President, Uranium North Resources Corp.

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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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

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