Purepoint Uranium Group Inc.
TSX VENTURE : PTU

Purepoint Uranium Group Inc.

April 26, 2007 09:00 ET

Purepoint Uranium Group Inc: Annual Financial Statements, 2006

TORONTO, ONTARIO--(CCNMatthews - April 26, 2007) - Purepoint Uranium Group Inc. (TSX VENTURE:PTU) has now released its audited financial statements for the year ended December 31, 2006.

Highlights:

- Cash available for exploration at December 31, 2006 - $5,700,000

- Loss from operations for the year ended December 31, 2007 - $600,601

- 2007 exploration budget - $8,000,000

- Common shares outstanding at December 31, 2006 - 61,144,989

- Fully diluted common shares outstanding at December 31, 2005 - 65,409,456

Purepoint's incurred $6,128,798 in exploration expenditures on its properties during the year ended December 31, 2006 compared to $1,207,974 during the year ended December 31, 2005.

"Last year we carried out one of the most aggressive exploration programs in the Athabasca Basin," said Chris Frostad, President & CEO, Purepoint Uranium Group Inc. "The talent and infrastructure we have now assembled will allow us to increase those efforts in 2007."

Subsequent to year end the Company announced two new joint ventures with Cameco Corporation and UEM Inc. (a company owned 50% by each of AREVA Resources Canada Inc. and Cameco Corporation, the world's two largest uranium exploration, mining and milling companies).

In addition, Purepoint completed a private placement of $16,000,255 in March of this year.

Purepoint's 2006 audited financial statements can be viewed on Sedar or at http://www.purepoint.ca/Investors/FinanceState.asp.

Purepoint Uranium Group Inc. is focused on the precision exploration of its nine highly prospective projects in the Canadian Athabasca Basin. Established in the Basin well before the resurgence in uranium, Purepoint is actively advancing its large portfolio of multiple drill targets in the world's richest uranium region.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Purepoint Uranium Group Inc.
    Chris Frostad
    President and CEO
    (416) 603-8368
    Website: www.purepoint.ca