April 15 2008 – Purepoint Uranium Group Inc. (TSX:PTU.V) is pleased to announce the completion of all early stage exploration on their 100% owned properties located in the Athabasca Basin. With the completion of this phase of work, Purepoint is now advancing 45 select high-potential exploration targets on nine 100% owned and two joint-ventured properties in the richest uranium producing region in the world.
“Purepoint’s long-term, systematic approach to exploration has involved the completion of extensive geophysical analysis prior to first-pass drill testing”” said Roger Watson, Purepoint’s Chief Geophysicist. “Since 2004 we have spent nearly $20 million expanding our understanding of these properties, which had already benefited from tens of millions of dollars worth of historical exploration work. We have now refined and prioritized that extensive land package and our most prospective target areas”.
“Each of our exploration targets typically encompass a large land area that contains multiple graphitic conductors measuring several kilometers in length,” said Scott Frostad, Purepoint’s Vice President Exploration. “We’ve now selected forty-five exploration target areas or zones, each representing a distinct geological setting with the potential for hosting a uranium orebody, and which are now ready to drill. First pass drilling has already commenced on a number of these target areas”.
Purepoint is optimizing several of its larger claim blocks by reducing their size to specific areas of proven interest. Purepoint estimates it should save approximately $1,600,000 per year in Provincial assessment maintenance costs.
- Forty-five high-potential uranium target areas have been defined for diamond drill testing. Each target has geophysical/geological indicators of graphitic rocks, complex structure and/or hydrothermal alteration;
- The Umfreville property is now separated into three new properties (Umfreville North, Umfreville South and Orr Lake) that host four newly defined target areas (the Porcupine, Perching, HR and Palawan Zones) covering prospective geophysical and geological indicators;
- Purepoint’s very large William River property is transected by the Clearwater Fault, a major, long-lived structure that is considered to have created favourable settings for trapping uranium-rich fluids. Two new properties (William River North and William River South) now encompass six new target areas (the Etano, Heke, Cyne, Woodstar, Payne and Palina Zones).
- Three exploration targets have been similarly identified for drill testing on the Fire Eye project, and two on the South Newnham project ;
These five new properties now join Purepoint’s six existing properties, four of which are undergoing more advanced drilling programs: Red Willow, Turnor Lake, Hook Lake and Smart Lake.
Extensive Exploration Portfolio
Below is a summary list of Purepoint’s eleven properties and drill ready target areas. More detailed information on each property’s exploration targets is available on Purepoint’s website.
Red Willow (13 target areas, including 3 advanced drill targets)
Turnor Lake (9 target areas, including 4 advanced drill targets)
Hook Lake (3 target areas, including 1 advanced drill target)
Smart Lake (5 target areas)
Fire Eye (3 target areas)
Newnham South (2 target areas)
Umfreville North (2 target areas)
Umfreville South (1 target area)
Orr Lake (1 target area
William North (3 target areas)
William South (3 target areas)
Purepoint Uranium Group Inc. is focused on the precision exploration of the 37 defined target areas on its nine100% owned projects in the Canadian Athabasca Basin, and the eight target areas hosted within 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.
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