Mr. Chad Ulansky reports

NORTHERN URANIUM ELECTS TO FORM 70/30% JV WITH CANALASKA

Northern Uranium Corp. intends to form a 70-per-cent/30-per-cent joint venture with Canalaska Uranium Ltd. for the northwest Manitoba property.

In accordance with the option agreement with Canalaska, to earn the 70-per-cent interest in the project, Northern Uranium was required to spend a total of $6-million and issue a total of seven million shares and 3.5 million warrants to Canalaska within the period required by the agreement. To date, the company has allocated expenditures totalling $8,680,249 to the project, and issued all required shares and warrants; all warrants issued under the option agreement expired unexercised.

Northern Uranium had the right to acquire an 80-per-cent interest in the project through additional $5.6-million in expenditures on the project and further issuances of shares and warrants to Canalaska. In September, 2015, the company announced that it had elected to work towards this goal. The company issued a further five million shares and 2.5 million warrants exercisable at five cents for a term expiring Sept. 15, 2018. While the company incurred further expenditures as it continued work on the project, management has elected not to proceed further and has decided to form the joint venture at 70 per cent and 30 per cent. Management is currently working on finalizing the joint venture agreement, as well as exploring other options for the property and the company.