Diamonds North Resources Ltd.

TSX VENTURE : DDN


Diamonds North Resources Ltd.
Uranium North Resources Corp.

TSX VENTURE : UNR


Uranium North Resources Corp.

November 29, 2012 09:20 ET

Diamonds North and Uranium North Report Trenching Yields 20 g/t Gold Over 1.5 Metres on Washington Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2012) - Diamonds North Resources Ltd. (TSX VENTURE:DDN) and Uranium North Resources Corp. (TSX VENTURE:UNR) ("the Companies") announce that trenching on the Poland China property in Washington State has identified a new mineralized zone with gold values up to 19.95 g/t over 1.52 metres.

"Gold values as high as 19.95 g/t represent a significant discovery on the Poland China project and emphasize the unrealized potential of our Washington State projects. Utilizing modern exploration technology and a systematic approach, this discovery was made only 55 metres from the historic mine site. Several other high priority target areas have also been identified for testing. This recent discovery provides us with added confidence as we advance the project to a drill program," says Mark Kolebaba President and CEO.

A 12 metre wide quartz stockwork zone was identified in a 22 metre long trench. Assays from this zone highlight a 9.75 metre interval with a grade of 5 g/t gold (see table below). At the east margin of this zone there is 3.05 metres grading 5.13 g/t gold and at the west margin of the zone there is 3.05 metres grading 10.57 g/t gold. The 1.52 metre long chip sample with a grade of 19.95 g/t gold occurs within the west margin of the zone. The interval between 11.6 metres and 13.1 metres adjacent to the sample yielding 19.95 g/t gold was not sampled because the backhoe could not reach bedrock.

Analytical results in table 1 are from continuous chip samples collected from bedrock exposed in the excavated trench. This trench tested a gold-in-soil anomaly that was coincident with a VLF-EM anomaly. Mapping of the trench shows predominately quartz stockwork intruding a graphitic, argillite host rock similar to the host rocks at the historic Poland China gold mine.
These new zones of mineralization were identified by soil sampling and VLF-EM surveying methods. Several other untested coincident soil and VLF-EM anomalies exist across the property and are high priority for testing and maybe related to additional quartz stockwork zones hosted by graphitic argillites.

Trench 1 Results Summary
Interval
(m)
Width
(m)
Mineralization Gold
(g/t)
Silver
(g/t)
1.83 - 3.35 1.52 0.109 0.78
3.35 - 4.88 1.52 0.27 1.19
4.88 - 6.4 1.52 Quartz stockwork 0.166 1.21
6.4 - 7.92 1.52 Quartz stockwork 4.99 6.59
7.92 - 9.45 1.52 Quartz stockwork 5.27 8.12
9.45 - 11.58 2.13 Quartz stockwork 0.415 1.34
11.58 - 13.11 1.52 No bedrock 0 g/t assigned
13.11 - 14.63 1.52 Quartz stockwork 19.95 10.6
14.63 - 16.15 1.52 Quartz stockwork 1.18 2.44
16.15 - 17.68 1.52 0.024 0.72
17.68 - 19.2 1.52 Quartz stockwork 0.032 0.82
19.2 - 20.73 1.52 0.247 0.96
20.73 - 22.25 1.52 0.221 0.93

A second trench located 100 metres to the north intersected a 6.1 metre quartz stockwork zone that is coincident with a gold-in-soil anomaly and a VLF-EM anomaly. A 1.52 metre chip sample returned 0.632 g/t gold.

Trench results support the soil sampling and VLF as useful tools in exploring the Poland China property. Plans for additional trenching and a drill program are being prepared.

The Poland China property, is located in northeast Washington in the Okanogan County, and is under lease to Minerals North LLC a U.S. subsidiary jointly owned by Uranium North and Diamonds North.

The Poland China property is 10 kilometres west of the Kinross Buckhorn Mine and lies within the same geological formation. The main vein on the Poland China property is the Kismet vein which is reported to extend for more than 750 metres. Historically only about 100 metres of the vein has been mined at shallow depth. The Kismet vein averages 2 metres in width and is as wide as 4.5 metres. Mine grades of 8.22 g/t to 12.7 g/t gold and 13.7 g/t silver have been recorded. Other mineralized veins reportedly exist on the property, one of which was 2.6 metres wide and traceable for 1500 metres.

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.

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 analyzed by ALS Canada Ltd using ICP -MS. The historical work is from private historic reports and has not been verified by the Companies, however, it appears to have been completed under standard best practices consistent with the time and appears to be of reasonable quality.

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.

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