December 2 2005 – Toronto, December 2, 2005 – Purepoint Uranium Group Inc. (TSX-V:PTU) has released its financial statements for the nine months ended September 30, 2005.
At September 30, 2005, the company had a working capital surplus of $1,435,916, compared to $149,437 as at December 31, 2004. Subsequent to the quarter end, the Company closed a private placement with Blackmont Capital Inc. and CIBC World Markets as agents. That placement raised gross proceeds of $5,500,000.
Purepoint’s operations during the nine months ended September 30, 2005 produced a net loss of $197,007 (2004-$9,573) and during the three months ended September 30, 2005 a net loss of $117,951 (2004-$37). The Company incurred $478,628 in exploration expenditures on its properties during the nine months ended September 30, 2005 and $97,436 during the three months ended September 30, 2005.
“We are very pleased with our strong financial position, with nearly $7 million in the bank,” said Chris Frostad, President & CEO, Purepoint Uranium Group Inc. “Being financially prepared means we are proceeding full-speed ahead with this coming winter’s exploration program.”