NEWS

COMPLETION OF SHARE CONSOLIDATION

Completion of Share Consolidation

Blue Sky Uranium Corp. (TSX-V: BSK, FSE: MAL (WKN A0MKXP) ("Blue Sky" or the "Company") announces that it has received approval by the TSX Venture Exchange and the Company's shareholders for the consolidation of the Company's issued and outstanding common shares on the basis of ten (10) pre-consolidation shares for one (1) post-consolidation share (the "Consolidation"). The number of post-Consolidation shares issued and outstanding will be 8,701,989 common shares.

Effective at the opening of trading on April 3, 2012, the Company's pre-Consolidation common shares will be delisted and the post-Consolidation common shares will commence trading. The Company's trading symbol, BSK, will remain unchanged.

Letters of transmittal with respect to the consolidation were mailed out to all registered shareholders. Registered shareholders are asked to complete the letter of transmittal and return it to the Company's transfer agent Computershare Investor Services Inc. along with their share certificates representing the pre-Consolidation common shares to Computershare Investor Services Inc. in Toronto, Ontario ("Computershare"). Additional copies of the letter of transmittal can be obtained through Computershare (Shareholder Services toll free 1-800-564-6253 or corporateactions@computershare.com). All shareholders who duly complete letters of transmittal and submit their pre-Consolidation common share certificates to Computershare will receive post-Consolidation common share certificates.

No fractional post-Consolidation common shares will be issued pursuant to the Consolidation. All fractional shares resulting from the consolidation will be rounded down to the nearest whole number and no cash consideration will be paid in respect of fractional shares. The exercise price and the number of common shares issuable under any of the Company's outstanding warrants or stock options will be proportionately adjusted upon the consolidation.

About Blue Sky Uranium Corp.

Blue Sky is one of Argentina's leading uranium exploration companies with more than 5,000 km2 of tenements. The Company's mission is to grow 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 Memorandum of Understanding ("MOU") with AREVA Mines ("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 January 4th, 2012, press release for complete details).

Blue Sky 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, 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 press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE "1933 ACT") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT. NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

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.