Purepoint Uranium Group Inc: Restates 2007 Interim Financial Statements

TORONTO, ONTARIO has today filed restated interim financial statements for fiscal 2007 in order to correct technical errors in the allocation of intra-period income tax recovery on flow-through shares and the amortization of certain stock compensation expenses.

These restatements are in compliance with accounting requirements, are non-cash in nature and have no impact on the operational activities or cash flows of the Company.

Income tax recovery on flow-through shares

The Company has restated its first and second quarter financial statements to reallocate certain income tax recoveries on flow through shares from the second quarter to the first quarter. The income tax recovery relates to a portion of previously unrecognized future income tax assets amounting to $440,000 pursuant to the guidelines in the CICA's Emerging Issues Committee Abstract EIC-146, Flow-Through Shares.

Stock based compensation

The Company has restated its 2007 interim financial statements to reflect the correct amortization of stock compensation expense arising from the grant on January 11, 2007 of certain employee stock options. This correction results in an increase to stock compensation expense of approximately $293,000 in the first quarter and a reduction in stock compensation expense of $66,000 in each of the second and third quarters respectively. The related disclosure has also been amended to refer to the actual vesting periods.

The amended and updated interim financial statements together with the amended and restated management's discussion and analysis are filed concurrently on SEDAR.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contacts: Purepoint Uranium Group Inc. Chris Frostad President and CEO (416) 603-8368 Website: www.purepoint.ca

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