Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

January 19, 2010 07:00 ET

Pitchstone Resumes Athabasca Uranium Drilling

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 19, 2010) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) -

  • Drilling has begun at Gumboot
  • Geophysics initiated at Wolverine & Marten
  • Drilling planned at Marten & Johnston Lake

Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone" or the "Company") announces that core drilling and ground geophysical surveying have resumed on its eastern Athabasca Basin properties. Fourteen drill holes totaling 7,000 meters are planned for the winter season on three different properties; Gumboot, Johnston Lake and Marten.

Gumboot

Drilling has commenced on the Gumboot property, 20 kilometers northwest of the Cigar Lake mine. The first hole of the winter season was collared January 14. Seven holes are planned to follow up on significant uranium, nickel and cobalt mineralization that was intersected in 2009 on Gumboot (see September 9, 2009 News Release). Mineralization at Gumboot is open along strike in both directions and the five kilometer long graphitic horizon is largely untested (see maps at www.pitchstone.net).

Johnston Lake

One hole will be drilled on the Johnston Lake property to follow up on the results of a detailed core review and re-sampling program completed in the summer of 2009. This work highlighted a 2.4 kilometer long section of the MJ-1 conductor as being particularly prospective. Johnston Lake was optioned in early 2009 from Denison Mines Corp. and is contiguous with the Gumboot property. Together the two properties comprise 19,800 hectares.

Wolverine & Marten

Line cutting has been completed and gravity surveying has begun on the Wolverine and Marten properties. Ground electromagnetic surveying and 1,200 meters of diamond drilling are also budgeted for the winter program on Marten. Wolverine, 30 kilometers east of the McArthur River mine, and Marten, immediately southwest of the West Bear deposit, are under option to Japan Oil, Gas and Metals National Corporation ("JOGMEC"); Pitchstone is the operator. All exploration on the properties is being funded by JOGMEC, which can earn a 50% interest after spending $1.8 million on exploration.

Steve Blower, P.Geo., President of Pitchstone, is the Qualified Person for the purposes of NI 43-101 with respect to the technical information in this news release.

About Pitchstone

Pitchstone is exploring for uranium in three proven districts in Canada and Namibia. The property portfolio features 12 projects in the eastern Athabasca Basin, Saskatchewan, four of which are 100% owned. In addition, there is a joint venture on two projects in Namibia and several joint venture projects in the Hornby Bay Basin, Nunavut. Pitchstone benefits from the collaboration of a unique group of geologists with extensive uranium exploration and production experience.

On behalf of the Board,
E.A.G. (Ted) Trueman, CEO & Chairman

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pitchstone Exploration Ltd.
    Claire Stewart
    604 630 5563
    or
    Pitchstone Exploration Ltd.
    Mark T. Brown
    CFO
    604 687 3520
    www.pitchstone.net