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| | February 27, 2007
Uranium North Resources Acquires Two Properties with Widespread Uranium Minerlization
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| | VANCOUVER, February 27, 2007-Uranium North Resources (TSX-V: UNR) has been awarded three exploration permits covering two separate properties with previously identified widespread uranium Mineralization in the Thelon Region of Nunavut. These highly desirable properties are 100% Uranium North-owned and cover 132,000 acres.
The Hawk and Yathkyed Lake properties are located approximately 300 kilometres south of Areva Resources Canada Inc's 147-million-tonne Kiggavik uranium deposit, which highlights the uranium potential of this largely unexplored region. Hawk Lake is east of and contiguous to Uranium North's Baker Lake property, while Yathkyed Lake is located 120 kilometres east of South Baker.
"This is one of the last remaining areas in Canada where a company can still be the first to acquire such large tracts of land in an emerging uranium district," says Mark Kolebaba, President and CEO of Uranium North Resources. "Strategic uranium land acquisition forms a pillar of our business strategy and is an important value driver for the Company."
Mineralization on the Hawk and Yathkyed Lake properties was identified in the late 1970s prior to the worldwide collapse in uranium price in the early 1980's. The Company believes development of the property was discontinued in conjunction with this collapse leaving the properties under explored.
Hawk Lake Property
The Hawk Lake property was discovered in 1978 and explored by Noranda and a Noranda-Agip Canada joint venture until 1982. This property covers approximately 88,715-acres and consists of two permits contiguous with the east margin of Uranium North's South Baker property. Property highlights include two known mineralized zones which are likely structurally controlled, the Northwest zone and the East Zone.
Numerous drill holes are reported for the Northwest Hawk Zone and available data is shown in the table below. The best results include 0.21% U3O8 over a 23-metre drill intercept. The area drilled coincides with more than 120 radioactive boulders with assays of 4.10% to 0.05% on surface over a 40 by 220-metre area.
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Sample Sample
Zone U3O8 Length Zone U3O8 Length
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NW Hawk 0.21% 23.0 m NW Hawk 0.06% 8.0 m
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NW Hawk 0.26% 5.0 m NW Hawk 0.11% 17.0 m
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NW Hawk 0.26% 2.2 m NW Hawk 0.15% 5.0 m
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NW Hawk 0.19% 15.0 m NW Hawk 0.06% 0.6 m
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E Hawk 0.06% 1.4 m E Hawk 0.25% 1.0 m
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At the East Hawk Zone nine holes were drilled and uranium mineralization was encountered in four holes suggesting a minimum 40 by 100-metre mineralized zone. Drill intercepts have yielded 0.25% and 0.06% over 1.0 and 1.4 metres respectively. Mineralization over significant drill intersections and substantial concentrations of uranium in two nearby locations on the property warrants further exploration by the Company.
Yathkyed Lake Property
The Yathkyed Lake property comprises one 44,543-acre permit over three known uranium showings originally discovered by Shell Canada in 1978. The showings occur relatively close to each other and uranium mineralization appears structurally controlled.
Some of the highlights in the table below:
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U3O8 Sample Material
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4.22% Intensely sheared basalt in outcrop
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17.03% Undefined rock sample
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3.75% Weathered gneiss boulder
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Uranium North Resources is planning a comprehensive exploration program on both properties including structural interpretations, airborne geophysics and prospecting to identify high priority drill targets.
These properties were acquired under highly competitive circumstances by Uranium North pursuant to an agreement with MPH Consulting Limited whereby Uranium North has the sole and exclusive right to acquire uranium properties in Nunavut and the Northwest Territories identified by MPH based on their ongoing review and evaluation of an extensive proprietary uranium database for this region. It is anticipated that this relationship with MPH will ensure ongoing opportunities to acquire high quality uranium projects for the Company. Uranium North will be making a one-time cash payment to MPH of $25,000 in respect of their compilation efforts to date and will be issuing a total of $50,000 in Uranium North shares to MPH in respect of these initial property acquisitions as well as funding, at Uranium North's election, ongoing review of the MPH database.
Uranium North Resources is a rapidly evolving company committed to building long-term value through ongoing uranium discoveries and strategic acquisitions.
The data reported for the two properties 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. B. Brereton (P. Eng.) will be Uranium North's qualified person reviewing the data for this project.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Kolebaba
President & CEO, Uranium North Resources Corp.
Corporate Communications: Troy Shultz
Uranium North Resources Corp.
Telephone: (604) 484-2212
Facsimile: (604) 484-7143
Website: www.uraniumnorthresources.com
Email: info@uraniumnorthresources.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 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. |
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