Arctic Hunter Announces Non-Brokered Private Placement

ARCTIC HUNTER URANIUM INC.

Suite 501 - 675 West Hastings Street · Vancouver · British Columbia · V6B 1N2 Telephone: (604) 681-3131 Facsimile: (604) 408-3884

NEWS RELEASE

December 1, 2010 CNSX-V Trading Symbol: AHU

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ARCTIC HUNTER ANNOUNCES NON-BROKERED PRIVATE PLACEMENT ____________________________________________________________________________________

Vancouver, B.C. - Arctic Hunter Uranium Inc. (CNSX: AHU) (“Arctic Hunter” or the “Company”) announces that it has reserved up to 2,000,000 common shares in the capital of the Company in connection with a non-brokered private placement of up to 2,000,000 units of the Company, to be issued on a “flow-through” basis, under applicable tax law (the “FT Units”) at a subscription price of $0.25 per FT Unit, for total gross proceeds of up to $500,000 (exclusive of the proceeds on the exercise of the warrants accompanying the FT Units)(the “Flow-Through Unit Offering”). The Company has also reserved up to 1,250,000 common shares in connection with a concurrent non-brokered offering of up to 1,250,000 non flow-through units (the “NFT Units”) at a price of $0.20 per NFT Unit for gross proceeds of up to $250,000 (exclusive of the proceeds on the exercise of the warrants accompanying the NFT Units) (the “NFT Unit Offering”). Each NFT Unit will consists of one (1) non flow-through common share and one-half (1/2) of one common share purchase warrant, each whole warrant exercisable into one (1) common share at an exercise price of $0.25 per share for a period of one (1) year from the date of issuance. Each FT Unit will consist of one (1) flow-through common share of the Company and one-half (1/2) of one share purchase warrant, each whole warrant exercisable into one (1) non flow-through common share at an exercise price of $0.35 per share for a period of one (1) year from the date of issuance. Each flow-through share qualifies as a “flow-through share” for the purposes of the Income Tax Act (Canada).

The Company has agreed to pay a finder’s fee equal to 8% of the gross proceeds of the Flow-Through Unit Offering payable to arm’s length parties for services in respect of such offering. It is expected that up to $500,000 of the Flow-Through Unit Offering will be placed through such arm’s length parties. Management and directors of the Company may participate in the offering up to a maximum of $100,000 of the Flow-Through Unit Offering.

The Company proposes to use the net proceeds from the Flow-Through Unit Offering for eligible Canadian exploration expenditures (as defined in the Income Tax Act (Canada) ) in connection with its exploration drilling activities in the Landrose area of west-central Saskatchewan. These expenditures will be renounced for the 2010 tax year. Closing of both the Flow-Through Unit Offering and the NFT Unit Offering are expected to occur by mid-December 2010.

The NFT Unit Offering and Flow-Through Unit Offering will be conducted on a private placement basis in accordance with prospectus exemptions under applicable securities laws. All securities issued under the NFT Unit Offering and Flow-Through Unit Offering will be subject to a four month hold period from the date of issuance in accordance with applicable securities laws.

ABOUT ARCTIC HUNTER

The Company is a Canadian resource exploration and development Company that is involved in the acquisition, exploration and development of oil and gas properties in Western Canada and mineral exploration projects throughout North America. The Company is an Alberta based, junior heavy oil producer with interests located in the Lloydminster area of west-central Saskatchewan. The Company is currently producing in aggregate at an average rate of 240 bbls/d gross of heavy oil from its three wells

(3) on its Landrose, Saskatchewan heavy oil property (80 bbls/d net after payout to the Company). The Company has plans to continue growing its current daily production base, and plans on maximizing future production growth, by implementing a series of strategic initiatives including property acquisitions and increasing its proposed exploration drilling activities proposed for 2011-2012. The Company also intends to devote a large portion of its corporate efforts to reviewing the assessment and acquisition of additional oil and gas exploration properties, which is expected to fuel the Company’s coming production growth plans and accelerate near term production and reserve growth in the oil and gas sector for 2011 and 2012.

The Company maintains a strong balance sheet and has a qualified management team in field exploration, exploration drilling, well operations and has access to the necessary manpower to develop its natural resource and production properties. The Company and its management is committed to creating long term shareholder value, by selecting and acquiring additional strategic oil and gas properties for exploration and development. The Company plans on increasing exploration and development of its existing petroleum and natural gas resource assets and plans on increasing its daily aggregate oil production by development and exploration activities.

The Company will also consider advanced stage base and precious metal property acquisitions and will seek to acquire additional exploration, development and production resource projects.

INVESTOR RELATIONS

Investors are welcomed to contact Benjamin Curry of Progressive I.R. Consultants Corp. at (604) 689- 2881, the Company’s Investor Relations specialists for all corporate updates, and investor inquiries.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Tim Coupland, President and CEO Arctic Hunter Uranium Inc.

Tel: (604) 681-3131 Fax: (604) 408-3884

or

Robert Hall, Director Arctic Hunter Uranium Inc.

Tel: (604) 408-3884

Neither the CNSX Venture Exchange nor its Market Regulator, (as the term is defined in the Policies of the CNSX) accepts responsibility for the adequacy or accuracy of this release.

The calculation of barrels of oil equivalent (“boe”) are based on a conversion rate of six thousand cubic feet (“mcf”) of natural gas to one barrel of crude oil. Boe’s may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is base on energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Reader Advisory

Certain information in this Press Release is forward-looking within the meaning of certain securities legislation, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to Arctic Hunters beliefs, plans, expectations, anticipations, estimates and intentions, including the licensing, completion and success of future drilling and development activities, the performance of existing wells, the performance of new wells, general economic conditions, availability of required equipment and services and prevailing commodity prices. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this Press Release describes Arctic Hunter’s expectations as of the date of this Press Release.

Material factors which could cause actual results or events to differ materially from such forward-looking information include, among others, risks arising from general economic conditions and adverse industry events, risks arising from operations generally, changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks, commodity price and exchange rate fluctuations; reliance on contractual rights such as licenses and leases in the conduct of its business, reliance on third parties, reliance on key personnel, possible failure of the business model or business plan or the inability to implement the business model or business plan as planned, competition, environmental matters, and insurance or lack thereof.

Arctic Hunter cautions that the foregoing list of material factors is not exhaustive, is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. When relying on Arctic Hunter’s forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.