Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

November 30, 2009 07:00 ET

Pitchstone Continues Namibia and Athabasca Uranium Exploration

- Exploration has resumed on Dome North target, Namibia

- 6,000 meters of drilling planned for Athabasca properties

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2009) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") announces the continuation of exploration on the Dome property in Namibia. The project is a uranium exploration joint venture between Pitchstone (60%) and private company Manica Minerals Ltd. (40%) 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 (www.pitchstone.net).

Detailed electromagnetic surveying and radiometric prospecting are underway under the direction of Remote Exploration Services, a geological consulting group based in South Africa. This exploration is designed to follow up on uranium mineralization discovered by prospectors and intersected in recently completed drill holes in the Dome North area (see October 28, 2009 News Release). Mineralization is calcrete-hosted similar to that at the Langer Heinrich uranium mine, 70 kilometers to the northeast. The current program is designed to define paleochannels and will be followed with additional drilling.

Athabasca Drilling

Pitchstone has arranged with Bryson Drilling to complete up to an additional 6,000 meters of core drilling on its Athabasca Basin, Saskatchewan properties. Drilling will focus on Pitchstone's highly prospective, 100% owned Gumboot property where significant uranium mineralization has been intersected (see September 9, 2009 News Release).

Options

Pitchstone also announces that it has granted 900,000 stock options to directors, officers and employees. The options have an exercise price of $0.40 and will expire on November 25, 2014.

About Pitchstone

Pitchstone is exploring for uranium in three proven districts in Canada and Namibia. 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. 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.

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