RPT Uranium Corp.

RPT Uranium Corp.

June 24, 2008 09:00 ET

RPT Uranium Enters Into Letter of Intent With Sage Petroleum LLC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2008) - RPT Uranium Corp. (the "Company") (TSX VENTURE:RPT) announces that the Company has entered into a letter of intent ("LOI") with Sage Petroleum LLC ("Sage Petroleum") under which the Company and Sage Petroleum will jointly acquire, finance and explore, petroleum and natural gas properties in North America.

Sage Petroleum is a Colorado company engaged in the origination, identification, enhancement and operation of oil and gas exploration projects. Sage Petroleum is in the process of acquiring a number of oil and gas exploration prospects which are exploration ready and which will be presented to the Company for consideration. Sage's management team is comprised of Mr. Dick Moore, Mr. Wade Kennedy and Mr. Don Henderson. Mr. Moore has had a 45-year career in the oil and gas industry and has been involved with projects in most major US basins. Mr. Moore's speciality is the economic application of new technologies. Mr. Moore is also a former assistant professor at the Colorado School of Mines and holds a Ph.D. from Texas A&M. Mr. Kennedy has extensive experience in oil and gas investment banking previously with Goldman Sachs and with his own investment banking firm. Mr. Henderson has many years of experience as a geologist with Shell and more recently acted as the COO of Filon Exploration, managing a team responsible for 18 new-field and 4 new-pool discoveries.

Under the terms of the LOI, the Company and Sage Petroleum will enter into a definitive joint venture agreement within 45 days. The Company will finance Sage Petroleum's overhead costs and prospect acquisition and exploration costs. In consideration, the Company will receive an 80% working interest in all leasehold interests and contract rights acquired in approved projects under the joint venture agreement and Sage Petroleum will earn a 20% working interest in all such leasehold interests and contract rights.

Skana Capital Corp. will be paid a finder's fee of 200,000 shares of the Company for its efforts in introducing the Company and Sage Petroleum. The Company's LOI and subsequent joint venture agreement with Sage Petroleum are subject to approval by the TSX Venture Exchange.

Marshall R. Bertram, Director

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.

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

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