Pitchstone Exploration Ltd.

Pitchstone Exploration Ltd.

October 15, 2008 07:00 ET

Pitchstone Closes $1.2 Million of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2008) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") is pleased to announce that it has closed the first tranche of a non-brokered private placement of 2,500,000 "flow-through" common shares at $0.60 per share to raise gross proceeds of $1,500,000. This first tranche raised $1,200,600. The final tranche is expected to close later this week. A cash finder's fee of 5% was paid to certain parties in connection with part of the private placement and totaled $58,800. Pitchstone's cash position is now approximately $8.5 million and the Company has 32.9 million common shares outstanding after the closing. All of the shares issued in this tranche of the private placement will be subject to a hold period until February 15, 2009.

The flow-through funds raised through the private placement will be used for exploration on Pitchstone's Canadian property interests which will constitute Canadian exploration expenses (as defined in the Income Tax Act) and will be renounced for the 2008 taxation year. It is anticipated that the funds will primarily be directed to diamond drilling a zone of significant radioactivity recently discovered on the 100% owned Gumboot property (see September 8, 2008 News Release) and targets on the Darby-Candle property, both located in the eastern Athabasca Basin, Saskatchewan.

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 are 100% owned. In addition, there are four joint venture projects with Triex Minerals 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.

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