JNR Announces Drilling Results At South Fork Uranium Project

The drilling program focused on the largest paleochannel in the Frenchman and Ravenscrag Formations, as interpreted from a Fugro Tempest airborne EM survey. These formations are believed to have the potential to host roll-front style uranium mineralization, similar to that found in the prolific Powder River Basin of Wyoming.

Four of the drill holes intersected significant uranium mineralization in sandstones of the Ravenscrag formation. The best intersection was obtained in SF-1042 at 66.8 metres vertical depth, returning an average grade of 0.028% eU(3)O(8) over 1.4 metres, including 0.038% eU(3)O(8) over 0.7 metres (Table 1). Additional mineralized intersections ranged from 1.4 metres grading 0.014% eU(3)O(8) to 0.7 metres grading 0.025% eU(3)O(8).

Of the remaining 41 drill holes, nine intersected anomalous radioactivity (greater than 2x background), 14 are considered to be weakly anomalous (2x background) and the remaining 18 were barren.

Chris M. Healey, P.Geo, President of UPC, commented, "Given the early stage of the exploration of this large property, it is very encouraging to see grades approaching those found in economic deposits in other parts of the world in several of our drill holes."

The Companies have increased their land holding in the area to fully cover all of the targets identified by the airborne survey. The South Fork project now consists of some 76 claims, totaling approximately 64,000 hectares.

UPC can earn up to 65% interest in the South Fork property by reimbursing JNR for prior expenditures (completed) and by spending $2,500,000 on exploration activities by January 25, 2011. Under a subsequent agreement, Mega Uranium Ltd. (MGA-TSX) has the right to acquire 50% of UPC's interest.

All holes were drilled at -90 degree dip. Lengths presented in Table 1 represent down hole measurements and are estimated to approximate true width. Grades are reported as equivalent uranium (eU(3)O(8)) as determined by downhole radiometric logging equipment. Contract logging services were provided by Century Wireline Services of Penhold, AB. -- www.cnxmarketlink.com