Purepoint Uranium Group Inc. (TSX VENTURE:PTU) is pleased to announce that it has completed a private placement of 2,272,727 units ("Units") at a price of $0.22 per Unit for gross proceeds of $500,000 to a group of investors including MineralFields Group. Each Unit will consist of one flow-through common share of Purepoint and one-half of a warrant ("Warrant"). Each whole Warrant will entitle its holder to acquire one non-flow-through common share of Purepoint for a period of 24 months from the date of issuance, at a price of $0.30 per share during the first 12 months and $0.35 per share during the second 12 months. All securities issued under this private placement are subject to resale restrictions until October 4, 2011.