Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

January 15, 2007 13:31 ET

Pitchstone Exploration Ltd.: Drill Crew Mobilizing to Athabasca Basin; Closing of Secondary Offering

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 15, 2007) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") is pleased to announce that the drilling crew has begun mobilizing to the Darby-Candle property in the eastern Athabasca Basin. Up to 6,000 m of core drilling will be conducted on the property this winter. Drilling will continue testing extensive conductors and follow up on anomalous uranium intersected in 2006. The Darby-Candle property, a 50:50 joint venture with sxr Uranium One Inc. (TSX:SXR), comprises 19,316 hectares and adjoins the Cameco-AREVA Cigar Lake property to the west.

Pitchstone has budgeted for approximately 16,000 meters of drilling on various eastern Athabasca properties during 2007.

Further, Pitchstone announces the closing of the previously announced Secondary Offering, by certain shareholders of the Company, of 3 million common shares of Pitchstone at a price of $2.40 per share, for aggregate gross proceeds of $7.2 million. The Secondary Offering was underwritten by a syndicate of Underwriters led by Wellington West Capital Markets Inc. and Toll Cross Securities Inc. and including Dundee Securities Corporation. Pitchstone did not receive any proceeds from the Secondary Offering.

The Secondary Offering was effected pursuant to prospectus exemptions under applicable securities law, and the common shares purchased in the Secondary Offering are subject to resale restrictions for a period of four months following the closing date.

Pitchstone is actively exploring for uranium in three 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 Minerals in the Hornby Bay Basin, Nunavut and NWT, and an exploration partnership with Cameco and Motapa Diamonds in the Franceville Basin, Gabon. 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.

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