November 5 2007 – Purepoint Uranium Group Inc. (TSX-V:PTU) is pleased to announce the addition to its Board of Directors of Mr. Martin Schady B.B.Sc., CA. Most recently Martin served as the Head of Business Development (Americas) for Xstrata.
After beginning his career with Arthur Andersen & Co, Martin went on to hold a variety of senior executive positions with Noranda Inc. and Falconbridge Limited including, until 2006, that of Senior Vice President, Business Development where he initiated and managed all merger & acquisition activities for the group.
“The addition of someone of Martin’s caliber to our Board signals a significant step in our corporate growth” said Chris Frostad, Purepoint’s President and CEO. “We are all looking forward to working with Martin and benefiting from his considerable breadth of experience.”
The Board of Directors has approved the issuance of 100,000 options to Mr. Schady pursuant to its stock option plan. The options are exercisable at a price of $0.54, are subject to agreed vesting schedules and expire in five years.
Under Purepoint’s stock option plan there are at present 7,314,345 common shares reserved for issuance, of which only 3,608,334 shares are subject to outstanding option grants.
The company also announces that Chris Rich will be resigning as a Director and Chairman of the Board. Chris has been an invaluable source of experience and guidance to the Board since the company’s inception and Purepoint thanks him for his assistance and contribution.
Purepoint Uranium Group Inc. is focused on the precision exploration of more than 42 defined target areas on its seven 100% owned projects in the Canadian Athabasca Basin, and its two Basin projects joint ventured with Cameco Corporation and AREVA Resources Canada Inc. Established in the Basin well before the resurgence in uranium, Purepoint is actively advancing this large portfolio of multiple drill targets in the world’s richest uranium region.
For further information please contact:
Purepoint Uranium Group Inc.
Chris Frostad, President and CEO
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