FOR IMMEDIATE RELEASE
Purepoint Provides Update on Red Willow Joint Venture with Rio Tinto |
September 13, 2011 - Purepoint Uranium Group Inc. (TSX:PTU.V) provided an update on the advancement of Purepoint�s Red Willow Project in the Athabasca Basin. The project is managed by Rio Tinto under an option agreement signed in December 2010.
�Rio Tinto�s focus this summer was to follow up on three new targets identified during the review of their regional 3D model completed earlier in the year� said Scott Frostad, Purepoint�s Vice President, Exploration. �Geophysical surveys are now in progress and the results will be added to the existing base of knowledge in order to prioritize the next phase of work�.
Highlights
� The newly identified targets are extensions of the existing Osprey, Dancing Lake and Big Bay Zones;
� These new zones represent large structurally complex areas conducive to large scale deposits;
� 70 kilometres of Gradient Inverse Polarization (IP) surveys are currently being conducted;
� Zones of interest are scheduled for detailed follow-up with Pole-Dipole IP surveying;
� A Technical Committee meeting is scheduled for mid-October at Rio Tinto�s offices in Vancouver to review the results and discuss the next phase of work.
Red Willow
The Red Willow property covers 25,612 hectares on the eastern edge of the Athabasca Basin. The Athabasca sandstone is shallow and the depth to unconformity varies from surface 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 are located along a NE to SW mine trend that extends through the Red Willow Project. To date only six of Red Willow's 21 delineated target zones have been subject to first pass drilling.
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 surrounds Cameco Corporation's Rabbit Lake, Collins Bay and Eagle Point deposits.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision exploration of its twelve projects in the Canadian Athabasca Basin. Purepoint proudly maintains project ventures in the Basin with the three largest uranium producers in the world, Cameco Corporation, AREVA and Rio Tinto. Established in the Athabasca Basin well before the initial resurgence in uranium earlier last decade, Purepoint is actively advancing a 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
(416) 603-8368
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Rio Tinto
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PRODUCER |
CODE : RTP |
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Rio Tinto is a producing company based in United kingdom. Rio Tinto produces aluminum, bauxite, coal, copper, diamonds, gold, iron, lead, molybdenum, silver, talc, titanium, uranium, zinc and zircon in Australia, in Brazil, in Canada, in Chile, in Guinea, in Indonesia, in Namibia, in South Africa, in USA and in Zimbabwe, develops copper, gold, lead, silver and zinc in Australia, in Mexico and in Mongolia, and holds various exploration projects in Argentina, in Australia, in Botswana, in Brazil, in Canada, in Chile, in Honduras, in Indonesia, in Mexico, in Papua New Guinea, in Peru, in Spain, in Turkey, in Uruguay and in Zimbabwe. Its main assets in production are GREENS CREEK MINE in USA, PALABORA MINE, BINGHAM CANYON, RICHARDS BAY MINERALS OPERATION and PALABORA MINE AND SMELTER in South Africa, BRASILIA MINE, CORUMBA and BARNEYS CANYON in Brazil, GRASBERG in Indonesia, ROSSING URANIUM MINE in Namibia, ESCONDIDA - OXIDE, PIMENTON, ESCONDIDA SULPHIDE and ESCONDIDA SULPHIDE LEACH in Chile, GOVE, RANGER, NORTHPARKES, ARGYLE, KENNECOTT, THREE SPRINGS, ROBE RIVER, SWEETWATER MINE, WEIPA, BENGALLA, WARKWORTH and ARGYLE DIAMONDS in Australia, SANGAREDI in Guinea, MUROWA and RENCO MINE in Zimbabwe and CAROL LAKE (IOC) in Canada, its main assets in development are CIENEGUITA in Mexico, OYU TOLGOI in Mongolia and NORTHPARKES OPEN PIT AND STOCKPILES and NORTHPARKES UNDERGROUND in Australia and its main exploration properties are KELIAN, SULAWESI, RESOLUTION, ANTELOPE and RIDGEWAY PROJECT in Indonesia, TUNCELI in Turkey, RAKKURIJARVI in Sweden, RED WILLOW and ONION LAKE in Canada, NGAYU in Congo Dem. Rep. of, CUDAL, PANNAWONICA, WEST ANGELAS, DUCIE-WENLOCK, LAKE ELPHINSTONE, MAULES CREEK, OAKLANDS, VALERIA, VICKERY, WINCHESTER SOUTH, YANDICOOGINA, JADAR, BLAIR ATHOL, HAIL CREEK, KESTREL COAL, CLERMONT COAL, BROCKMAN 2, BROCKMAN 4, MARANDOO, MT TOM PRICE - BROCKMAN ORE, MT TOM PRICE - MARRA MAMBA ORE, NAMMULDI, PARABURDOO - BROCKMAN ORE, PARABURDOO - MARRA MAMBA ORE, WESTERN TURNER, YANDICOOGINA - PISOLITE ORE HG, YANDICOOGINA - PROCESS PRODUCT, HAMERSLEY IRON – CHANNAR, HAMERSLEY IRON – EASTERN RANGE, HOPE DOWNS and JOLIMONT in Australia, SIMANDOU in Guinea, LA GRANJA and SPRING CREEK in Peru, CHAPUDI in South Africa, PORTO TROMBETAS, COLOWYO, CORDERO ROJO and DECKER in Brazil and VUELTAS DEL RIO / EL ZAPOTAL in Honduras. Rio Tinto is listed in France, in Germany, in United Kingdom and in United States of America. Its market capitalisation is US$ 10.7 billions as of today (€ 9.1 billions). Its stock quote reached its highest recent level on November 14, 2003 at US$ 99.97, and its lowest recent point on August 10, 2021 at US$ 10.01. Rio Tinto has 1 064 245 000 shares outstanding. |