August 27 2007 – The Board of Directors of Purepoint Uranium Group Inc. (TSX-V:PTU) has approved the issuance of a total of 500,000 options to certain of its senior technical staff pursuant to its stock option plan. The options are exercisable at a price of $0.45, are subject to agreed vesting schedules and expire in five years.
“We believe that in this environment it is critical to properly motivate and retain those key individuals tasked with locating the Athabasca Basin’s next major uranium deposit.” said Chris Frostad, President & CEO of Purepoint Uranium Group Inc. “Currently over 1.5 million of the company’s outstanding options have been granted to technical and field personnel.”
Under Purepoint’s stock option plan there are at present 7,314,220 common shares reserved for issuance, of which only 3,508,334 shares are subject to outstanding option grants.
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:
Chris Frostad, President and CEO
Purepoint Uranium Group Inc.
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