Blue Sky Uranium Corp. Update to Shareholders

(via Thenewswire.ca)

Blue Sky Uranium Corp. (TSX-V: BSK, FSE: MAL (WKN A0MKXP), "Blue
Sky" or the "Company") provides an update to
shareholders.

Dear Shareholders,

The last twelve months have been a formative year for Blue Sky. Our
team made several new and exciting grass root uranium discoveries
within a new uranium district that our Company identified in
Patagonia, Argentina. These new discoveries notably include the
surficial high grade values at the Ivana project in Rio Negro Province
and the sandstone-type Sierra Colonia project in Chubut Province. Our
technical accomplishments have been acknowledged by the leading
International Atomic Energy Agency and also very recently attracted
AREVA (ranked first in the global nuclear power industry) as our
valued partner.

Blue Sky has achieved significant success in the field despite the
significant global economic, political, and environmental challenges
the Company faced in 2011, such as the stock market decline and the
short to medium term uncertainty of the uranium industry related to
events at the Fukushima-Daiichi nuclear power plant in Japan. Over the
last several months while seeking additional funding sources it was
highlighted that our share structure is a barrier to financing in the
current market conditions. To address this issue, we announced a
capital restructuring on January 27, 2012. This necessary step is
required to make the Company more attractive to fund our continued
growth.

Blue Sky is positioned for success in 2012 based on our impressive
land package, our partnership with AREVA, and ongoing exploration
throughout the year (see February 8th, 2012 press release) we are
building a strong foundation for Blue Sky to be the leading uranium
exploration company in Argentina. The Company has made significant
progress and together with AREVA our goal is to define economic
uranium ore bodies in Argentina and to enhance shareholder returns.

About Blue Sky Uranium Corp.

Blue Sky is one of Argentina's best positioned uranium exploration
companies with more than 5,000 km2 of tenements. The Company's mission
is to deliver exceptional returns to shareholders by acquiring,
exploring and advancing a portfolio of uranium projects with an
emphasis on surficial deposits, in Argentina and other jurisdictions.

The Company recently entered into a MOU with AREVA to jointly explore
Argentina for uranium deposits. The partnership will take full
advantage of AREVA's vast global experience, Blue Sky's technical team
and the Company's well established presence throughout Argentina (see
press release of January 4, 2012 for complete details).

The Company is a member of the Grosso Group, a resource management
group with experience in South America since 1993. As a member company
of the Grosso Group, Blue Sky benefits from the signing of an
agreement in principle for a strategic alliance with the Government of
the Rio Negro province, Argentina, for the purpose of jointly
exploring the potential for commercial mining activity. Argentina has
an advanced nuclear industry, centered in the Rio Negro Province.

ON BEHALF OF THE BOARD

"Sean Hurd"

______________________________________

Mr. Sean Hurd, Chairman and CEO

For further information please contact:

Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058

Email: info@blueskyuranium.com

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.

This news release may contain forward-looking statements including but
not limited to comments regarding the timing and content of upcoming
work programs, geological interpretations, receipt of property titles,
potential mineral recovery processes, etc. Forward-looking statements
address future events and conditions and therefore involve inherent
risks and uncertainties. Actual results may differ materially from
those currently anticipated in such statements. Readers are encouraged
to refer to the Company's public disclosure documents for a more
detailed discussion of factors that may impact expected future
results. The Company undertakes no obligation to publicly update or
revise any forward-looking statements. We advise U.S. investors that
the SEC's mining guidelines strictly prohibit information of this type
in documents filed with the SEC. U.S. investors are cautioned that
mineral deposits on adjacent properties are not indicative of mineral
deposits on our properties.

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