Purepoint Uranium Group Inc. Announces Completion of Private Placement

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TORONTO, Oct. 26, 2020 - Purepoint Uranium Group Inc. (TSXV: PTU) ("Purepoint" or the "Company") announces that further to the Company's press release dated October 22, 2020 announcing the first tranche closing of the non-brokered private placement initially announced on October 13, 2020 (the "Private Placement"), the Company has concluded the Private Placement and will not be accepting subscriptions for additional tranches at this time. The Company reserves the right to commence a new round of private placement in the near future.

About Purepoint

Purepoint Uranium Group Inc. is focused on the precision exploration of its projects in the Canadian Athabasca Basin, the world's richest uranium region. Established in the Athabasca Basin well before the initial resurgence in uranium earlier last decade, Purepoint's flagship project is the Hook Lake Project, a joint venture with two of the largest uranium suppliers in the world, Cameco Corporation and Orano Canada Inc. The Hook Lake JV Project is on trend with recent high-grade uranium discoveries including Fission Uranium's Triple R Deposit, NexGen's Arrow Deposit and the Hook Lake JV's Spitfire discovery.

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Disclosure regarding forward-looking statements

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.

SOURCE Purepoint Uranium Group Inc.