Pitchstone Exploration Ltd.

Pitchstone Exploration Ltd.

June 22, 2009 07:00 ET

Pitchstone Announces $500,000 Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 22, 2009) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") announces that it has arranged a non-brokered private placement consisting of 1.25 million units at a price of $0.40 per unit for gross proceeds of $500,000.

The proceeds of the private placement will allow Pitchstone to increase the summer drill program on Gumboot, where there are numerous high priority targets, and for general working capital.

Each unit will consist of one common share and a share purchase warrant, with each warrant exercisable into a common share for a period of two years after closing at an exercise price of $0.60 in the first twelve months and at an exercise price of $0.80 thereafter.

Steve Blower, President, stated that: "The targets on the project are compelling and the extra funds will allow us to increase the planned drill program, which will commence shortly."

Pitchstone currently has approximately $5.8 million in cash, and 33.4 million common shares outstanding.

About Pitchstone

Pitchstone is exploring for uranium in several proven districts. The property portfolio features 12 projects in the eastern Athabasca Basin, Saskatchewan, four of which are 100% owned. In addition, there are four joint venture projects in the Hornby Bay Basin, Nunavut, an exploration partnership in the Franceville Basin, Gabon, and a joint venture on two projects in Namibia. Pitchstone benefits from the collaboration of a unique group of geologists with extensive uranium exploration and production experience.

On behalf of the Board,

E.A.G. (Ted) Trueman, CEO & Chairman

This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond Pitchstone's control, that may cause actual results or performance to differ materially from those currently anticipated in such statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pitchstone Exploration Ltd.
    Claire Stewart
    604 630 5563
    Pitchstone Exploration Ltd.
    Mark T. Brown
    604 687 3520