TSX Venture Exchange Approves UCR Option Agreement for New Mexico Property



    TSX.V: UCR

    KIRKLAND LAKE, ON, Oct. 3 /CNW/ - Uranium City Resources Inc. ("UCR"), is
pleased to 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 (TSXv:RUN) 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

    Forward looking statements:

    This news release contains certain forward-looking statements. These
forward-looking statements are subject to a variety of risks and uncertainties
beyond UCR's control or prediction and could cause actual events or results to
differ materially from those anticipated in such forward-looking statements.
Although UCR believes that the assumptions inherent in the forward-looking
statements are reasonable, undue reliance should not be placed on these
forward-looking statements.

    
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this news release.
    





For further information:

For further information: Malcolm Bucholtz, President & CEO, T: (306)
525-0852, E: saskmining@hotmail.com

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