New Horizon Uranium Corporation Notice of Default

GOLDEN, Colo.--(BUSINESS WIRE)--New Horizon Uranium Corporation (the “Company”) announces that the British Columbia Securities Commission has issued a temporary order prohibiting certain directors, officers and insiders of the Company from trading in the securities of the Company because of the failure by the Company to file, within the prescribed period of time, its audited financial statements and management’s discussion and analysis for the year ended December 31, 2007.

This restriction will remain in place until the Company’s regulatory filings are brought up to date. In accordance with Appendix A of CSA Policy 57-301, the Company confirms the following:

1. The Company is unable to file financial statements within the time period set out by the securities regulatory authorities for the year ended December 31, 2007.
2. The Company was unable to file the financial statements on time due to delays on the part of both the Company to provide certain audit related information and its external auditor to complete certain audit procedures within the prescribed time period.
3. The Company expects to file the financial statements for the year ended December 31, 2007 by May 30, 2008.
4. June 29, 2008 is the date that is two months after the filing deadline. The securities commissions or regulators may impose an issuer cease trade order if the financial statements for the year ended December 31, 2007 are not filed by June 29, 2008. An issuer cease trade order may be imposed sooner if the Company fails to file its Default Status Reports on time.
5. The Company intends to satisfy the provisions of CSA 57-301- Appendix B Default Status Reports on a bi-weekly basis as long as it remains in default of the financial statement filing requirement.
6. The Company is not subject to any insolvency proceedings.
7. There is no other material information concerning the affairs of the Company that has not been generally disclosed.

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

This summary contains forward-looking statements; these statements relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to the management of New Horizon. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. These forward looking statements are made as of the date hereof and, save and except as required by applicable securities legislation, New Horizon does not assume any obligation to update or revise them to reflect new events or circumstances.

New Horizon Uranium Corporation
William R. Wilson, 303-422-7803
President and Chief Operating Officer
Facsimile: 303-940-9572