Purepoint Signs Athabasca Basin Joint Venture With Cameco
January 11 2011 - 8:00AM
Marketwired
Purepoint Uranium Group Inc. (TSX VENTURE: PTU) is pleased to
announce that it has entered into a definitive joint venture
agreement with Cameco Corporation for the ongoing exploration of
the Smart Lake uranium project in the Athabasca Basin pursuant to
its option agreement with Cameco announced December 5, 2006.
Purepoint, as operator, has currently earned to date a 23% interest
in the project and may acquire up to 50%.
"With the discovery of a highly altered, radioactive structure
during our initial drill program, Smart Lake represents an exciting
asset." said Chris Frostad, Purepoint's President and CEO. "We are
eager to return to the project and are currently finalizing our
plans for its continued advancement this year".
Highlights:
-- Purepoint may acquire up to 35% ownership interest through the
expenditure of an additional $1.9 million by 2013 with the option to
participate further to a maximum interest of 50%
-- To date Purepoint has performed 1,436 metres of first pass diamond
drilling;
-- The most recent drill program discovered a radioactive structure that
displays multiple episodes of intense alteration;
-- The newly discovered radioactive structure at Smart Lake is associated
with graphite and the Shearwater conductor;
-- Best results reported to date from SMT08-05 where downhole total gamma
results returned 0.22% eU3O8 over 0.2 m;
-- The Shearwater conductor has been outlined over 1.0 kilometer by a
ground EM survey and over 1.4 kilometers by an airborne EM survey.
Smart Lake Project
The Smart Lake property is comprised of 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 former Cluff Lake
mine. Depth to the unconformity is shallow, at zero to 350 metres.
Aeromagnetic and electromagnetic patterns at Smart Lake reflect an
extension of the patterns underlying the Shea Creek deposits
(maximum grade of 58.3% U3O8 over 3.5 m) just 55 km north of the
property. Recent exploration by Purepoint and Cameco has firmly
established the presence and location of a number of basement
electromagnetic conductors that have never been drill tested.
About Purepoint
Purepoint Uranium Group Inc. is focused on the precision
exploration on its eleven projects in the Canadian Athabasca Basin.
The company proudly maintains project partnerships with the three
largest uranium producers in the world, Cameco Corporation, AREVA
and Rio Tinto. 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.
Contacts: Purepoint Uranium Group Inc. Chris Frostad President
and CEO (416) 603-8368 www.purepoint.ca
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