Uranium North Resources Corp.
TSX VENTURE : UNR

Uranium North Resources Corp.

May 16, 2012 09:35 ET

Uranium North Discovers Significant Graphite on Amer Property and Stakes New Ground

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 16, 2012) - Uranium North Resource Corp. ("Uranium North" or the "Company") (TSX VENTURE:UNR) announces that it has identified significant amounts of graphite on its 100% owned Amer Lake Property in Nunavut. Multiple graphite bearing beds ranging from 15 to 25 metres thick have yielded up to 4.13% graphite.

Graphitic beds have been intersected by two reverse circulation drill holes 3.1 kilometres apart as well as a core hole drilled 15 kilometres to the east. The same graphitic units have been identified in three surface outcrop exposures spanning an area of 22 x 10 kilometres.

The graphitic rocks are flat lying and occur in a basin scale stratigraphic unit that is a minimum of 60 metres thick and is expected to extend over a 26 x 8 kilometre area based on geological mapping.

"We are quite excited by the fact that the graphite at Amer occurs in thick extensive beds, not small thin veins. The thickness, grade and lateral extent of these graphite beds clearly represents a large scale deposit target for the company and depending on the nature of the graphite; this is a very significant discovery. With the future outlook of graphite and uranium, the Amer Lake property is highly valuable," says Mark Kolebaba, President and CEO of Uranium North Resources.

Six test samples were randomly selected from two reverse circulation drill holes 3.1 kilometres apart and submitted for analysis to determine the graphitic carbon (Cg) content. The results from the analysis are shown in the table below.

Sample (Cg) %
54268 4.13
54271 3.2
54272 3.84
89474 0.6
89477 3.22
89482 3.77

Analysis method is Infrared

Samples have been submitted for mineral liberation analysis (MLA) to determine the nature and particle size of the graphite.

Graphite beds that outcrop at surface along the paleo-basin margins should be mapped in detail and sampled systematically. A 2000 to 3000 metre drill program with drill hole spacing at 500 to 1000 metres is required to test the grade, thickness and lateral extent of the graphite units across the basin.

Graphite at Amer Lake was recognized during the company's uranium exploration program. The presence of graphite was investigated as a reducing environment favorable for uranium precipitation. This new graphite discovery increases the attractiveness of the Amer property where we have an existing uranium resource with potential to expand. Since the discovery of graphite on Amer, the company has staked additional claims over areas with known outcropping graphitic rocks.

The project is 70 kilometres from an all season road to Baker Lake and sea access.

Bruce Kienlen, P.Geol, and Graham Gill, P.Geo, are Qualified Persons as defined by National Instrument 43-101 reviewing the data in this news release.

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 the 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."

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