PTU Purepoint Uranium Group Inc

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Purepoint Uranium Group Inc. (TSX VENTURE:PTU) is pleased to announce that it
has arranged a private placement of 5,000,000 units ("Units") at a price of
$0.20 per Unit for gross proceeds of $1,000,000 to a group of investors
including MineralFields Group. Each Unit will consist of one flow-through common
share of Purepoint and one-half of a warrant ("Warrant"). Each whole Warrant
will entitle its holder to acquire one non-flow-through common share of
Purepoint for a period of 24 months from the date of issuance, at a price of
$0.25 per share during the first 12 months and $0.30 per share during the second
12 months. All securities issued under this private placement are subject to
resale restrictions until March 7, 2010.


The net proceeds of this private placement will be used to further advance
Purepoint's uranium exploration projects in Saskatchewan. Canadian exploration
expenses incurred using the proceeds of the private placement will be renounced
to the purchasers of the flow-through common shares in accordance with
applicable law.


The private placement was brokered by First Canadian Securities(R), a division
of Limited Market Dealer Inc. For its services, First Canadian received a cash
fee of 5% of the gross proceeds of the offering, as well as broker's options to
acquire a number of units ("Broker's Units") equal to 5% of the number of Units
sold under the offering. Each Broker's Unit will entitle its holder to acquire
one non-flow-through common share of Purepoint and one-half of a Warrant for a
period of 24 months from the date of issuance, at a price of $0.20 per Broker's
Unit


"We are very pleased to be entering into this relationship with MineralFields
Group", said Christopher Frostad, President and CEO of Purepoint. "This is an
important milestone in the growth of Purepoint Uranium Group Inc. and we look
forward to working with MineralFields Group as we develop our holdings in the
Saskatchewan region."


About Purepoint

Purepoint Uranium Group Inc. is focused on the precision exploration of more
than 55 defined target areas on its eight 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.


About MineralFields, Pathway and First Canadian Securities(R)

MineralFields Group (a division of Pathway Asset Management), based in Toronto,
Vancouver and Calgary, is a mining fund with significant assets under
administration that offers its tax-advantaged super flow-through limited
partnerships to investors throughout Canada as well as hard-dollar resource
limited partnerships to investors throughout the world. Pathway Asset Management
also specializes in the manufacturing and distribution of structured products
and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class
mutual fund series). Information about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities(R) is active in leading
resource financings (both flow-through and hard dollar PIPE financings) on
competitive, effective and service-friendly terms, and offers investment
banking, mergers and acquisitions, and mining industry consulting, services to
resource companies. MineralFields and Pathway have financed several hundred
mining and oil and gas exploration companies to date through First Canadian
Securities (R).


Disclosure regarding forward-looking statements

Note: This press release contains projections and forward-looking information
that involve various risks and uncertainties regarding future events. Such
forward-looking information can include without limitation statements based on
current expectations involving a number of risks and uncertainties and are not
guarantees of future performance of the Corporation. These risks and
uncertainties could cause actual results and the Corporation's plans and
objectives to differ materially from those expressed in the forward-looking
information. Actual results and future events could differ materially from those
anticipated in such information. These and all subsequent written and oral
forward-looking information are based on estimates and opinions of management on
the dates they are made and expressly qualified in their entirety by this
notice. The Corporation assumes no obligation to update forward-looking
information should circumstances or management's estimates or opinions change.

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