Uranium North Resources Corp.

Uranium North Resources Corp.

December 06, 2006 18:48 ET

Uranium North Closes $7.1 Million Private Placement Trading Commences December 7, 2006 Under "UNR"

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 6, 2006) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Uranium North Resources Corp. (TSX VENTURE:UNR) (the "Company" or "Uranium North") announces that it has closed its brokered private placement (the "Offering"). A total of 9,492,900 Units, including an exercised over-allotment option, ("Units") of the Company at a price of $0.75 per Unit were issued for aggregate gross proceeds of $7,119,675. Each Unit consists of one common share and one-half of one transferable share purchase warrant. Each whole share purchase warrant entitles the holder to purchase one common share at a price of $0.95 per common share until December 6, 2007.

In addition, Uranium North has been informed by the TSX Venture Exchange (the "Exchange") that the shares of Uranium North will be listed and posted to commence trading on the Exchange at 6:30 am Pacific Standard Time on December 7, 2006, under the trading symbol "UNR".

Loewen, Ondaatje, McCutcheon Limited and Pacific International Securities Inc. ("Agents") acted as co-lead agents of a syndicate which included Haywood Securities Inc. and Blackmont Capital Inc.

In connection with the Offering, the Agents have been paid a 6% cash commission. In addition, the Agents were issued agent warrants entitling them to purchase up to 664,503 common shares for a price of $0.95 per share, expiring December 6, 2007.

All securities issued pursuant to the private placement are subject to a hold period and may not be traded until April 7, 2007.

ON BEHALF OF THE BOARD OF DIRECTOR

Mark Kolebaba, CEO, 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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