Pitchstone Exploration Ltd.

Pitchstone Exploration Ltd.

May 24, 2006 06:30 ET

Pitchstone Exploration Ltd.: Drilling Resumes at Waterfound

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 24, 2006) - Pitchstone Exploration Ltd. ("Pitchstone") (TSX VENTURE:PXP) reports that drilling has resumed at the Waterfound uranium exploration project to follow up on the positive results from the previous drill program. Pitchstone is operator of the project, situated in the eastern Athabasca Basin, Saskatchewan, that includes sxr Uranium One (TSX:SXR). Drilling commenced last week with a planned minimum program of 2,200 m in 4 holes.

Drill holes will be located to expand on the anomalous results encountered in the initial five hole drilling program completed in October-November 2005 at Waterfound. Highlights from that drilling (see Feb. 2, 2006 News Release) included the following:

- Identification of a thick sequence of graphite-pyrite-garnet-cordierite pelitic rocks immediately below the Athabasca Group basal unconformity at a depth of about 440 m.

- Mineralization encountered at the unconformity in three holes over a 700 m strike length.

- Uranium mineralization at the unconformity to 0.04 % U3O8 over 0.39 m.

- Enrichment in cobalt, copper, nickel, lead, zinc, arsenic, vanadium and rare earth elements.

- An alteration halo that includes chloritization, silicification, dravitization (boron), hematitization, bleaching and moderate clay alteration.

The alteration assemblage, and the association of cobalt, copper, nickel, lead, zinc, arsenic, vanadium, rare earth elements and uranium, at Waterfound are similar to that at major uranium deposits in the eastern Athabasca Basin. sxr Uranium One is contributing $4 million in exploration expenditures to earn 50% of Pitchstone's interest in 5 Athabasca Basin projects.

Pitchstone is a uranium exploration company with 8 exploration projects in the Athabasca Basin, Saskatchewan. Also, in the Hornby Bay Basin, Nunavut and NWT, Pitchstone has 4 projects including an interest in a significant NI 43-101 compliant uranium resource at the Mountain Lake deposit (see Oct. 14, 2005 News Release).

On behalf of the Board,

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

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

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