2012-11-30 14:06:33 -
TORONTO, ONTARIO -- (Marketwire) -- 11/30/12 -- Purepoint Uranium Group Inc. (TSX VENTURE:PTU) has today filed a National Instruments 43-101 compliant technical report on its Red Willow uranium project in northern Saskatchewan. The project is under option to Rio Tinto allowing them to earn a controlling interest in the Red Willow Project by spending $22.5 million in exploration and development expenses.
"We are confident that with the efforts and funding of Rio Tinto, this advanced project will be moved quickly to discovery" said Chris Frostad, President & CEO, Purepoint Uranium Group Inc.
-- The Red Willow 43-101 compliant technical report provides detail on all
aspects of the project's history, exploration activities to date,
current understanding of the geological systems underlying the property
and recommendations for advancing the property;
-- Rio Tinto has spent approximately $2 million in exploration on the
property over the past two years and must spend a total of $5 million by
the end of 2015 in order to earn a 51% interest in the project;
-- The technical report outlines a recommended, multi-stage $3.4 million
The report can be found on Sedar.com or on Purepoint's website (www.purepoint.ca).
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 zero to 80 metres. The basement rocks are comprised 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.
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.
Purepoint Uranium Group Inc. is focused on the precision exploration of its eleven 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.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Purepoint Uranium Group Inc.
Chris Frostad, President and CEO