September 16, 2009

Clean Energy Clean Future

TSX-V: BSK

A Pioneer In Argentina

Legal Disclaimer

Clean Energy Clean Future

TSX-V: BSK

Statements in this release that are forward looking statements are subject to various risks and uncertainties concerning the specific factors identified above and in the Corporation’s periodic filings with the Ontario Securities Commission and the U.S. Securities Exchange Commission, such as estimates and statements that describe the Corporation’s future plans, objectives or goals, including words to the effect that the Corporation or Management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, they involve inherent risks and uncertainties.

Actual results in each case could differ materially from those currently anticipated in such statements by reason of factors such as the productivity of the Corporation’s mining properties, changes in general economic conditions and conditions in the financial markets, changes in demand and prices for the minerals the Corporation produces, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in areas in which the Corporation operates, technological and operational difficulties encountered in connection with the Corporation’s mining activities, and labor related matters and costs.

Key People

Sean D. Hurd President & CEO, DirectorOne of the founders of the Company with over 15 years of public market experience including raising venture capital and managing resource exploration companies with assets in Argentina, Peru, Columbia, USA and Canada. Experienced in initial IPOs, small cap start-ups, reorganization and marketing public resource companies. Strong network of contacts within the mineral resource and financial communities.

Ronald McMillan, PhD, PGeo Chief Technical Consultant, DirectorMore that 40 years of experience in uranium, gold and base metal exploration as well as mine evaluation. Authored numerous papers on uranium exploration and uranium deposits and has worked in 20 countries on 5 continents. Exploration manager or consulting geologist with several well known mining companies including; Westmin Resources, Cameco, Noranda, Teck and Falconbridge. Several important gold deposits were discovered by exploration under his direction.

Gerald Carlson, Ph.D, P.Geo. DirectorDr. Carlson has been involved in mineral exploration and exploration company management for over 30 years. He is President & C.E.O of Copper Ridge Exploration, past President and C.E.O. of La Teko Resources Ltd., a position he held until the acquisition of La Teko by Kinross. Dr. Carlson's educational background includes a B.A.Sc. from University of Toronto in Geological Engineering and graduate studies in Economic Geology including a M.Sc. from Michigan Technological University and Ph.D. from Dartmouth College.

Key People

TSX-V: BSK

Nikolaos Cacos, BSc, MIM DirectorMr. Cacos brings over 14 years of management expertise in the mineral exploration industry. His career includes administration and strategic planning for public companies in a diverse range of industries. Mr. Cacos currently serves as an officer and director of a number of TSX Venture Exchange listed companies. He holds a Master of International Management degree from Heidelberg, Germany and a Bachelor of Science degree from the University of British Columbia.

Bruce Smith, M.Sc. Exploration Manager, ArgentinaOver 20 years experience in mineral exploration in Australia, New Zealand, Philippines, West Africa, Central America and Mexico. Bruce holds a Bachelor of Science and Master of Science degree in geology from the University of Otago, New Zealand, a Master of Engineering in Water and Environmental Resource Management from the UNESCO Institute for Water Education, Delft, Netherlands and is a member of the Australian Institute of Mining and Metallurgy (AUSIMM).

David Terry, PhD, P. Geo. Advisory Board Member20 years experience in the mining sector focused on exploration for a wide spectrum of precious and base metal deposits throughout North and South America. He has held positions with a number of senior mining companies including Boliden Limited, Westmin Resources Limited, Hemlo Gold Mines Inc., Cominco Limited and Gold Fields Mining Corporation as well as spending several years with the British Columbia Ministry of Energy and Mines. Currently Dr. Terry is a director and officer of several public companies.

Global Uranium Reactor Demand / Supply

2009 Projections*Demand 180 million poundsMine Supply 115 million poundsAnnual Shortfall 65 million pounds

*Source: Reuters Cameco CEO Interview Mar. 11-09

"Somewhere between 24 and 12 million pounds of supply will drop out after 2013" Mr. Jerry Grandey, Cameco, C.E.O.

Argentina’s Shortfall Supply vs. Demand

• First reactor in Argentina built in 1974 (CANDU design)

• Nuclear power is 7% of Argentina’s electricity, 20% by 2025

• Uranium demand expected to double to 220 tonnes / year

• Canada primary supplier of uranium

• Zero domestic production

• Federal government encouraging exploration and exploitation

Argentina’s Nuclear Industry

• Provide engineering and development services abroad• Design, build and export research reactors• 2 nuclear plants in operation• 1 nuclear plant in construction stage• 1 nuclear plant in planning stage• 6 research reactors• 4 particle accelerators• 3 atomic centres• 1 nuclear technology centre• 1 heavy water plant• 2 irradiation facilities• 1 uranium purification plant

INVAP, located in Rio Negro, operates research

reactors in the province and exports reactors and

technology world wide.Skilled nuclear workforce.

Rio Negro Province Nuclear Industry

See www.invap.net

Rio Negro’s Alliance with The Grosso Group

The agreement between the Province of Rio Negro, Argentina, and the Grosso Group, is to jointly explore for mining and

energy related mineral deposits.

This is the first agreement of its kind in Rio Negro, highlighting Blue Sky’s and the Grosso Group’s relationship with the

Province of Rio Negro.

From left to right:

Joseph GrossoPresident, Grosso Group

Gabriel Alejandro SaviniSecretary of State for Public Companies

Fransisco GonzalezGoverning Secretary

Experienced Exploration Professionals

TSX-V: BSK

Jorge Berizzo, PhD• Senior Uranium Geologist for the Argentine Government (CNEA) for over 14 years

• Discovered 10 million lb. Cerro Solo deposit

• Formulated detailed regional exploration plan in 1979 – project was put on hold by the Argentine Government

• Identified all of Blue Sky Uranium’s projects

Exploration Activities Argentina

TSX-V: BSK

Santa Barbara and Anit

Projects

Other BSK uranium project 

locations

Santa Barbara

&

Anit

Projects

• 5,000 km2 of projects (100% owned)

• Focus is on unexplored regions

• First two discoveries made in Rio Negro

• Blue Sky is one of the largest uranium land holders in Argentina

TSX-V: BSK

Deposit Type Comparison

Langer Heinrich Deposit(Paladin Energy Ltd)ANIT and Santa Barbara

(Blue Sky Uranium Corp.)

BSK’s Rio Negro (Argentina) Projects

• Geologically similar the 160,000,000 lbs* Langer Heinrich in Namibia, Africa

• Hosted in channel-facies quartz rich sandstone pebble conglomerate

• Dominate uranium mineral carnotite (a uranium vanadium phosphate)

* See appendix 1

Generally 1 to 30 metres thick

Deposits can be several kilometres in length

Target Deposit Type Calcrete Paleochannel

Advantages of Paleochannel Deposits

• Located at or within a few metres from surface• Very low cost to explore• Very low cost to mine and develop• Large low grade deposits are economically attractive

Surface level

Shallow deposit

Blue Sky’s Discoveries Have District wide potential

TSX-V: BSK

Santa Barbara11 km mineralized trend

ANIT15 km mineralized trend

BSK’s airborne radiometric surveys discovered two very large uranium channel targets with district wide importance.

ANIT Radiometrics

15 km strike length

ANIT West Zone Results

Note 1 - 10,000 ppm = 1% and 1% U = 1.1792% U3O8

3 metres @ 0.14% U3O8 3 metres @

0.22% U3O8

2 metres @ 0.14% U3O8

3 metres @ 0.84% U3O8

2 metres @ 0.07% U3O8

3 metres @ 0.14% U3O8

2.8 metres @ 0.085% U3O8

ANIT Central Zone Results

Note 1 - 10,000 ppm = 1% and

1% U = 1.1792% U3O8

3.5 metres @ 0.05% U3O8

2.1 metres @ 0.2 % U3O8

1.5 metres @ 0.12% U3O8 2 metres @

0.06% U3O8

2.5 metres @ 0.19% U3O8

2.5 metres @ 0.06% U3O8

2 metres @ 0.11% U3O8

2.5 metres @ 0.07% U3O8

1.5 metres @ 0.09% U3O8

ANIT Depth Potential

ANIT Project Patagonia

The average grade of from 83 pits covering over a strike length of 6km is 0.045% U3O8 within a 15 km long radiometric anomaly.

The target remains open along strike and to depth. A trenching and drilling program is expected to begin in the fall of 2009.

Blue Sky Uranium Corp. Mega Uranium Ltd.

Project: ANIT Project: Lake MaitlandLocation: Rio Negro, Argentina Location: Western AustraliaSize: ?? Size: 23 million poundsGrade: 0.045% U3O8 Grade: 0.033% U308

Forsys Metals Corp Paladin Energy Ltd.

Project: Valencia Project: Langer HeinrichLocation: Namibia, Africa Location: Namibia, AfricaSize: 82 million pounds Size: 160 million poundsGrade: 0.013% U3O8 Grade: 0.06% U3O8

Uranium Grade Comparisons

Deposit Lake Maitland Langer HeinrichSize 23.7 million pounds 160 million poundsGrade 0.033% (0.01% cutoff) 0.06% (0.025% cutoff)

Location Western Australia NamibiaCapital Cost $125 million $92 millionOperating Costs $21.04 per pound $14.18 per poundEst. Annual Production 1.65 million pounds 2.6 million poundsNPV @ 10% Discount US $143 million US $830 million

*See appendix 1 **See appendix 2

Paleochannel DepositsFinancially Attractive

Mega Uranium** Paladin Energy*(Development Stage) (In Production)

Based on $75 long term uranium price (Most utilities purchases uranium in long term contracts, not on the spot market).

Argentina Excellent Infrastructure

TSX-V: BSK

• Region has very low population density

• Elevation of 200 metres

• Rainfall of 300 mm (12 inches) per year

• Year-round exploration

• 3 hr drive to city with 70,000 population

• 200 km to deep sea port

• Power nearby, rail access within 100 km

Exploration Plans 2009- 2010

TSX-V: BSK

Rio Negro Province

• Permitting underway for fall trenching and drilling at ANIT

• Metallurgy testing at ANIT

• Conduct a 20,000 square kilometre airborne radiometric survey

• Acquire new ground prospective for uranium discoveries

• Expand regional surface exploration

Country Wide

• Review projects held in Chubut, Neuquen and Santa Cruz

• Review province by province for new acquisitions

• Pursue additional exploration alliances with Provincial governments

Share Structure

TSX-V: BSK

Issued and Outstanding 44,820,000

Total Warrants 16,822,425

Total Options 3,740,000

Fully Diluted 65,382,425

Sept. 10, 2009

Corporate Head Office

Clean Energy Clean Future

TSX-V: BSK

Suite 709 – 837 West Hastings StreetVancouver, B.C., V6C 3N6

(604) 687-1828 T(604) 687-1858 F

www.blueskyuranium.cominfo@blueskyuranium.com

Appendix 1

Bankable Feasibility Study

A US$3 million BFS was conducted by GRD Minproc, a project engineer of international repute. Completed in April 2005 and approved by the Paladin Board in May, the BFS has confirmed that a large body of uranium mineralisation exists at Langer Heinrich. The defined ore reserves generated from the study showed Indicated and Measured Resources supporting a minimum mine life of 11 years and a process plant life of 15 years. These resources occur mainly in the Detail 1 and 2 areas, with a small portion coming from the Detail 3 and 5 areas. The additional identified resources strongly increase the possibility that both mine life and annual production could be extended by many years.

Based on the mill throughput design of 1.5Mtpa of ore, the BFS showed 1,180tpa U3O8 could be produced for the first 11 years at a head feed grade of 0.0875% U3O8 and 401tpa U3O8 over the last 4 years, using the accumulated low grade stockpile grading 0.032% U3O8.

The operating cost for the reserve defined BFS averaged US$14.18/lb U3O8 over the life of the project and, for the first six years, costs averaged US$12.20/lb U3O8. Projected capital costs totalled US$92M, including a 10% contingency plus an “accuracy provision” totalling US$10M. This is higher than previously reported, but the potential longer project life of from 15 to 24 years has made minimisation of operating costs a very credible objective. Increasing capital expenditure to facilitate this exhibited, on an incremental basis, a comparatively small impact on project economics compared to operational cost increases and long term project performance.

The BFS clearly indicated that the Langer Heinrich Uranium Project could be developed into a profitable mining operation. The BFS incorporated a uranium pricing schedule for U3O8 ranging from US$26/lb to US$35/lb over the 15 year period. The BFS financial modeling shows highly attractive returns could be achieved based on using defined reserves only. Due to restrictions under Canadian securities laws respecting disclosure of results of economic evaluations using Inferred Resources, Paladin is currently unable to release the more complete economic analysis resulting from the BFS work. Nevertheless, the robust nature for the Project was clearly illustrated by its ability to pay back initial capital and working capital 3.5 years after commencement of operations, which were scheduled for start up in September 2006.A revision of the resource model in November 2005 allowed the estimation of new resources, which with an increase in the base uranium price used for mining studies to $30/lb allowed for the calculation of a new mining reserve and also saw an extension of the project life to 27 years.

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

TSX-V: BSK

Appendix 2

Mega Uranium Lake Maitland scoping study

See Mega 2008-10-21 News Release

MEGA URANIUM ANNOUNCES RESULTS OF SCOPING STUDY OF LAKE MAITLAND URANIUM RESOURCE, WESTERN AUSTRALIA

•Based on an annual throughput of 1.67 million tonnes of ore at a cut-off grade of 200 ppm U3O8, production is estimated at 1.65 million pounds U3O8 per year over a mine life of 10 years.

•Total capital cost US$85.1million.

•Average operating cost US$16.6 per pound U3O8.

•At a US$75 per pound U3O8 sale price, the project has a NPV of US$181.4 million and Investment Rate of Return of 43.4%.