Blue Sky Uranium Corp. Announces New Uranium Discovery In Rio Negro, Argentina by 24hgold

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NEWS RELEASE

Tuesday, February 22, 2011
Blue Sky Announces New Uranium Discovery In Rio Negro, Argentina

Blue Sky Uranium Corp. (TSX-V: BSK, FRA: MAL, WKN: A0MKXP, "Blue Sky" or "the Company") is pleased to announce prospecting results from one of seven new exploration licenses that the Company has applied for in the San Jorge Basin, Rio Negro Province, Argentina. These licenses cover a new uranium discovery that was identified by a 22,000 square kilometer airborne radiometric survey completed in 2010. Highlights include 3 meters grading 0.068 % U₃O₈ in unconsolidated sediments beginning at surface and open to depth in a hand excavated pit within a newly discovered 40 km by 10 km enclosed basin. See Table 1 below for complete results and Map 1 and 2 for sample locations.

Map 1 - http://www.blueskyuranium.com/i/maps/BSK-press-Feb2011-Map1.jpg
Map 2 - http://www.blueskyuranium.com/i/maps/BSK-press-Feb2011-Map2.jpg

The 7 exploration licenses that Blue Sky has applied for total 62,500 hectares and cover a new uranium discovery within the large San Jorge Basin, which is also host to several other Company projects including the ANIT project. Preliminary reconnaissance was done only on one license where 19 hand pits within a 7km x 4km area confirmed the presence of significant uranium mineralization hosted in fine sandstones, clays and tuffs.

This new discovery occurs at the terminus of a closed sedimentary sub-basin that is approximately 40km wide. The basin drains from rhyolitic volcanics with high background uranium values and forms the ideal geological environment in which to discover surface uranium paleo-lake deposits. The 2010 airborne radiometric data indicates that there is potential to discover significant uranium mineralization across 30km of the closed sedimentary basin.

The Blue Sky technical team is also very encouraged by the fact that some of the mineralized samples reported herein occur under thin cover where the airborne radiometric data does not indicate anomalous values. The entire terminus of the sub-basin which is prospective for uranium has been covered by Blue Sky exploration license applications. There is no evidence of previous uranium exploration in this area and a comprehensive exploration program is being planned for the new targets once the required permits have been granted.

The Company's exploration objectives are to identify satellite uranium deposits within the 200km wide San Jorge Basin and to continue to follow up on the extensive airborne survey that Blue Sky completed in 2010 to maximize Blue Sky's first mover advantage. The low cost of exploration and development combined with the very positive initial upgrading results from ANIT (see February 7, 2011 News Release) highlight the potential for economies of scale through multiple deposits.

Table 1

PIT_ID	From (m)	To (m)	Thickness_m	U ppm	V ppm	% U₃O₈**
CAL 01	0	1	1	261	445	0.031
CAL 02	0	2	2	127	282	0.015*
CAL 03	0	1	1	42	498	0.005
CAL 04	0	3	3	238	825	0.028*
CAL 05	0.5	1	0.5	104	725	0.012
CAL 06	0	3	3	575	1923	0.068*
CAL 07	0	1.5	1.5	290	579	0.034
CAL 08	0	0.5	0.5	69	128	0.008
CAL 09	0.5	2	1.5	117	720	0.014
CAL 10	0	1.5	1.5	272	631	0.032
CAL 11	0	2	2	543	1337	0.064
CAL 12	0	1	1	499	1648	0.059
CAL 13	0	1	1	339	1066	0.040
CAL 14	0	0.5	0.5	62	156	0.007
CAL 15	0	2	2	210	703	0.025*
CAL 16	0	2	2	<10	306	<0.001
CAL 17	0	1	1	157	565	0.018
H-A	0	0.4	0.4	360	1295	0.042*
H-B	0	0.8	0.8	379	689	0.045*

*open to depth **1 U ppm = 1.1792 U₃O₈
The technical information contained in this release has been prepared by Bruce Smith, AUSIMM, Blue Sky Uranium Exploration Manager and a Qualified Person as defined in National Instrument 43-101. Analyses of samples reported herein were performed by Alex Stewart Assayers, in Mendoza, Argentina, an internationally recognized analytical services provider, by means of Inductively Coupled Plasma Mass Spectrometry following a four acid digestion (ICP-AR). Blank, duplicate, and standard samples were inserted into the sample for quality assurance/quality control (QA/QC) purposes. In total, 4 quality control samples (5 % of 75 total) were analyzed. Blue Sky detected no significant QA/QC issues during review of the data. Note that 10,000 ppm = 1% and 1% = 1.1792% U₃O₈, 1% = 1.785% V₂O₅.

About Blue Sky Uranium Corp.

Blue Sky is a member of the Grosso Group, a resource management group with over 18 years of experience in exploring South America. Blue Sky, through its membership with Grosso Group Management, signed an agreement in principle for a strategic alliance with the Government of Rio Negro for the purpose of jointly exploring the potential for commercial mining activity to develop mining projects that provide for the acquisition, exploration and exploitation of polymetallic and energy related mineral deposits. The Company is dedicated to actively exploring the Patagonia region of Argentina. Experienced management and technical members, who foster relationships with a vast amount of international industry contacts, lead the exploration team on the search for quality resource opportunities.

ON BEHALF OF THE BOARD

"Sean Hurd"

Mr. Sean Hurd, President & CEO

For further information please contact:

Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058
Email: info@blueskyuranium.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.

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