NEWS

BLUE SKY CLOSES FINAL TRANCHE OF OVERSUBSCRIBED FINANCING

Blue Sky Closes Final Tranche of Oversubscribed Financing

-NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO OR THROUGH US NEWSWIRE SERVICES-


Blue Sky Uranium Corp. (TSX-V: BSK, FRA: MAL (WKN: A0MKXP), "Blue Sky" or the "Company") is pleased to announce that it has closed the third and final tranche of the non-brokered private placement announced on August 13, 2012 and August 27, 2012. The third tranche consists of gross proceeds of $219,000, and the Company will issue 2,190,000 units at a price of $0.10 per unit in the third tranche. The aggregate gross proceeds of all three tranches is $670,000.

Each unit will consist of one common share and one transferable common share purchase warrant at a price of $0.10 per unit. Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at a price of $0.15 per share for two years from the date of issue.

Finder's fees of $15,600 are payable in cash in connection with the second tranche of the private placement. In addition, 156,000 non-transferrable finder's warrants are issuable with each finder's warrant entitling a finder to purchase one common share at a price of $0.15 per share for a period of two years from the date of issue.

Proceeds from the private placement will be used for further exploration and development of the Company's property portfolio in Argentina and for general working capital. All securities to be issued in the second tranche of this private placement are subject to a four month hold period under applicable Canadian securities laws.

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 acquire, explore and advance a portfolio of uranium projects with an emphasis on surficial deposits, in Argentina and other jurisdictions.

The Company has 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, President 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.

The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.