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Between 2002 and 2005, Diamonds North aggressively acquired 27 million acres of land prospective for diamonds in Northern Canada. After review of exploration data and historical data, Diamonds North determined approximately three million acres of this land was also highly prospective for uranium. Through a Plan of Arrangement the uranium assets were transferred into a new company, Uranium North Resources Corp, to capture additional value without dilution to Diamonds North, and without diverting Diamonds North's determination of discovering Canada's next diamond mine. The Plan of Arrangement proposed was approved by the Diamonds North shareholders May 10th, 2006, Diamonds North's shareholders received one share of Uranium North Resources Corp. for every six shares of Diamonds North Resources Ltd. held on the effective date, July 28th, 2006 Uranium North Resources (URN: TSX.V) is focused on fully owned uranium opportunities in the Athabasca, Thelon and Hornby basins---the three most prolific uranium basins in Canada. The Company has five key projects within the basins, each with previous exploration and indications of widespread uranium mineralization, including the Amer Lake Property which hosts a 6.7 million pound historical uranium resource (non NI 43-101 compliant). During the 2007 field season Uranium North completed comprehensive exploration on all five areas by flying 60,000-line-kilometres of airborne geophysical surveys combined with widespread rock and soil sampling. Results from last year defined the current 2008 exploration program which includes drilling on three projects; Amer Lake, KAM and Hawk in the Thelon Basin area of Nunavut and detailed geophysics on Carswell in the eastern Athabasca Basin. While a uranium discovery at any one of these three projects could carry the company forward on a stand-alone basis, together they bring stability, strength and value. For more information please visit www.uraniumnorth.com |
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