Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

October 28, 2009 07:00 ET

Pitchstone Confirms Uranium in Namibian Drill Holes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 28, 2009) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) -

 ·     Uranium Confirmed in Reconnaissance Drilling at Dome North

·     Uranium is Calcrete-hosted and Close to Surface

·     Additional Geophysical Surveying and Drilling Planned

·     Pitchstone Withdraws from Gabon Exploration

Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") is pleased to provide initial analytical results from a reverse circulation (RC) drilling program on the Dome property in Namibia. The project is a uranium exploration joint venture between Pitchstone (58%) and private company Manica Minerals Ltd. (42%) through Manica's wholly-owned subsidiary Cheetah Minerals Exploration Ltd. The property location relative to the Rossing and Langer Heinrich uranium mines, and other uranium occurrences in the western Namibian uranium district, is illustrated on the company website at www.pitchstone.net.

Analytical results confirm that the source of the radioactivity observed in down hole gamma probe results is uranium. Three drill holes intersected near-surface, calcrete-hosted mineralization containing greater than 100 ppm uranium. The results are summarized in the following table.

Hole IDFrom (m)To (m)Length (m)U3O8(ppm)V (ppm)
DN-110.01.01.010971
DN-1813.014.01.0-253
DN-211.02.01.010154
DN-236.57.51.035266

Mineralization in DN-23 is open in all directions. Pitchstone plans to follow up the drill hole intersections with a program of detailed electromagnetic geophysical surveying to aid in the definition of paleochannels that are believed to host the mineralization. This will be followed by additional drilling.

The company also reports a change in the status of the Gabon project. Due to other priorities, Pitchstone has withdrawn from any further participation in exploration in Gabon.

Steve Blower, P.Geo., President of Pitchstone, is the Qualified Person for the purposes of NI 43-101 with respect to the technical information in this news release. Sample preparation and analyses were completed by Scientific Services Laboratory in Cape Town, South Africa. The analytical method was X-Ray Fluorescence on a pressed pellet. Pitchstone utilizes internally and externally submitted standard reference materials for quality assurance and quality control of the sample preparation and analyses. There is insufficient information to estimate the true thickness of the intersections.

About Pitchstone

Pitchstone is well funded and exploring for uranium in three proven districts. The property portfolio features 12 projects in the eastern Athabasca Basin, Saskatchewan, four of which are 100% owned. In addition, there are several joint venture projects in the Hornby Bay Basin, Nunavut 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
    or
    Pitchstone Exploration Ltd.
    Mark T. Brown
    CFO
    604 687 3520
    www.pitchstone.net