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FOR IMMEDIATE RELEASE
Purepoint Uranium Group Inc: Red Willow
and Turnor Lake Exploration Updates
Toronto,
April 2, 2008 - Purepoint Uranium Group Inc. (TSX:PTU.V) is
pleased to report on the progress of their two winter diamond drill programs
in the Athabasca
Basin. In 2008,
twenty-nine holes for a total of 5,718 metres have been completed at the
Turnor Lake and Red Willow projects. Frozen ground conditions on both
properties are expected to allow continued drilling until mid April. Results
will be available following completion of program drilling and the review and
analysis of drill data.
"We were very focused on testing as many target areas as possible
this winter in keeping with our philosophy of continually refining and
prioritizing our targets" said Chris Frostad, President and CEO of
Purepoint Uranium Group Inc. "These are large properties with complex
geology and first pass drilling of multiple target areas will allow us to
direct our following efforts and resources in the most prudent and cost-effective
manner possible. Purepoint remains well funded with cash resources sufficient
to carry out our full exploration plans well into 2009."
Highlights
- Twenty-one
holes totaling 3,773 metres have been completed at the Red Willow
project. Initial diamond drilling targeted the Osprey Zone and Long Lake
Zone at the Red Willow project.
- Eight
holes for a total of 1,945 metres have been completed at the Turnor Lake
project. Initial diamond drilling targeted the Quetzal Zone and the
Cotinga Lake area
- Planned
drilling for April includes the Serin Zone at Turnor Lake and the Lyon
Lake Zone at Red Willow.
Red Willow
Purepoint's 100% owned Red Willow project adjoins AREVA Resource
Canada Inc.'s claim group that contains the JEB, Sue, McClean and Caribou
deposits to the west, as well as UEX's Hidden Bay project that surrounds the
Rabbit Lake, Collins Bay and Eagle Point deposits to the south. Discovered in
1980, Cameco's Eagle Point mine lies approximately 15 kilometres south of
Purepoint's Red Willow Project and remains the longest producing uranium mine
in Canada, with total mined and proven resources of 133 million lbs. U3O8.
Osprey Zone
Purepoint's first pass drilling in 2007 discovered a wide mineralized
structure associated with the Q Conductor zone that returned an average grade
of 0.20% e U3O8 over 5.8 metres, including 1.01% e U3O8 over 0.1 meters,
starting at a depth of only 71 metres. Comparisons performed at the
Saskatchewan Energy and Resources' Precambrian Geological Laboratory
confirmed that the geology surrounding the Q conductor structure demonstrates
a unique set of key features common to those found at the Eagle Point
deposit, including characteristics of the control structure, the alteration
style and the basement host rock.
Long Lake Zone
A number of radioactive boulders were discovered on the Red Willow property
in 1975 by Gulf Minerals. By 1984, Eldorado Resources had determined that
these boulders were part of a boulder train that returned assays of up to
0.80% U3O8. Prospecting by Purepoint during the summer of 2006 redefined the
original boulder train and extended it one kilometer further up-ice (i.e.
closer to the bedrock source for these rocks). Boulder sampling returned
uranium values up to 1.30% U3O8.
Lyon Lake Zone
Geophysics conducted by Purepoint in 2007 defined an EM conductor coincident
with, as well as up-ice of, two lithologically distinct boulder occurrences. Values
of 1.02% U3O8 and 1.14% U3O8 have been returned.
Turnor Lake
The Turnor Lake Project is 100% owned by Purepoint. This 9,705 hectare
property covers graphitic electromagnetic (EM) conductors that are associated
with uranium showings on adjoining properties, namely Cameco's La Rocque
occurrence (up to 33.9% U3O8 over 5.5 m) to the west and Areva's HLH-50
intercept (5.2% U3O8 over 0.38 m) located to the south. The project lies in
close proximity to several uranium deposits, including Midwest Lake, McClean
Lake and Eagle Point, and has a shallow depth to the unconformity at
approximately 180 metres.
Quetzal Zone
The Quetzal Zone is located north of Purepoint's previous drilling and was
the subject of one airborne and four types of ground geophysical surveys
during 2007. These surveys (electromagnetics, magnetics, IP resistivity and
gravity) defined over seven kilometers of EM conductors within a complex
structural setting. Areas
interpreted to be underlain by graphitic rocks and crosscutting structures
have been targeted, as they are ideally suited to host a typical Athabasca
Basin unconformity uranium deposit.
Cotinga Lake
EM conductors outlined within the Cotinga Lake area are coincident with
sandstone having a low apparent resistivity response that is thought to
represent favourable clay alteration. A water sampling program carried out by
Asamera Oil Corporation in 1977 found Cotinga Lake to have elevated
concentrations of radon.
Serin Conductor
The Serin conductor is interpreted to be the northeastern extension of the
conductor which hosts Cameco's La Rocque showing. Results from EM surveys
suggest the conductor is offset by approximately 150 metres at the same
location that a refraction seismic survey, conducted by Saskatchewan Energy
and Mines in 1984, reflects a significant down drop in the basement
topography. The MacArthur River Deposit, one of the world's largest uranium
mines, was formed at the site of a similar basement step-fault.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision exploration of more
than 42 defined target areas on its eleven 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
(416) 603-8368
www.purepoint.ca
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