URANIUM RESOURCE Aiming for 38.0 million lb at Amer Lake

NUNAVUT — Vancouver's Uranium North Resources has released a 43-101-compliant report containing an inferred resource for the Main zone at its Amer Lake property 145 km north of Baker Lake. Using the industry-standard 0.01% U₃O₈ cutoff, the inferred material totals 21.4 million tonnes at 0.04% U₃O₈ or 19.3 million lb of contained U₃O₈. A more conservative estimate, using a cutoff of 0.05% U₃O₈ puts the contained uranium at 9.7 million lb in 5.1 million tonnes grading 0.09% U₃O₈.

Historically, the Amer Lake Main zone was estimated to contain between 6.7 million lb grading 0.07% U₃O₈ at a cutoff of 0.05% and 12.9 million lb grading 0.07% U₃O₈ using a 0.04% cutoff.

The NI 43-101 report concludes that the deposit remains open to the south and east and that it can potentially be greatly increased with continued drilling in this direction, said Uranium North. It also suggests that the current Main zone resource may be understated and that more infill drilling may increase the mineral resources as it appears to be under sampled by the historical drilling. The report provides a target of 38 million pounds U₃O₈ at a 0.01% U308 cut-off to 20 million pounds U308 at a 0.05% U₃O₈ cutoff. Expanding the deposit size is the goal of the upcoming drill program.

Maps and additional information about the Amer Lake project is available at www.UraniumNorth.com.