NEWS: Nunavut May 17, 2012 - 11:05 am

Mining company reports industrial-quality graphite find

Industry covets graphite for use in batteries, steelmaking

NUNATSIAQ NEWS

Uranium North Resource Corp. said May 16 that it has identified “significant amounts of graphite” on its Amer Lake property in Nunavut’s Kivalliq region, 70 kilometres nouth from the road between Baker Lake and Agnico-Eagle’s Meadowbank gold mine.

Natural graphite is sought after by industry which uses it in batteries, steelmaking, brake linings, foundry facings and lubricants.

Uranium North said it’s found multiple graphite bearing beds ranging from 15 to 25 metres thick, which have yielded up to 4.13 per cent graphite.

“We are quite excited by the fact that the graphite at Amer occurs in thick extensive beds, not small thin veins. The thickness, grade and lateral extent of these graphite beds clearly represents a large scale deposit target for the company, depending on the nature of the graphite; this is a very significant discovery. With the future outlook of graphite and uranium, the Amer Lake property is highly valuable,” said Mark Kolebaba, the company’s president and chief executive officer, in a news release.

The graphite at Amer Lake was recognized during Uranium North’s uranium exploration program.

“This new graphite discovery increases the attractiveness of the Amer property where we have an existing uranium resource with potential to expand,” the company said.