Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

January 24, 2007 09:00 ET

Pitchstone Options Uranium Properties in Namibia

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 24, 2007) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) (Pitchstone) is pleased to announce that a Letter Agreement has been signed with private company Manica Minerals Ltd. (Manica) to explore Manica's three uranium exploration properties in Namibia.

Namibia has been a significant source of uranium for many years and in 2005 produced more than eight million pounds U3O8, ranking Namibia as the 5th largest producing country. Production has primarily come from Rio Tinto's large, granite-hosted Rossing deposit. Paladin's Langer Heinrich deposit has also recently commenced production.

Manica's properties comprise approximately 500,000 hectares. The properties, further described below, were selected by Manica personnel who have extensive southern African expertise:

1. Nakop: Targets are related to Proterozoic sediments.

2. Sandwich Bay: A Rossing deposit analogue, the Sandwich Bay property is
situated approximately 70km southwest of Rossing.

3. Kaoko: Prospective for sediment hosted uranium deposits, Kaoko has a
similar geologic setting to a nearby uranium occurrence.

Terms of the Letter Agreement provide Pitchstone with the option to earn a 51% interest in the properties by incurring exploration expenditures of C$900,000 by November 9, 2008 and making cash payments totalling $75,000 within two years. Upon earning a 51% interest, Pitchstone will have options to acquire an additional 20% interest by expending a further C$1,400,000 within four years of the date of the Letter Agreement, and an additional 9% by completing a positive feasibility study. Pitchstone can earn a total 80% interest in the properties and also has the right to enter into an agreement with a third party at any time.

The Letter Agreement is subject to the satisfactory completion of due diligence by Pitchstone by March 31, 2007.

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.

Contact Information