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.