Announces Revised $4.6 Million Private Placement



November 16 2006 – Further to its news release issued October 31st, 2006, Purepoint Uranium Group Inc. (TSX-V:PTU) is pleased to announce its agreement with a syndicate of agents led by Blackmont Capital and including Loewen, Ondaatje, McCutheon Limited to amend the terms of the marketed private placement disclosed in that release.

As a result of prevailing market conditions Purepoint has agreed to increase the total amount and the issue price of the placement, which will now be comprised of 4,587,000 flow-through common shares at a price of $0.68 per share and 2,542,000 common share units (“Units”) at a price of $0.60 per Unit.

Each Unit will consist of one common share and one-half common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share for a period of up to 18 months from closing at a price of $0.75 per common share.

The Agents will receive a cash fee equal to 8% of the gross proceeds raised from the placement, as well as broker’s warrants, exercisable for a period of 18 months at an exercise of $0.60 per share, to purchase a number of common shares equal to 10% of the number of flow-through shares and Units issued in the offering.

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 exploration projects and for general capital purposes.

Purepoint Uranium Group Inc. is focused on the precision exploration of its seven, 100% owned, highly prospective projects in the Canadian Athabasca Basin. Established in the Basin well before the resurgence in uranium, Purepoint is actively advancing some of the hottest 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.