Arctic Hunter Proposes to Extend Warrants

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

May 3, 2011 CNSX Trading Symbol: AHU

ARCTIC HUNTER PROPOSES TO EXTEND WARRANTS

CALGARY, ALBERTA - Arctic Hunter Uranium Inc. (CNSX: AHU) (“Arctic Hunter” or the “Company”) proposes to extend the expiry date of 1,000,000 share purchase warrants (the “Warrants”) exercisable to purchase one common share of the Company at an exercise price of $0.30 per share from the original expiry date of May 14, 2011 to May 14, 2012. The Warrants were issued in May 2008 in connection with a non-brokered private placement financing with an original term of three years.

Proceeds from any exercise of warrants will be used to continue to fund exploration activities and for working capital purposes.

ABOUT ARCTIC HUNTER

The Company is 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 in North America. The Company is an Alberta based, junior heavy oil producer. The Company is currently producing heavy oil on its Landrose, Saskatchewan heavy oil property. The Company has a growing production base, and is maximizing future production through property acquisitions and its exploration drilling activities. The Company also intends to devote a portion of its corporate efforts to reviewing the assessment and acquisition of additional oil and gas exploration and precious metal properties and will consider any acquisition of good exploration properties if the opportunity to acquire properties of value and interest to the Company arises.

The Company maintains a strong balance sheet and has a qualified management team in field exploration, drilling and has the necessary manpower to development its natural resource and production properties. The Company is committed to creating long term shareholder value through the acquisition, exploration and development of petroleum and natural gas resources to increase its oil production and reserves through its exploration activities and strategic property acquisitions and the discovery of base and precious metals and by seeking to acquire additional exploration, development and production resource projects.

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, Corporate Development, Director Arctic Hunter Uranium Inc.

Tel: (604) 488-0860 [email protected]