July 10 2007 – Purepoint Uranium Group Inc. (TSX:PTU.V) today announced that permits have been issued and drilling has now commenced at its Red Willow Project, marking the start of the company’s expansive summer drill program in Saskatchewan’s Athabasca Basin.
“As one of the region’s largest operators, we have clearly reached a tipping point in the exploration of the Athabasca Basin. Many of our projects are now moving out of the geophysics intensive initial target definition phase and into exploratory drilling” said Chris Frostad, Purepoint’s President and CEO. “Investors should now expect to see the amount of drilling by all of the Basin’s uranium explorers increase exponentially during the coming year”.
- At Red Willow 2,000 metres of diamond drilling are scheduled on the Petrel and Osprey target zones this summer, with crews operating out of Purepoint’s Lasby Lake camp;
- Purepoint has financed the purchase of a drill for the diamond drill crew operating out of its Lasby Camp, an arrangement which grants Purepoint priority access to a minimum of 30,000 metres of drilling;
- Drill targets are shallow, at less than 100 metres to basement, resulting in rapid progress;
- An additional VTEM survey has been completed, and a detailed radiometric survey is about to commence, both designed to confirm an additional 11 targets for the coming winter’s 4,000 metre drill program;
- Prior boulder sampling by Purepoint at Red Willow succeeded in extending the historic Long Lake boulder train zone further up-ice, and returned assays as high as 1.30% U3O8.
- With cash of $18 million and a full technical and operational complement, Purepoint is well positioned to aggressively advance all nine of its Basin projects beyond the end of 2008.
Red Willow Project
Purepoint’s 100% owned Red Willow project consists of eight claims on the eastern edge of the Athabasca Basin, where 11 priority drill target areas have been delineated to date. Five major uranium deposits, JEB, Midwest, Cigar Lake, McArthur River and Millennium, are located along a NorthEast to SouthWest mine trend that extends through the Red Willow Project.
The Red Willow project lies immediately east of AREVA Resource Canada Inc.’s claim group that contains the JEB, Sue, Caribou and McClean deposits. To the south, Red Willow adjoins UEX’s Hidden Bay project that contains the Raven-Horseshoe deposits and surrounds Cameco’s Rabbit Lake, Collins Bay and Eagle Point deposits.
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.
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