April 13, 2011 – Purepoint Uranium Group Inc. (TSX:PTU.V) disclosed today, on the advice of the [Investment Industry Regulatory Organization of Canada], information regarding the acquisition of shares of the company.
On or around March 7, 2011 Andrievski Asset Management (“AAM”), a company headquartered in Switzerland, posted on their web site that they had acquired “14,139,900 shares of Purepoint Uranium Group Inc. for AAM clients (no more than 10% for each investor), which comprises 17.94% of the market capitalization. Currently Andrievski Asset Management begins to consolidate these shares in a newly-organized structure”.
Further, on or around March 11, 2011, AAM posted a further notice on its web site stating that “AAM with its director Alexey Andrievski at the head conducted a conference with its customers – strategic investors of Purepoint Uranium Group Inc. As a result of it there was taken a decision about rising a consolidation stock of shares of Purepoint Uranium Croup Inc. up to 25%+1%.”
AAM has made no filing as an insider in Canada. Purepoint has been unable to confirm whether the disclosure of these transactions were made in compliance with Ontario Security Commission Regulations and National Instrument 62-103 or whether these transaction, in fact, occured at all.
Purepoint Uranium Group Inc. is focused on the precision exploration of its twelve projects in the Canadian Athabasca Basin. Purepoint proudly maintains project ventures in the Basin with the three largest uranium producers in the world, Cameco Corporation, AREVA and Rio Tinto. Established in the Athabasca Basin well before the initial resurgence in uranium earlier last decade, Purepoint is actively advancing a large portfolio of multiple drill targets in the world’s richest uranium region.
Scott Frostad BSc, MASc, PGeo, Purepoint’s Vice President, Exploration, is the Qualified Person responsible for technical content of this release.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information please contact:
Purepoint Uranium Group Inc.
Chris Frostad, President and CEO