Uranium North Resources Corp.

Uranium North Resources Corp.

May 06, 2008 09:30 ET

Uranium North Announces First Drill Program to Expand U3O8 Mineralization on Three Projects

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 6, 2008) - Uranium North Resources Corp. (TSX VENTURE:UNR) announces that plans for drilling the Amer Lake, Hawk and KAM properties located in Nunavut, are underway. Significant uranium mineralization has been identified on all three projects. Uranium North's drill program is designed to test the extents of the mineralized zones and to provide information on size potential. Plans for the program include approximately 4000 metres of diamond drilling.

"We are pleased to be moving forward with our first drill program with a goal to rapidly identify pounds in the ground," says Mark Kolebaba, President of Uranium North. "With a strong technical team, including Mr. Daniel Faure, credited with leading the team that discovered Cigar Lake, the world's largest undeveloped high-grade uranium deposit, we are very excited about this summer's program and the potential to create new resources in proven jurisdictions."

Amer Lake - Thelon Basin Area, Nunavut

Plans for the 2008 drill program include approximately 2,000 metres of diamond drilling, designed to expand the uranium mineralization outward from the Main Zone, and focus on areas that may represent increased uranium grades. The Amer Lake prospect, located immediately northeast of the Thelon Basin, is a metasedimentary hosted uranium deposit target with a historic resource of (i)6.7 million lbs of U3O8. Recent work completed by Uranium North has identified a northwest-southeast trend associated with uranium mineralization which differs from historic assumptions of two east-west trending lobes.

The 1.5 kilometre long Main Zone is located on the western margin of a much larger 7.5 x 5 kilometre airborne uranium anomaly. This provides the company with exploration opportunity to expand uranium mineralized zones. Uranium values from boulders and outcrops within the 7 x 5 kilometre radiometric anomaly range from less than 0.1% to 8.8% U3O8, suggesting potential to increase uranium grades on the project. See company's News Release #08-04 dated February 5, 2008.

Hawk Prospect - Baker Lake Basin, Nunavut

Uranium mineralization at the Hawk prospect appears to occur along upper and lower lenses that dip 30 to 40 degrees to the south-southeast within volcanic rocks. A significant intersection of the lower lens yielded a mineralized zone of 24 metres of 0.20% U3O8 at a depth of 44 to 68 metres. The extent of the mineralized zone along strike and down dip is not known. The 2008 drill program will consist of approximately 800 metres of diamond drilling designed to test the extent of the uranium mineralization and give some initial indication of the size potential of Hawk. See company's News Release #08-09 dated April 15, 2008.

KAM - Baker Lake Basin, Nunavut

Historically, the KAM prospect was believed to be a northwest-southeast trending target. Work completed by Uranium North has identified an east-west trending magnetic low anomaly that extends for approximately six kilometres. Uranium mineralized boulders ranging from less than 0.1 to 3.5% U3O8 have been identified along two kilometres of the magnetic low anomaly. This anomaly has been interpreted as a structure in basement rocks that may control uranium mineralization in the area.

Previous drilling near the margin of the structure has identified significant mineralized zones including 4 metres of 0.15% U3O8 and 13 metres of 0.07% U3O8. Concentrations of boulders with greater than 1% U3O8 occur in zones of 100 to 150 metres along the structure. No previous drilling has been conducted directly on or across what is now interpreted to be the key exploration target. Plans for the 2008 drill program at KAM include approximately 1,200 metres of diamond drilling to test for mineralization within and along the structure and in particular, will test for zones of high grade (1% + U3O8). See News Release #08-07 dated February 20, 2008.

Land use permits for the Amer Lake Property have been obtained. Permits for KAM and Hawk, which are part of the South Baker Property, are pending. Drilling on South Baker is subject to obtaining a land use permit. Uranium North is confident in Nunavut's commitment to responsible mineral exploration and development. Uranium exploration is supported by Nunavut's 2003 Economic Development Strategy. Coupled with the commitment to responsible mineral exploration, is the reality that much of Nunavut is under-explored. Uranium North is poised to take full advantage of the targets on its Nunavut properties.

W.E. Brereton, PEng, of MPH Consulting Limited is Uranium North's qualified person with respect to these projects and has reviewed and approved the technical information in this release.

About Uranium North

Uranium North has assembled a highly skilled exploration team who are working to make the next big discovery in Canada's established uranium basins: the Athabasca in northern Saskatchewan, and the Thelon and Baker Lake Basins in Nunavut. In 2008, the company anticipates operating drill programs on three of its foundational properties and spending approximately C$5 million on advanced exploration.

(i) Not compliant with NI 43-101.This is not a resource estimate and should not be relied upon as insufficient exploration has been carried out to delineate a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

The sample data reported is from assessment files and other third party reporting. The accuracy and validity of this historic data has not been verified by Uranium North or its consultants.

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, exploitation 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, exploitation and 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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