Purepoint Uranium Group has entered into a definitive joint venture agreement with Cameco Corp for the ongoing exploration of the Smart Lake uranium project in the Athabasca Basin, Canada.

The agreement is pursuant to a 2006 option agreement signed with the Saskatoon-based uranium firm Cameco.

Purepoint, which is the operator of the project, has earned a 23% interest in the property and may acquire up to 50% ownership.

The Smart Lake property is comprised of two claims with a total area of 9,800 hectares situated in the southwestern portion of the Athabasca Basin, approximately 60km south of the former Cluff Lake mine.

Aeromagnetic and electromagnetic patterns at Smart Lake reflect an extension of the patterns underlying the Shea Creek deposits (maximum grade of 58.3% U3O8 over 3.5m) just 55km north of the property.

Purepoint president and CEO Chris Frostad said that with the discovery of a radioactive structure during the initial drilling program, Smart Lake represents an exciting asset.