Pitchstone Exploration Ltd.

Pitchstone Exploration Ltd.

January 30, 2007 09:30 ET

Pitchstone Exploration Ltd.: 2007 Hornby Bay Exploration Program

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 30, 2007) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) (Pitchstone) and Triex Minerals Corporation (TSX VENTURE:TXM) (Triex) are pleased to outline their 2007 exploration program for the Hornby Bay Basin, Nunavut. The 50:50 Pitchstone-Triex joint venture is actively exploring five properties in the basin, including the Mountain Lake uranium deposit. The main objective of this year's program is to test for additional deposits.

A $2.3 million budget has been approved for 2007 and includes 5,000 metres of diamond drilling. There are four main targets based on airborne radiometric anomalies, radioactive boulder fields and favorable geological features (see map on website): Dismal Lake; Jenny Lake; Helmut; Kendall River. Drilling at Kendall River is contingent on results of planned prospecting and resistivity mapping. A possible extension of the Mountain Lake deposit to the north will also be tested during this program.

Construction of an ice-strip and re-opening of the Kirwin Lake camp is scheduled for mid April with drilling planned to commence in late April. Connors Drilling Ltd. has been contracted for drilling.

The Mountain Lake deposit contains the only identified uranium resource in the Hornby Bay Basin (Inferred Mineral Resource of 8.2 million pounds U3O8 at an average grade of 0.23% U3O8 contained in 1.6 million tonnes of rock; see NI 43-101 Technical Report on SEDAR).

Allan Armitage, Ph.D., P.Geo., is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Triex in the Hornby Bay Basin.

Pitchstone is actively exploring for uranium in four proven districts. The property portfolio features eight projects in the eastern Athabasca Basin, Saskatchewan, five of which are joint ventured with sxr Uranium One Inc., with the other three being 100% owned. In addition, there are five joint venture projects with Triex in the Hornby Bay Basin, Nunavut and NWT, an exploration partnership with Cameco and Motapa Diamonds in the Franceville Basin, Gabon, and an option on three projects in Namibia. Pitchstone has a unique group of geologists with extensive uranium exploration and production experience.

On behalf of the Board,

E.A.G. (Ted) Trueman, CEO and Director

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 the Company's control, that may cause actual results or performance to differ materially from those currently anticipated in such statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information