Announces $16 Million Private Placement with Blackmont Capital and CIBC as Co-Lead Agents



February 22 2007 – Further to its news release issued February 8th, 2007, Purepoint Uranium Group Inc. (TSX-V:PTU) is pleased to announce its revised agreement with a syndicate of agents led by Blackmont Capital Inc and CIBC World Markets Inc. and including Loewen, Ondaatje, McCutcheon Limited.

Purepoint has agreed to raised $16,000,255 by way of a marketed private placement comprised of 6,060,700 flow-through common shares at a price of $1.65 per share and 4,138,000 common share units at a price of $1.45 per Unit. Each Unit will consist of one common share and one half of one common share purchase warrant. Each full warrant will entitle the holder to purchase one common share at $2.00 per share for a period of two years from the closing date.

Completion of the private placement is subject to certain conditions, including satisfactory due diligence by the Agents and receipt of all necessary regulatory approvals.

The net proceeds of this private placement will be used to further advance Purepoint’s nine uranium exploration projects and for general corporate purposes. Closing of the private placement is expected on or about March 9, 2007.

Purepoint Uranium Group Inc. is focused on the precision exploration of its nine highly prospective projects in the Canadian Athabasca Basin. Established in the Basin well before the resurgence in uranium, Purepoint is actively advancing its large portfolio of multiple drill targets in the world’s richest uranium region.

The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the benefit of U.S. persons except in certain transactions exempt from the registration requirements of such Act. This news release shall not constitute an offer to sell nor the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

Disclosure regarding forward-looking statements

Note: This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Corporation. These risks and uncertainties could cause actual results and the Corporation’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Corporation assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.


For further information please contact:

Chris Frostad, President and CEO
Purepoint Uranium Group Inc.
(416) 603-8368