Uranium North Resources Corp.
TSX VENTURE : UNR

Uranium North Resources Corp.

May 28, 2009 14:00 ET

Uranium North Announces Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 28, 2009) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

Uranium North Resources Corp. (TSX VENTURE:UNR) announces that it intends to complete a non-brokered private placement to raise up to $250,000 through the sale of flow-through shares. The flow-through shares will comprise up to 2,083,333 shares at $0.12 per share (the "Offering"). The placement is to finance the Company's uranium exploration projects.

Finders Warrants may be payable on a portion of the placement. The Finders Warrants will entitle the holder to purchase that number of non flow-through common shares which is equal to 7% of the number of Flow-Through Shares sold by the Finders. The Finders Warrants will expire twelve months after the closing of the Offering. The exercise price for the Finders Warrants will be $0.20 per common share.

Uranium North Resources is focused on its Amer Lake project in Nunavut where a drill program has been initiated in an effort to delineate a significant uranium resource.

ON BEHALF OF THE BOARD OF DIRECTORS

Mark Kolebaba, President & 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.

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

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