Blue Sky Uranium Corp.
TSX VENTURE : BSK
FRANKFURT : MAL

Blue Sky Uranium Corp.

March 01, 2007 03:06 ET

Blue Sky Uranium Corp.: Letter to Shareholders

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 1, 2007) - Blue Sky Uranium Corp. (TSX VENTURE:BSK)(FRANKFURT:MAL) -

Dear Shareholders,

On February 2, 2007, the Company's name was changed from Mulligan Capital to Blue Sky Uranium Corp. and the TSX Venture Exchange accepted Blue Sky's qualifying transaction. Our Company is now trading on the TSX Venture Exchange under the symbol BSK and we are also duel listed on the Frankfurt Stock Exchange under the symbol MAL (WKN A0MKXP). With our name change and listings complete, management's focus is now on growing Blue Sky Uranium into a leader in the field of uranium exploration.

Throughout this year we will be very active in Saskatchewan, exploring on the Eagle Lake and Karin Lake uranium projects where Blue Sky has the option to earn a 60% interest from Eagle Plains Resources. The first phase of our work program will be surface exploration to refine our drill targets followed by a drill program that is planned for later in the year. Historical work has discovered U3O8 values of 8% and our intensive surface program will be following up on this target as well as several others.

Management has developed a very strong network of contacts throughout South America and it is through these relationships Blue Sky will seek to build a significant property portfolio. There are two countries that we are currently reviewing projects for acquisition, Colombia and Argentina. In Colombia Blue Sky is currently negotiating to acquire several uranium projects that cover good geological environments that have hosted uranium deposits.

In Argentina we are reviewing numerous projects in the Patagonia region and our objective is to become a major player in uranium exploration in that country. Through managements contact there are numerous opportunities available to Blue Sky in Argentina and it is Management's job to capture these for our shareholders. Using responsible exploration and development techniques, we can rapidly build value for Blue Sky and make our company an industry leader.

I would like to thank all of you for your support.

Sincerely,

Sean Hurd, President & C.E.O.

Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

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