February 25, 2010 – Purepoint Uranium Group Inc. (TSX:PTU.V) confirmed today that United Uranium Corp has discontinued its action and released Purepoint from any obligation pertaining to a mineral claim staked by Purepoint in December 2007. The claim in question lies adjacent to Purepoint’s Red Willow project and hosts the nose of a fold in the Osprey conductor that is coincident with a magnetic low and soil anomaly outlined last fall. The Osprey conductor is the focus of this year’s winter drill program, and limited initial drill testing of the conductor’s fold nose is planned. Diamond drill results to date on the Osprey conductor have returned uranium levels as high as 3% U3O8.
“We are pleased to have this distraction behind us so that we can resume the exploration of this promising target zone” said Scott Frostad, Vice President Exploration of Purepoint Uranium Group Inc. “The geology, geophysics and most recent drill results make the Osprey Zone one of our most exciting priorities”.
New maps and diagrams outlining the Osprey Zone are now available on the company’s web site at www.purepoint.ca.
The Red Willow property consists of eight claims on the eastern edge of the Athabasca Basin. The thickness of the Athabasca sandstone varies from zero to 80 metres. The basement rocks are composed of intensely deformed and metamorphosed sedimentary, volcanic and plutonic rocks trending NE to SW. Five major uranium deposits, namely JEB, Midwest, Cigar Lake, McArthur River and Millennium, are located along a NE to SW mine trend that extends through the Red Willow Project.
The Red Willow property adjoins AREVA Resource Canada Inc.’s claim group that contains the JEB, Sue, McClean and Caribou deposits to the west and, to the south adjoins UEX’s Hidden Bay property that hosts their Horseshoe, Raven and West Bear deposits and surrounds Cameco Corporation’s Rabbit Lake, Collins Bay and Eagle Point deposits.
Purepoint Uranium Group Inc. is focused on the precision exploration of more than 55 defined target areas on its eight 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