TSX Venture Exchange Approves UCR Option Agreement for New Mexico Property

TSX Venture Exchange Approves UCR Option Agreement for New Mexico Property

Uranium City Resources Inc. announce that the TSX Venture Exchange has now approved the previously announced (see Press Release of September 30, 2008) Option Agreement with Running Fox Resources whereby UCR can earn up to a 60% interest in 178 lode mining claims (over 3160 acres) located in a well known area of mineralization south and west of Albuquerque, New Mexico.

For UCR to earn a 50% interest, the modified terms of this Agreement as approved by the TSX Venture Exchange are as now as follows:

Year 1 – UCR to issue 1.5 million common shares to Running Fox Resources (TSXv:RUN) upon approval of Agreement

– UCR to undertake a US$200,000 exploration program

Year 2 – UCR can elect to issue either 1 million common shares at a deemed value of $0.15 or make cash payment of $150,000 to Running Fox

– UCR to undertake a US$200,000 exploration program

Year 3 – UCR can elect to issue either 1 million common shares at a deemed value of $0.20 or make cash payment of $200,000 to Running Fox

– UCR to undertake a US$200,000 exploration program

In Year 3, UCR can earn an additional 10% interest (taking its total to 60%) by producing a bankable feasibility study.

About Uranium City Resources

Uranium City Resources is a Canadian based junior exploration company with existing projects in the Province of Saskatchewan. UCR has over 100,000 acres of exploration property in northern Saskatchewan. More information about UCR is available on line at www.uraniumcityresources.com

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