Uranium North Resource Corp. Announces $4 Million Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES.


Uranium North Resource Corp. ("Uranium North" or the "Company") (TSX
VENTURE:UNR) is pleased to announce that it has entered into an agreement with
BayFront Capital Partners Ltd. (the "Agent") to act as agent for and on behalf
of the Company, on a "best efforts" agency basis, without underwriter liability,
in connection with a proposed private placement for aggregate gross proceeds of
up to $4 million (the "Offering"). The Offering consists of the sale of
flow-through shares ("Flow-Through Shares") at a price of $0.38 per Flow-Through
Share and/or units ("Units") to be priced at $0.30 per Unit. Each Unit consists
of one common share of the Company and one-half of one common share purchase
warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one
common share exercisable for a period of 18 months following the closing date at
a price of $0.38 per share for the first 12 month of the term and $0.45 per
share for the remainder of the term.


The Company will grant the Agents an option (the "Agent's Option"), which will
allow the Agent to sell an additional $3 million Flow-Through Shares and/or
Units, pursuant to the Offering. The Agents' Option shall be exercisable, in
whole or in part, on or prior to the closing date.


The Company intends to use the gross proceeds of the Flow-Through Shares for
Canadian mineral exploration purposes and the net proceeds of the Units for
mineral exploration and working capital. 


The securities issued pursuant to the Offering will be subject to a 4 month and
one day statutory hold period. In connection with the Offering, the Agent will
receive a cash commission and broker warrants. The broker warrants will be
exercisable into units with the same terms as the Units for a period of 18
months following the closing date.


The offering is scheduled to close on or about February 8, 2011 and is subject
to certain conditions including, but not limited to, the receipt of all
necessary approvals including the approval of the TSX Venture Exchange and the
securities regulatory authorities.


This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities will not
be registered under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act") or any state securities laws and may not be offered or
sold within the United States or to U.S. Persons as defined under applicable
securities laws unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is available.


CAUTIONARY STATEMENT: This News Release includes certain "forward-looking
statements". All statements other than statements of historical fact, included
in this release, including, without limitation, statements regarding potential
mineralization and reserves, exploration results, future plans and objectives of
Uranium North Resource Corp., are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events could differ
materially from those anticipated in such statements. Important factors that
could cause actual results to differ materially from Uranium North Resource
Corp.'s expectations are the risks detailed herein and from time to time in the
filings made by Uranium North Resource Corp. with securities regulators.