March 03, 2011 16:34 ET

eResearch Issues Initiating Report on Purepoint Uranium Group Inc.

TORONTO, ONTARIO--(Marketwire - March 3, 2011) - Purepoint Uranium Group Inc. (TSX VENTURE:PTU) is a junior uranium exploration company with twelve early-stage projects located in Saskatchewan's Athabasca Basin region.

Having been relatively quiet for the best part of 2009-2010, Purepoint's management is now aggressively pushing the Company forward: (1) recently signing attractive agreements with Rio Tinto and Cameco, both of which are also active in the Athabasca Basin; and (2) implementing a $3-$4 million 2011 drilling program. 

Uranium stocks have been riding the recent spike in the spot price, which has risen almost 75% from its 2010 low. With a resurgence in global demand for nuclear energy, uranium has an enviable long-term outlook. In that context, uranium stocks should do well, and Purepoint can be expected to participate. We rate the shares as a Speculative Buy, with a 12-month Target Price of $0.95 per share.

This Press Release was prepared by eResearch and was not vetted by Purepoint Uranium Group Inc. Further, the Recommendation and Target Prices contained in this Press Release and in the Initiating Report are strictly those of eResearch and, due to securities laws, are not endorsed by Purepoint Uranium Group Inc.

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Purepoint Uranium Group Inc. paid eResearch a fee to conduct research on the Company, on an Annual Continuous Coverage basis.

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