Uranium North Resources Corp.

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Feb 01, 2010: Uranium North Identifies Gold Potential on KAM Pro... (more...)

Jan 12, 2010: Uranium North Identifies 24.62 g/t Gold on its Tas... (more...)

Nov 25, 2009: Uranium North Announces Option Grants (more...)

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Sep 24, 2009: Uranium North Files NI 43-101 Report on Amer Lake... (more...)

Aug 06, 2009: Uranium North Outlines 19.3 Million Pound U3O8 Inf... (more...)

Jun 23, 2009: Uranium North Completes Flow-Through Financing (more...)

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May 28, 2009: Uranium North Announces Financing (more...)

May 27, 2009: Uranium North Completes Phase 1 Drilling at Amer L... (more...)





 April 14, 2005
Diamonds North Capitalizes on Commodity Opportunities

 News Release: 05-11

Vancouver, BC, April 14, 2005 - Diamonds North Resources Ltd. (TSX-V: DDN) reports it has signed a memorandum of understanding (MOU) with Pathfinder Resources Ltd. (TSX-V: PHR), whereby Pathfinder can earn an 80% interest in uranium rights in Diamond North's Thelon exploration permits which cover more than 3.5 million acres of land within and peripheral to the southeastern Thelon Basin located approximately 500 kilometres east of Yellowknife, Northwest Territories, Canada.

Under the terms of the MOU, Pathfinder is requires to make a cash payment of $100,000, staged issuance of 2 million shares, and exploration expenditures of $4 million over 3 years to earn an 80% interest in the uranium rights. Diamonds North will retain a 20% interest which is carried to completion of a bankable feasibility study on any uranium deposits found on the property. Pathfinder will operate the uranium exploration programs.

Diamonds North remains committed to and focused on exploring the diamond potential of all 27 million acres of prospective ground it currently holds. The Company also recognizes that this large land position offers other exploration opportunities in the form of other commodities that may benefit its shareholders. This transaction with Pathfinder demonstrates how Diamonds North can maximize the potential value of other commodities on its land while maintaining its focus on discovering Canada's next diamond mine.

The Thelon Basin is geologically similar to the prolific Athabasca Basin located about 300 kilometres to the south. The Athabasca Basin hosts a number of world-class unconformity-type very high-grade uranium deposits, which have been discovered at depths to 800 metres. The Thelon Basin has a number of unconformity-related uranium prospects, however, due to its more remote location; it has not received the intensity of exploration accorded to the Athabasca Basin. Major uranium mining companies actively exploring in the Thelon Basin include Cameco and Cogema.

The 2005 exploration program will comprise extensive regional till and soil sampling; several size fractions of the samples will be analyzed using multi-elements ICP in order to identify areas of higher priority to be flown with physical surveys.

"The Thelon Basin is today at the stage of exploration that the Athabasca Basin was in the early 1970's when peripheral basement-hosted deposits had been known but the importance of the sub-sandstone unconformity-type uranium deposit had not been recognized. Given the close geologic similarities of the Thelon and Athabasca Basins, I believe the Thelon Basin has been vastly under explored and potential for McArthur River and Cigar Lake scale deposits exists," states Vic Tanaka, President of Pathfinder Resources. Mr. Tanaka was exploration manager of Asamera Minerals Ltd., one of the partners in the properties that covered the McArthur River, Cigar Lake and Dawn Lake deposits. The McArthur River and Cigar Lake uranium deposits are among the largest unconformity uranium deposits ever discovered.

Diamonds North is a dynamic exploration team focused on strategically advancing diamond opportunities and is determined to discover Canada's next diamond mine.

ON BEHALF OF THE BOARD OF DIRECTORS


Mark Kolebaba

President & CEO


For further information, please contact:
Diamonds North Resources Ltd.
Corporate Communications: Nancy Curry
Telephone: (604) 689-2010
Facsimile: (604) 484-7143
Website: www.diamondsnorthresources.com
Email: [email protected]


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release
 
 

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