NEWSe: News Release - Thursday, January 20, 2011 Uranium North Resource Corp. Announces $4 Million Private Placement=======================================================================Not for distribution to United States Newswire Services or fordissemination in the United States.Vancouver, BC, January 20, 2011 - Uranium North Resource Corp.("Uranium North" or the "Company") (TSX-V: UNR) is pleased to announcethat it has entered into an agreement with BayFront Capital PartnersLtd. (the "Agent") to act as agent for and on behalf of the Company, ona "best efforts" agency basis, without underwriter liability, inconnection with a proposed private placement for aggregate grossproceeds of up to $4 million (the "Offering"). The Offering consistsof the sale of flow-through shares ("Flow-Through Shares") at a priceof
.38 per Flow-Through Share and/or units ("Units") to be priced at
.30 per Unit. Each Unit consists of one common share of the Companyand one-half of one common share purchase warrant (a "Warrant"). EachWarrant will entitle the holder to purchase one common shareexercisable for a period of 18 months following the closing date at aprice of
.38 per share for the first 12 month of the term and
.45per 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 millionFlow-Through Shares and/or Units, pursuant to the Offering. TheAgents' Option shall be exercisable, in whole or in part, on or priorto the closing date.The Company intends to use the gross proceeds of the Flow-ThroughShares for Canadian mineral exploration purposes and the net proceedsof the Units for mineral exploration and working capital. The securities issued pursuant to the Offering will be subject to a 4month and one day statutory hold period. In connection with theOffering, the Agent will receive a cash commission and broker warrants.The broker warrants will be exercisable into units with the same termsas 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 issubject to certain conditions including, but not limited to, thereceipt of all necessary approvals including the approval of the TSXVenture Exchange and the securities regulatory authorities.This news release does not constitute an offer to sell or asolicitation of an offer to buy any of the securities in the UnitedStates. The securities will not be registered under the United StatesSecurities Act of 1933, as amended (the "U.S. Securities Act") or anystate securities laws and may not be offered or sold within the UnitedStates or to U.S. Persons as defined under applicable securities lawsunless registered under the U.S. Securities Act and applicable statesecurities laws or an exemption from such registration is available.