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December 04, 2008 Uranium North Intersects Uranium Mineralization with Grades Up to 1.59% (31.8 lbs/ton) U308 on the KAM Property
Vancouver, December 4, 2008 --Uranium North Resources Corp (UNR -- TSX-V) announces the discovery of high-grade uranium mineralization on the KAM prospect located on the South Baker property in Nunavut. Five drill holes at KAM intersected uranium mineralization along a 200 metre zone with several significant mineralized intersections including grades up to 1.59% U3O8. These drill results significantly expand the size potential of the KAM prospect. Mineralization at KAM is near surface and is open to the north, south, and at depth. Surface exploration indicates additional uraniferous zones may exist to the west.
Drill hole K-05-08 intersected two zones: a 10 metre zone grading 0.3% (6.0 lbs/ton) U3O8 including 4 metres of 0.56% (11.2 lbs/ton) U3O8, and a 5 metre zone of 0.42% (8.4 lbs/ton) U3O8 including 1 metre of 1.16% (23.2 lbs/ton) U3O8 (see table below).
Drill hole K-03-08 collared approximately 100 metres from K-05-08, also intersected two zones: a 7 metre zone grading 0.23% (4.6 lbs/ton) U3O8, and a 9 metre zone grading 0.36% (7.2 lbs/ton) U3O8. The latter includes a 4 metre zone of 0.7% (14 lbs/ton) U3O8 which contains a 1 metre interval of 1.59% (31.8 lbs/ton) U3O8 (see Table Below).
KAM mineralization occurs in fractured and fault brecciated basement rocks and is commonly associated with chlorite and hematite alteration.
"These are the most significant drill intercepts reported in the area and are comparable to grades reported from Kiggavik and Andrew Lake deposits. With a strong cash position, Uranium North will pursue KAM as a high priority stand alone project." says Mark Kolebaba, President of Uranium North.
K-06-08 drilled 102.7 metres of volcanic rocks belonging to the Christopher Island Formation before penetrating basement rocks. A 1 metre zone of 0.10% (2 lbs/ton) U3O8 was intersected. It is likely that this hole overshot the main target horizon.
An additional drill hole was collared 2 kilometres to the west to test the possible westerly extent of the mineralized zone. The hole was lost before intersecting bedrock.
This program met the objective of locating a possible bedrock source for high grade boulders discovered on the surface in 2007 and demonstrated to the Company that the KAM prospect is potentially a sizable uranium target.
Plans for KAM include modeling of historic and 2008 drill holes to better understand the orientation of the mineralization. Drilling is planned for 2009 on the KAM target and will be designed to test along strike and at depth to further delineate the mineralized zone.
KAM is one of 12 known prospects identified on the South Baker Property and is approximately 35 kilometres from the Hawk prospect which recently yielded encouraging uranium results (see news release dated November 26, 2008). The Company's exploration concept for South Baker is based on developing tonnage from several closely spaced deposits as at Kiggavik. The Kiggavik deposits have been reported by Areva to comprise 148 million pounds from six different deposits.
A total of 1060 metres of drilling were completed in six holes by Forage Boreal Drilling of Val-d'Or, Quebec. All holes were inclined 45 degrees. All intersections reported are down-hole, core-length intervals using a 0.01% U3O8 cut-off grade. The true thickness of mineralized zones is yet to be determined.
Quality control/quality assurance
A total of 164 core samples of 0.5 -- 1.0 metres in length were processed at the Saskatchewan Research Council (SRC) Geoanalytical Laboratories, which is an ISO/IEC 17025 accredited laboratory for mineral analysis testing located in Saskatoon, Saskatchewan. Samples were analysed using SRC's Uranium Exploration ICP Package, which includes uranium by total digestion ICP-OES analyses, uranium by partial digestion ICP-OES analyses and uranium by fluorimetry analyses. All samples having more than 1000 ppm uranium were assayed using a uranium assay dissolution procedure. Numbers reported are for uranium by fluorimetry (< 1000 ppm) or uranium assay (>1000 ppm).
Laboratory method quality control included the insertion of certified reference materials applicable for the ranges of mineralization encountered. Repeat analyses were performed on every 20th sample.
Allan Armitage, Ph.D., P.Geol., Vice President - Exploration of Uranium North, is a Qualified Person as defined by National Instrument 43-101, and is responsible for quality control of exploration undertaken by the Company and has reviewed and approved the technical information in this release.
On behalf of Uranium North Resources
Mark Kolebaba President and CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release
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
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