Purepoint Uranium Group Inc.
TSX VENTURE : PTU

Purepoint Uranium Group Inc.

August 28, 2007 08:30 ET

Purepoint Uranium Group Inc: Q2 Interim Financial Statements

TORONTO, ONTARIO--(Marketwire - Aug. 28, 2007) - Purepoint Uranium Group Inc. (TSX VENTURE:PTU) has now released its interim financial statements for the six months ended June 30, 2007.

"Shareholders should be pleased with the strength of our current financial position" said Chris Frostad, President & CEO, Purepoint Uranium Group Inc. "We have adequate cash reserves to continue our aggressive exploration programs to the end of 2008. These funds are safely invested in highly liquid, guaranteed investment certificates held with CIBC."

Highlights:

- Cash available for exploration at June 30, 2007 - $15,890,000

- Loss from operations for the six months ended June 30, 2007 - $102,000

- 2007 exploration budget - $8,000,000

- Common shares outstanding at June 30, 2007 - 73,142,202

- Fully diluted common shares outstanding at June 30, 2007 - 80,359,065

Purepoint incurred $5,240,000 in exploration expenditures on its properties during the six months ended June 30, 2007 compared to $2,985,000 during the same period last year.

Last month Purepoint commenced this summer's diamond drill program at the Red Willow Project with plans to initiate similar programs at their Hook Lake and Smart Lake projects before the end of this season.

Purepoint's June 30, 2007 financial statements can be viewed on Sedar or at http://www.purepoint.ca/Investors/FinanceState.asp.

About Purepoint

Purepoint Uranium Group Inc. is focused on the precision exploration of more than 42 defined target areas on its seven 100% owned projects in the Canadian Athabasca Basin, and its two Basin projects joint ventured with Cameco Corporation and AREVA Resources Canada Inc. 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.

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