Mr. Chris Frostad reports

PUREPOINT URANIUM GROUP INC. CLOSES PRIVATE PLACEMENT WITH FORAN MINING CORPORATION

Purepoint Uranium Group Inc. has closed its previously announced non-brokered private placement of common share units to Foran Mining Corp. In connection with the closing, the company issued seven million units at a price of five cents per unit for aggregate gross proceeds of $350,000. Each unit comprises one common share of Purepoint and one common share purchase warrant exercisable at a price of seven cents per share for a term of two years from the date of issue. The net proceeds of the private placement will be used by Purepoint for general working capital purposes. All securities issued in connection with the closing of the private placement are subject to a four-month hold period, pursuant to the applicable securities laws, with an expiry date of April 5, 2024.

The closing of the private placement is a condition precedent to the effectiveness of the option agreement between Purepoint and a wholly owned subsidiary of Foran previously announced by Purepoint in its press release dated Nov. 20, 2023, pursuant to which Purepoint granted options to Foran to acquire up to 100-per-cent interest in Purepoint's Denare West project, located in east-central Saskatchewan. Purepoint has received conditional approval of the private placement and the option agreement from the TSX Venture Exchange. The option agreement shall become effective immediately upon receipt of the final approval of the private placement and the option agreement from the exchange.

About Purepoint Uranium Group Inc.

Purepoint Uranium Group actively operates a uranium exploration pipeline of nine advanced projects in Canada's Athabasca basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano, and a second joint venture with Cameco at Smart Lake, Purepoint also holds seven 100-per-cent-owned projects with proven uranium-rich targets. With an aggressive exploration program under way on multiple projects, Purepoint is emerging as the pre-eminent uranium explorer in the world's richest uranium district.