Purepoint Signs Athabasca Basin Joint Venture with Cameco and AREVA
TORONTO, ONTARIO -- (Marketwire) -- 11/08/12 -- Purepoint Uranium
Group Inc. (TSX VENTURE:PTU) is pleased to announce that it has
entered into a definitive joint venture agreement with Cameco
Corporation and AREVA Resources Canada Inc. for the ongoing
exploration of the Hook Lake uranium project in the Athabasca Basin
pursuant to its option agreement with Cameco announced February 7,
2007. Purepoint holds a 21% interest in the project.
"We look forward to working closely with Cameco and AREVA on the
ongoing advancement of the Hook Lake project," said Chris Frostad,
Purepoint's President and CEO. "Hook Lake has continuously
demonstrated great potential for discovery and now more so with the
Fission and Alpha joint venture's new discovery on the Patterson
-- By spending $3,350,000 on exploration since 2007, Purepoint has acquired
a 21% interest in the Hook Lake project;
-- The remaining 79% of the project is owned by Cameco Corporation (39.5%)
and AREVA Resources Canada Inc. (39.5%);
-- A winter drill program in the range of $850,000 - $1,000,000 is
currently being planned by Purepoint (as Operator) for review and
approval at the Technical Committee meeting scheduled for mid-November
Hook Lake Project
The Hook Lake Project consists of nine claims totaling 28,683
hectares and is situated in the southwestern Athabasca Basin
approximately 80 kilometers southeast of the former Cluff Lake mine.
The depth to the Athabasca unconformity is very shallow, ranging from
zero to 350 metres.
Three prospective "corridors" have been defined on the property, each
corridor being comprised of multiple conductors that have been
confirmed to be the results of graphitic metasediments that intersect
the Athabasca unconformity.
The Patterson Lake corridor is the same conductive trend along which
the Fission/Alpha joint venture has intersected anomalous
radioactivity, most notably the 6 metres of massive pitchblende in
drill hole PLS12-022 (Fission Energy press release of November 5,
2012). Within the Hook Lake project, the Patterson Corridor displays
geophysical evidence of a complex structural history and, where drill
ed, the conductors have shown favourable signs of alteration and
Historic exploration efforts focused on the Derkson Corridor, where
SMDC encountered uranium mineralization near the unconformity
averaging 0.24% U3O8 and 1.35% Ni over 2.5 metres of diamond
drilling. Drill holes along this trend encountered very encouraging
"Millennium-style" basement alteration. It is believed that the
historic shallow drilling along the Derkson Corridor did not properly
test for deeper Millennium or Eagle Point-type basement-hosted
Purepoint Uranium Group Inc. is focused on the precision exploration
of its eleven projects in the Canadian Athabasca Basin. Purepoint
proudly maintains project ventures in the Basin with the three
largest uranium producers in the world, Cameco Corporation, AREVA and
Rio Tinto. Established in the Athabasca Basin well before the initial
resurgence in uranium earlier last decade, Purepoint is actively
advancing a large portfolio of multiple drill targets in the world's
richest uranium region.
Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President,
Exploration, is the Qualified Person responsible for technical
content of this release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Purepoint Uranium Group Inc.
President and CEO
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