Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

August 02, 2006 11:00 ET

Pitchstone Accelerates Warrant Exercise Date to August 31, 2006

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 2, 2006) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") announces that it is accelerating the expiry date to August 31, 2006 of all of the outstanding warrants issued in conjunction with its initial public offering (IPO).

Under the terms of the IPO, Pitchstone has the right to accelerate the expiry date of such warrants as the common shares have traded above $0.90 for 20 consecutive trading days. Each warrant entitles the holder to purchase one common share of Pitchstone for $0.70. There are approximately 1.2 million common share purchase warrants outstanding. Any warrants which are unexercised after August 31, 2006 will immediately expire.

This action will simplify Pitchstone's capital structure and increase flexibility in future financing strategies. Assuming all warrants are exercised Pitchstone will have a cash balance of approximately $5.1 million and 25,951,708 shares outstanding.

Pitchstone is an aggressive uranium exploration company with eight projects in the eastern Athabasca Basin, Saskatchewan, five projects in the Hornby Bay Basin, Nunavut and NWT, and an exploration partnership with Cameco and Motapa Diamonds in the Franceville Basin, Gabon.

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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