Purepoint Uranium Group closes $16 million private placement

On March 20, 2007, Purepoint Uranium Group Inc. announced the closing of the second and final tranche of the private placement of units and flow-through common shares announced on February 8, 2007, with a syndicate of agents led by Blackmont Capital Inc. and CIBC World Markets Inc., and including Loewen, Ondaatje, McCutcheon Limited. In the aggregate, the two tranches of the private placement raised $16,000,255 from the sale of 4,138,000 units at a price of $1.45 per unit and 6,060,700 flow-through common shares at a price of $1.65 per flow-through share.

The gross proceeds of the offering will be spent on general corporate purposes of the company including capital expenditures.

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

Purepoint was advised in this transaction by a team from Fasken Martineau comprised of Allan Beach, Bozidar Crnatovic and Daye Kaba.