Palo Duro Energy Inc.

Palo Duro Energy Inc.

June 29, 2011 12:34 ET

Palo Duro Enters Into Letter Agreement to Acquire Mining Properties in Guinea, Africa

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2011) -Uranium North Resource Corp. ("Uranium North" or the "Company") (TSX VENTURE:UNR) reports that planning for the 2011 exploration and drilling programs are underway on the Company's 100% owned Nowyak, F13 and Robin projects in Nunavut.* Plans for the Nowyak program include prospecting and geophysical surveying followed by an August drill program. Plans for the F13 and Robin projects include detailed prospecting and geophysics to delineate targets for future drilling.

Land use permits and a water license have been granted for the projects. Geological and geophysical crews have been assembled and a drill has been secured for Nowyak. Ground surveying is expected to begin on all three properties in early July. Prospecting and geophysical surveying at Nowyak will focus on high gold, silver and copper values reported at 4 locations along a 6 kilometre structure. Drilling is planned to test the most prospective areas. The highest assay obtained by the Company on Nowyak was 32.9 g/T gold, 1350 g/T silver and 4.2% copper while historical assays reported 117 g/T gold and 1420 g/T silver.*

The work presented in this update is part of a larger exploration program by the Company with drilling currently underway at the Amer Lake uranium deposit and soon to begin at the Mallery gold project.

*See news releases dated August 18, 2010 and January 12, 2011.

Bruce Kienlen, P.Geol, and Graham Gill P.Geo, are the Qualified Persons as defined by National Instrument 43-101, reviewing data for these properties and developing the programs.

About Uranium North

Uranium North Resources is a multi-commodity company focused on gold, silver and uranium in Nunavut. All properties are 100% owned including the Amer Lake uranium deposit, one of the largest uranium resources in Nunavut. The Company will be drilling the Mallery gold/silver project, the Nowyak gold deposit and carrying out a low cost expansion program on the Amer Lake uranium deposit in 2011.

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 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.

Contact Information

  • Palo Duro Energy Inc.
    Investor Relations
    1-604-639-4670 (FAX)