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 four million acres of this land had a strong potential for uranium. By proposing to transfer the uranium assets into a new company, management strongly believed shareholders would 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 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 Corp. will focus on exploring a diverse property portfolio of over 4 million acres. Contained within this portfolio is a historical resource (6.7 million pounds of U₃0₈ - noncompliant with NI 43-101) plus numerous historical U₃0₈ prospects with high values. This portfolio distinguishes Uranium North as the only junior uranium explorer with significant and prospective land holdings in what the company believes are Canada's three most prospective basins for high grade, unconformity-vein type uranium deposits; the Athabasca, Thelon and Hornby Bay Basins.