Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

January 24, 2008 08:00 ET

Pitchstone Exploration Ltd.: 2008 Hornby Bay Exploration Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 24, 2008) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") and Triex Minerals Corporation (TSX VENTURE:TXM) ("Triex") are pleased to announce a $3.1 million exploration program for 2008 in the Hornby Bay Basin, Nunavut. The 50:50 joint venture between Triex and Pitchstone continues to actively explore four properties in the basin, which includes the Mountain Lake uranium deposit. The program this year will primarily be drilling to test for additional deposits in the district.

A $3.1 million budget has been formally approved by the Joint Venture for 2008. The program includes 5,000 meters of diamond drilling in eighteen holes to evaluate untested targets at Dismal Lakes, Helmut, Jenny Lake and Kendall River (maps illustrating locations of properties and target areas are available on Pitchstone's website, www.pitchstone.net). The program will also include a continuation of resistivity surveys, which proved effective in 2007.

Construction of an ice landing strip and re-opening of the Kirwan Lake camp are scheduled for early-mid April, with drilling to start in late April. All drill holes will be radiometrically probed using a down-hole Mount Sopris 2PGA-1000 poly-gamma probe. Geochemical samples of core will be processed at the Saskatchewan Research Council Geoanalytical Laboratories in Saskatoon. A partial digestion preparation and fluorimetric XRF analysis will be used, with a check by total digestion preparation and ICP analytical finish.

The Mountain Lake deposit contains the only identified uranium resource in the Hornby Bay Basin (Inferred Mineral Resource of 8.2 million pounds U3O8, with an average grade of 0.23% U3O8 contained in 1.6 million tonnes of rock; see NI 43-101 Technical Report on SEDAR). The tabular, stratabound deposit is at surface at the southwest end, and dips less than ten degrees to the northeast. It is located approximately 100 kilometers southwest of the coastal community of Kugluktuk.

Triex is operator of the Joint Venture. 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. This release has been reviewed by Steve Blower, P.Geo., Vice President of Exploration for Pitchstone, a Qualified Person for the purposes of NI 43-101 with respect to the technical information in this news release.

Pitchstone is actively exploring for uranium in four proven districts. The property portfolio features ten projects in the eastern Athabasca Basin, Saskatchewan, five of which are joint ventured with Uranium One and five being 100% owned. In addition, there are four 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

  • Pitchstone Exploration Ltd.
    Ted Trueman
    CEO
    (604) 630-5563
    or
    Pitchstone Exploration Ltd.
    Mark T. Brown
    CFO
    (604) 687-3520
    Website: www.pitchstone.net