On January 26, 2007, Purepoint Uranium Group Inc. announced an agreement with Cameco Corporation to form a joint venture in the ongoing exploration of Cameco's Smart Lake uranium project in the Athabasca Basin. The agreement permits Purepoint, as operator, to acquire an initial 35% ownership interest through the expenditure of $4 million over a period of 6 years with the option to participate further to a maximum interest of 50%. Purepoint will have access to Cameco's exploration expertise, technology and technical assistance.
Purepoint is focused on the precision exploration of its eight, highly prospective projects in the Canadian Athabasca Basin.
Purepoint was advised in the formation of this joint venture by Allan Beach of Fasken Martineau.