Pitchstone Exploration Ltd.

Pitchstone Exploration Ltd.

December 06, 2007 08:00 ET

Pitchstone Closes $3.1 Million Private Placement

VANCOUVER, BRITISH COLULMBIA--(Marketwire - Dec. 6, 2007) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") is pleased to announce that it has now closed the non-brokered private placement of 1,008,200 "flow-through" common shares at $3.10 per share to raise gross proceeds of $3,125,420. A cash finder's fee of 5% was paid to certain parties in connection with part of the private placement and totaled $131,440. Pitchstone's cash position is now approximately $11.5 million and the Company has 30.9 million common shares outstanding after the offering.

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 2007 taxation year.

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, with the other five being 100% owned. In addition, there are five joint venture projects with Triex in the Hornby Bay Basin, Nunavut and NWT, an exploration partnership with Cameco and Motapa Diamonds in the Franceville Basin, Gabon, and an option on three 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 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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