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FOR IMMEDIATE RELEASE Purepoint Uranium Group Inc: Drilling Begins at Smart
Lake Project
Toronto, October 8, 2008 - Purepoint
Uranium Group Inc. (TSX:PTU.V) is pleased to
announce that drilling has commenced at the Smart Lake JV project on the
south west edge of Canada's Athabasca Basin. Purepoint operates the Smart
Lake project under the terms of an agreement with Cameco Corporation that
permits Purepoint to acquire up to a 50% interest in the project.
The company has planned a four week drill program at the Smart Lake
property to test targets identified during this summer's geophysical program.
Drill hole locations have been selected utilizing
step-wise moving loop electromagnetic survey data, collected by both Cameco
and Purepoint as well as VTEM data collected by Cameco.
Last month Purepoint concluded their drill program at Hook Lake where
4 holes were drilled for a total of 1,527 metres. This short program at Smart
Lake represents the completion of Purepoint's 2008 field exploration
programs.
Smart Lake Highlights:
- 1,000
metres of drilling (four holes) planned this fall
- 68
line kilometre step-wise moving loop EM survey completed in August 2008
on the central and southern target zones
- Property
contains an extension of the aeromagnetic basement patterns which host
UEX Corporation's Shea Creek deposits to the north.
- Shallow
depth to unconformity ranging from zero to 350 metres
Smart Lake Project
The Smart Lake property includes two claims with a total area of 9,800
hectares situated in the southwestern portion of the Athabasca Basin,
approximately 60 km south of the Cluff Lake mine. Depth to the unconformity
ranges from 0 to 350 metres in depth.
Aeromagnetic and electromagnetic patterns at Smart Lake are an
extension of those observed underlying the Shea Creek deposits (max. grade of
58.3% U3O8 over 3.5 m) located under deeper sandstone cover 55 km north of
the property. Recent exploration by Purepoint and Cameco has firmly
established the presence and location of basement electromagnetic conductors
not drill tested by previous exploration campaigns.
About Purepoint
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.
Ends 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
(416) 603-8368
www.purepoint.ca
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