Uranium North Resources Corp.

Uranium North Resources Corp.

June 23, 2011 10:00 ET

Uranium North Reports Drill Mobilization Underway on the Mallery Gold-Silver Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2011) -Uranium North Resource Corp. ("Uranium North" or the "Company") (TSX VENTURE:UNR) reports that a two year land use permit and five year water license for drilling on the Company's 100% owned Mallery gold-silver project in Nunavut has been issued. A contract with Lantech Drilling Services Inc. is finalized and mobilization of the drill from Baker Lake to the Mallery project will begin shortly.

Plans for the program are being finalized and will include drilling to test:

  • the frequency of veining and open pit potential of the Stockwork zone
  • a 200 metre wide resistivity high, on the east side of the Stockwork zone
  • the extent and width of the 17 Vein where samples assayed up to 54 g/T Au 272 g/T Ag
  • the Western zone, where a grab sample returned 8.6 g/T from a 3 metre wide vein
  • the Tundra zone mineralization.

"Wehave some fantastic targets to drill on Mallery. This is the first time this area has been drilled so the potential for a significant discovery is quite possible," says Mark Kolebaba, President and CEO of Uranium North Resources.

The resistivity high, coincident with and flanking the quartz Stockwork zone, is a priority target that may indicate intense quartz veining and silica alteration. Gold and silver mineralization at Mallery is associated with quartz veining and silica alteration.

In addition to drilling, detailed ground magnetic surveying and prospecting are planned. A significant gold grain anomaly that has been identified 3 kilometres to the south will also be investigated.

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.

Bruce Kienlen, P.Geol, and Graham Gill P.Geo, are the Qualified Person as defined by National Instrument 43-101, reviewing data for this property.

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."

Contact Information