Uranium North Provides Updated Amer Lake Uranium Resource Calculation

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/03/12 -- Uranium North Resource Corp. (TSX VENTURE: UNR) ("Uranium North" or the "Company") announces that it has increased the inferred uranium resource on the Company's 100% owned Amer Lake property in Nunavut from 19.3 million pounds to 20.9 million pounds U3O8.

At a base cut-off grade of 0.01% U3O8, an Inferred Mineral Resource is estimated at 22,948,000 tonnes averaging 0.041% U3O8, containing 20.9 million pounds U3O8.

Total Preliminary Inferred Mineral Resource - 2011

Cut-Off Grade          Tonnage (t)           Grade                U3O8 (lbs)
% U3O8                 (t x 1,000)          % U3O8         (lbs x 1,000,000)
0.01%                      22,948            0.041                     20.9
0.02%                      20,173            0.045                     19.9
0.03%                      13,590            0.054                     16.2
0.04%                       8,475            0.066                     12.3
0.05%                       5,935            0.075                      9.9
0.06%                       3,877            0.086                      7.4
0.07%                       2,280            0.102                      5.1

"The Main Zone uranium deposit remains open to the south and to the west. We are optimistic that as we continue to drill along the Main Zone deposit and similar mineralized zones to the east and west of the Main Zone, the Amer Resource will continue to grow," says President Mark Kolebaba.

The Company believes the Amer Lake basin thickens to the west providing additional uranium opportunities in the region. Eleven additional claims totaling 20,756 acres have been staked in this area.

Mineral Resource Estimate Method

The updated inferred mineral resource estimate has been prepared in compliance with the standards of NI 43-101 by A. Armitage, Ph.D., P.Geol., of GeoVector Management Inc. GeoVector is an Ottawa, Ontario based consulting firm specializing in resource estimation, project assessment and project management. A. Armitage acted as the qualified person for the resource calculation, as defined in NI 43-101, and is independent of the Company. A NI 43-101 report will be finalized and filed on SEDAR within 45 days of the date of this news release.

The Amer mineral resource estimate is based on 62 diamond and RC drill holes (9,384 meters) including 16 RC holes totaling 2,285 metres completed in 2011. A total of 2,230 assay values have been collected through 2011. Assay values were verified against drill logs and assay certificates. Drill-hole collar locations and down-hole surveys were checked and verified. The mineral resource was estimated using 1.5-meter composites of the assay values, with "zero" grade inserted into intervals that were not sampled.

The inferred mineral resource was calculated using Gemcom GEMS 6.3 software. Mineral resources were domained into 8 stratabound mineralized horizons that were based on stratigraphic controls from drill core, magnetic susceptibility and ICP geochemistry. These horizons were wireframed in Gemcom using a minimum width of 1.50 metres. The wireframes were then intersected with a block model to arrive at mineralized zone volumes. These volumes were multiplied by an average specific gravity of 2.71, as determined from 38 samples analyzed by the Saskatchewan Research Council (SRC), to arrive at tonnage within the wireframes of mineralized zones.

Grades were interpolated into the block models from the 1.50 metre composites that intersected the wireframe models. A block model was constructed using 5-meter by 5-meter by 1.5-meter blocks in the x, y and z directions respectively. Grades for uranium were interpolated into the blocks by the inverse distance squared method using a minimum of 1 and maximum of 6 composites to generate block grades. Search parametres were set up to mimic the stratigraphic strike and dip of wireframes which conform to the Amer Lake sub-basin.

Resource Classification

Mineral resources have been categorized using the classification of the Canadian Institute of Mining, Metallurgy and Petroleum (2000), with the relevant definitions provided below. This classification is the basis for Technical Reports by Qualified Persons in Canada, and the classification is virtually the same as that of the JORC code (Australia) SME guidelines (USA) SAMREC (South Africa) and that of the European Union.

An Inferred Mineral Resource can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

Due to the uncertainty which may attach to Inferred Mineral Resources, it cannot be assumed that all or part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Confidence in the estimate is insufficient to allow the meaningful appreciation of technical and economic parametres or to enable an evaluation of economic viability worthy of public disclosure.

The 2011 RC drill program was managed by GeoVector Management Inc. (www.geovector.ca) under the supervision of Alan. Sexton, M.Sc., P.Geol., and is hereby identified as the independent "Qualified Person", as defined by NI 43-101, for the Amer Lake Project. A. Armitage and A. Sexton have reviewed the technical information in this release.

The Amer Lake 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 the Agnico Eagle Meadowbank gold deposit slated to be in production by 2011. Also in the vicinity is Arevas' 147 million pound Kiggavik deposit which Areva is working towards a planned production date of 2015.

On behalf of Uranium North Resources

Mark Kolebaba, President and CEO

Forward-Looking Information

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.

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

Contacts:

Uranium North Resource Corp.

Heather Kays

Corporate Communication

604-484-7120

604-484-7143 (FAX)
info@uraniumnorth.com
www.uraniumnorth.com