Lumina Capital To Invest In Blue Sky Uranium

Blue Sky Uranium Corp. (TSX-V: BSK) (“Blue Sky” or the "Company") is pleased to announce that Lumina Capital Limited Partnership (“Lumina Capital”), led by Ross Beaty, will subscribe for approximately $1,000,000 of a $1,210,000 non brokered private placement in Blue Sky. The proceeds from this financing will be used to explore and develop the Company's uranium property portfolio in Argentina and for general working capital requirements.

The financing consists of 5.5 million units, at a price of $0.22 cents per unit. Each unit consists of one common share and one common share purchase warrant. Each share purchase warrant will entitle the holder to purchase one common share at a price of $0.30 for a period of two years. Upon the closing of the financing, Lumina Capital will own approximately 12% of the fully diluted shares of the Company and will retain the right to maintain its percentage interest in Blue Sky through proportionate investments in future financings. Directors and Officers of Blue Sky may participate in a portion of the financing. A finder’s fee may be paid on a portion of the financing. The financing is subject to regulatory approval and the shares will be subject to a four month resale restriction.

“We are very pleased to have Lumina Capital take an initial ownership interest in Blue Sky. In particular, we are pleased to have access to such a high profile and successful team. Lumina Capital’s track record speaks for itself and Blue Sky is looking forward to working with the Lumina Capital team and to its continued support,” said Mr. Sean Hurd, President & C.E.O.

The Company’s exploration focus is to aggressively advance the ANIT uranium project and identify other uranium targets in the region. On its 100% owned ANIT project in Rio Negro Province, Argentina, Blue Sky has, using pit sampling and airborne radiometric survey programs, defined a paleochannel/lake system over a strike length of 15 kilometers. Within the defined system, the Company has focused its exploration work, to date, on two zones, the ANIT West and Central Zones with a combined strike length of 6 kilometers.

The pit sampling program at the ANIT West and Central Zones comprised 123 pits of which 83 pits encountered mineralization. The average grade of the samples taken from the 83 pits over the 6 kilometer strike length was 0.045% U3O8 (379 ppm U) and 475 ppm V with an average recorded mineralized interval of 1.7 meters from surface. Of the 83 pits, 60% bottomed in mineralization and remain open to depth. The best mineralized interval, encountered to date, averages 0.84% U3O8 and 0.20% vanadium (V) over a 3 metre vertical thickness from surface and remains open to depth. Individual pit samples have returned grades up to 2.12% U3O8 over a 0.5 meter vertical interval (see September 19, 2009 press release). Based upon the results of the initial exploration programs, Blue

Sky is planning to initiate a comprehensive drilling program to test the depth extensions of the observed paleochannel system.

The Company believes that the ANIT anomaly may be a paleochannel- or surficial-type uranium occurrence similar in style to known deposits in Western Australia (Lake Maitland NI 43-101 compliant inferred resource of 23.7 million lbs U3O8 at an average grade of 0.03% U3O8) and in Namibia (Langer Heinrich deposit with Measured and Indicated Resources of 56.4Mt grading 0.06% containing 72.4 million pounds lbs of U3O8 and Inferred Resources of 70.7Mt grading 0.06% containing 91.6 million lbs of U3O8).

The technical information contained in this release has been prepared by Bruce Smith, AusIMM, Blue Sky Uranium Exploration Manager and a Qualified Person as defined by National Instrument 43-101.

About Blue Sky Uranium Corp.

Blue Sky Uranium Corp. is an exploration and development company dedicated to identifying, exploring and developing uranium projects in the Patagonia region of Argentina. The Company is lead by a management and technical team with extensive experience and relationships in South America, particularly Argentina. Blue Sky is a member of the Grosso Group, a resource management group with over 15 years experience in exploring South America.

For more information on Mining in Argentina, active companies, projects and operating mines, statistics and much more, please visit our website: http://www.argentinamining.com/

AGREEMENT IN PRINCIPLE FOR MINERAL EXPLORATION OF RIO NEGRO, ARGENTINA SIGNED WITH PROVINCIAL GOVERNMENT

Blue Sky Uranium Corp. (TSX-V: BSK, WKN: AOMKXP) and the Grosso Group Management Ltd. ("Grosso Group") are pleased to announce that the Grosso Group has entered into an agreement in principle with the Minister Responsible for State Companies in the Province of Rio Negro, Argentina. The agreement is for the purpose of jointly exploring the potential for commercial mining activity to develop mining projects that provide for the acquisition, exploration and exploitation of polymetallic and energy related mineral deposits. Blue Sky, as a member of the Grosso Group that is actively exploring in Rio Negro, will be a beneficiary of this agreement.

This strategic alliance with the Government of Rio Negro demonstrates their commitment to working together with the Grosso Group and its member companies. Likewise, the Grosso Group and its member companies are strongly committed to developing projects in the Province in conformity and in co-operation with local communities and the Government of Rio Negro.

"Our 16-year track record in Argentina demonstrates transparency and respect for the culture and the very sensitive nature of Patagonia`s environment", stated Joseph Grosso, President of the Grosso Group. "This agreement is an excellent platform from which to access world class technology and the labour pool associated with the Province of Rio Negro."

In the agreement, the Province of Rio Negro, Argentina, commits to provide technical advice and put forth their best effort to facilitate the advancement and the development of mining projects implemented at the production stage. In order to promote proper development of mining activities in Rio Negro, the Province will jointly form with the Grosso Group, a mutually beneficial strategy for an association of public and private capital whose objective is the development of mining projects.

The Grosso Group, and its member companies, undertake to provide specialized technical assistance and management and make available for the advancement of projects the most modern and efficient technologies for prospecting and mineral exploration as well as proven expertise in community relations to advance mining projects in a responsible manner.

About Blue Sky Uranium Corp.

Blue Sky Uranium Corp. is a member of the Grosso Group actively exploring in Rio Negro, Argentina. Experienced management and technical members, who foster relationships with a vast amount of international industry contacts, lead the exploration team on the search for quality resource opportunities.

ON BEHALF OF THE BOARD

"Sean Hurd"

_____________________________

Mr. Sean Hurd, President & CEO

For further information please contact Sean Hurd, President & CEO by email info@blueskyuranium.com, or by telephone at 1-800-901-0058, or 604-687-1828 or fax 604-687-1858.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. 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. 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.

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Blue Sky Makes Important Discovery In Rio Negro, Argentina

Blue Sky Uranium Corp. (TSX-V: BSK) ("Blue Sky") is very pleased to announce the analytical results from pit sampling on its 100% owned ANIT project in Rio Negro Province, Argentina. Blue Sky’s pitting program has defined a paleochannel/lake system that has extensive high grade uranium and vanadium mineralization over at least 6km of strike length. The best mineralized interval, averaging 0.72% uranium (U) and 0.20% vanadium (V) over 3 metres vertical thickness, extends from surface and remains open to depth, with an individual assays from 0.5m channel samples returning high grades of up to 1.8% uranium.

The average grade of the mineralized paleochannel from 83 pits covering the ANIT West and Central zones over a strike length of 6km is 0.045% U3O8 (379 ppm U) and 475 ppm V with an average recorded thickness of 1.7m. Of the 83 mineralized pits, approximately 60% are open to depth having bottomed in mineralization. Blue Sky is now planning a program to test the depth extensions of the observed paleochannel system and for stacked channels below. To view maps and a cross section of ANIT click here: http://www.blueskyuranium.com/s/Argentina.asp?ReportID=280897

Mineralization has been identified in three zones, Eastern, Central and Western, along a 15 kilometre radiometric anomaly. Approximately 8 km east along strike of the Central Zone, uranium mineralization in the Eastern Zone in channel deposits is approximately 25m below the Western and Central Zone mineralization indicating potential at depth.

At this early stage of exploration, Blue Sky interprets the ANIT anomaly to be a paleochannel- or surficial- type uranium occurrence similar in style to known deposits in Western Australia (Lake Maitland NI43-101 compliant inferred resource of 23.7 million lbs U3O8 at an average grade of 0.03% U3O8,1 and in Namibia (Langer Heinrich deposit with Measured and Indicated Resources of 56.4Mt grading 0.06% containing 72.4 million pounds lbs of U3O8 and Inferred Resources of 70.7Mt grading 0.06% containing 91.6 million lbs of U3O82.

“Our exploration at ANIT has identified a brand new grass roots discovery that is the first of its kind in the region and also clearly shows the potential of this new district to host significant discoveries such as those in Namibia and Western Australia. Blue Sky’s future exploration will not only focus on the depth potential at ANIT, but we also intend to expand our efforts regionally in a cost effect and socio-economically responsible manner.” Mr. Sean Hurd, President & C.E.O.

Blue Sky, as a Grosso Group member company, is strongly committed to develop its projects in conformity and in co-operation with the Community and Government of Rio Negro.

Technical Summary

A total of 123 pits with 588 samples have been completed by Blue Sky’s field crew to date on the ANIT properties. The hand-dug pits are generally 1.0m wide and between 1.5m and 3.0m deep. The pits were located to follow up on the 5 discovery pits previously reported on within the 15km long strong uranium-channel anomaly identified by the September 2007 airborne radiometric survey flown over the property (see press release dated Nov. 24, 2008). The 15 km long ANIT airborne U anomaly has been subdivided into the West, Central and East zones for discussion purposes.

In the ANIT West and ANIT Central zones a total of 109 pits were excavated, of which 280 samples collected from 83 mineralized pits dug over 6 km of strike length average 379 ppm U and 475 ppm V. The work completed to date, concentrated on the Western and Central zones of the anomaly, clearly defines a paleochannel/lake system that is strongly mineralized over at least 6km of strike length. The Central anomaly is 1,000m long and averages 200m wide. In the remaining 5km of strike length that includes the West zone and its extension east to the Central zone, a paleochannel is always present in excavated pits, but width has not been constrained to date and is generally defined by only one or two pits. Detailed ground scintillometer surveys and limited pit sampling suggests that the paleochannel resembles a braided stream system ranging from a few tens of metres to several hundred in metres width. Mineralization occurs primarily as yellow carnotite crystals filling open spaces, coating grains and clasts hosted by inter-layered unconsolidated sands, gravels, clay-rich lake sediments and evaporates, that are either exposed on surface or lying below shallow soil cover.

Of the 83 pits containing uranium-vanadium mineralization approximately 60% are open to depth, bottoming in mineralization. In some of the deeper pits stacked mineralized channels are observed where the profile changes from strongly mineralized gravel at surface to weak or non-mineralized clay horizons, before re-entering strongly mineralized gravel at the bottom of the pit. The depth extent of the uranium-vanadium mineralization is uncertain due the limitations in hand digging test pits (maximum depth is 3.5 metres). The Eastern Zone, located 8 km east along strike of the Central Zone, is interesting in that uranium mineralization there is hosted in Cretaceous sediments and channel deposits approximately 25m stratigraphically below the Western and Central Zone mineralization. This suggests that there maybe considerable potential for depth-continuity of the uranium mineralization.

The ANIT project is easily accessible year round via well maintained gravel roads and is located at an elevation of less than 200 metres. The region has a low population density and rainfall of less than 300mm per year. The project is 200 km from a deep sea port, 100 km from rail lines, a four hour drive from an international airport and high tension power lines are located nearby.

On the Santa Barbara property in Rio Negro (approximately 50km north of ANIT) 90 shallow hand auger holes and pits were completed on 3 airborne uranium channel anomalies with a combined strike length of approximately 20km. From this very broad scale sampling several mineralized zones were detected with values up to 727 ppm U from a 0.5m sample. Although many mineralized assays were received, thicknesses are generally 0.5m or 1.0m. The Company is continuing prospect and sample the large Santa Barbara concession to identify zones with higher grades and increased thicknesses.

Analyses of samples reported herein were performed by Alex Stewart Assayers, in Mendoza Argentina, an internationally recognized analytical services provider, by means of Inductively Coupled Plasma Mass Spectrometry following a four acid digestion (ICP-AR). The samples collected from the pits were 0.5 or 0.6 meter composites taken from 4 channel samples (one on each pit wall face). The 4 samples were mixed, then split, with a 1kg sample sent to Alex Stewart Assayers. The remaining sample material was retained in storage on the project site for future use and reference. Blank, duplicate, and internal company standard samples were inserted into the sample sequence sent to the lab for quality assurance/quality control (QA/QC) purposes. In total, 76 quality control samples (12.9% of all 588 samples) were analyzed. Blue Sky detected no significant QA/QC issues during review of the data.

The technical information contained in this release has been prepared by Bruce Smith, AusIMM, Blue Sky Uranium Exploration Manager and a Qualified Person as defined by National Instrument 43-101.


ON BEHALF OF THE BOARD

“Sean Hurd”
____________________________

Mr. Sean Hurd, President & C.E.O.

1Mega Uranium Ltd. website (www.megauranium.com)

2Australian Uranium Association website (www.uic.com.au)

For further information please contact Blue Sky at 1-800-901-0058 or 604-687-1828 extension 690, or fax 604-687-1858, or by email info@blueskyuranium.com, or visit the Company’s web site at http://www.blueskyuranium.com/.

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For more information on Mining in Argentina, active companies, projects and operating mines, statistics and much more, please visit our website: http://www.argentinamining.com/