Pitchstone Exploration Ltd.

Pitchstone Exploration Ltd.

November 28, 2008 07:00 ET

Pitchstone Increases Interest in Athabasca Properties

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2008) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") reports that Uranium One Inc. (TSX:UUU) has declined to make a cash call payment requested by Pitchstone for approved exploration budget costs on the companies' joint venture properties and Uranium One has, therefore, assumed a dilutive position. The joint venture between Pitchstone (operator) and Uranium One consists of five properties (Darby, Candle, Waterfound, Moon Lake & Lynx Lake) in the eastern Athabasca Basin, Saskatchewan.

Pitchstone has funded Uranium One's payment and Pitchstone's interest in the previously 50:50 joint venture has now increased to approximately 51 percent. Also, Uranium One has advised Pitchstone that it will not fund its share of an approved program for the January-April 2009 field season and, as a result, Uranium One's interest in the joint venture will be further diluted. Pitchstone is well funded and will proceed with the 2009 program.

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, an exploration partnership with Cameco and Motapa Diamonds in the Franceville Basin, Gabon, and an option on two 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 Pitchstone's control, that may cause actual results or performance to differ materially from those currently anticipated in such statements.

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

Contact Information

  • Pitchstone Exploration Ltd.
    E.A.G. (Ted) Trueman
    CEO and Director
    (604) 630-5563
    Website: www.pitchstone.net