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Message: Completes a NI 43-101 Technical Report for the Amer Lake Property
| March 25, 2009 |
| Uranium North Completes a NI 43-101 Technical Report for the Amer Lake Property |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 25, 2009) - Uranium North Resources Corp. (TSX VENTURE:UNR) announces the Company intends to file on Sedar, a NI 43-101 Technical Report dated March 20th, 2009, for work completed by the Company in 2007 and 2008 on the Amer Lake property located in the Thelon Basin area of Nunavut, Canada. In addition, the report includes recently acquired historical drill data collected by Aquitaine in the 1970s. "Uranium North's NI 43-101 Technical Report for Amer Lake provides strong technical merit for the property and demonstrates significant expansion potential for the deposit," says Mark Kolebaba, President and CEO of Uranium North Resources. "Our 2009 program will attempt to define a resource for a large portion of the deposit and demonstrate additional potential for expansion to the south east and possibly west." Below is a brief summary of the key points within the technical report. For the full report please visit our website at www.uraniumnorth.com. Summary The Amer Lake property was explored by Aquitaine Company of Canada, Uranerz Exploration and Cominco Ltd. from 1969 to 1981. The most significant work completed on the property during this period was by Aquitaine who drilled 37 holes into the project. The complete and original assay and drill data was not available to Uranium North until late 2008. This data was used by Aquitaine to define a deposit of 7.4 million pounds at 0.10% U3O8 in 1970 and later used by Cominco in 1977 to define a 6.7 million pound deposit at 0.07% U308 and again in 1980, the data was used in a Masters of Science Thesis to define 7 million tonnes of mineralized rock grading 0.08% U3O8 for a total of 12.3 million pounds of U3O8. All estimates employ different restrictions in their calculations with Cominco and Aquitaine referring to their calculations as "Summary Ore Reserves". These estimates are historical in nature and while indicative of the presence of the potential deposit size, do not comply with NI 43-101 standard reporting and should not be relied upon. Drilling by Uranium North in 2008 extends the Amer Lake deposit further east and south than the limits defined by earlier explorers. This new drill information used in conjunction with the recently acquired Aquitaine data has allowed the company to calculate under the guidelines of NI 43-101, a 2009 target size for the deposit ranging from 11.5 to 17.5 million pounds at grades of 0.06 to 0.084% U3O8 respectively (News Release - January 23, 2009). The Amer Lake deposit is not compliant with NI 43-101 reporting standards for a mineral resource. The Company's exploration efforts are intended to delineate a NI 43-101 compliant resource on the property. The Company's long term target for the property is considerably larger than the 2009 target estimate for two reasons. 1) The mineralized zones of the Main Zone deposit appear open to the south and east, and; 2) historical drilling on the Main Zone deposit is limited to a 1.5 x 0.5 kilometre area that flanks a much larger 7.5 x 5 kilometre airborne radiometric anomaly identified by Uranium North in 2007. Plans for 2009 will focus on the Main Zone deposit. The proposed program will include infill RC drilling to reduce the current drill hole spacing and further test continuity of the mineralization within the historic deposit and towards the positive 2008 step-out holes. Further step-out drilling southwest, south and east of the deposit will also be conducted. The results of the proposed drilling is expected to provide the data required to prepare a National Instrument 43-101 compliant resource for the deposit, which the company believes may be greater than the historical 6.7, 7.4 or 12.3 million pounds U3O8 referenced by earlier explorers. The property is located 145 kilometres north of Baker Lake, Nunavut and 70 kilometres northwest of an all-season road, which extends from Baker Lake to Agnico Eagle's Meadowbank gold deposit planned to be in production by 2011. Also in the vicinity is Areva's 147 million pound Kiggavik uranium deposit which Areva is working towards a planned production date of 2015. 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 |
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