Purepoint Uranium Group Inc.
TSX VENTURE : PTU

Purepoint Uranium Group Inc.

November 29, 2006 15:56 ET

Purepoint Uranium Group Inc: Third Quarter 2006 Financial Statements

TORONTO, ONTARIO--(CCNMatthews - Nov. 29, 2006) - Purepoint Uranium Group Inc. (TSX VENTURE:PTU) has released its third quarter financial statements for the nine months ended September 30, 2006.

Highlights:

- Cash available for exploration at September 30, 2006 - $1,193,000

- Common shares outstanding at September 30, 2006 - 50,005,756

- Fully diluted common shares outstanding at September 30, 2006 - 60,055,556

Subsequent to the end of the period Purepoint received a further $1,647,000 from the exercise of warrants. Purepoint incurred $4,150,000 in exploration expenditures on its properties in the nine month period, against an annual exploration budget of $5,500,000. The remainder of the year's exploration efforts will consist of both airborne and surface geophysical surveys on many of its properties and targets. Work at the Fire Eye and William River Projects is focused on identifying and refining drill targets, while priority target sites at Turnor Lake and Red Willow are being prepared for the coming winter drill season.

Purepoint's third quarter 2006 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 seven, 100% owned, highly prospective projects in the Canadian Athabasca Basin. Established in the Basin well before the resurgence in uranium, Purepoint is actively advancing some of the hottest 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
    Email: www.purepoint.ca