Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

October 14, 2005 09:30 ET

Pitchstone Completes $3.3 million IPO

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 14, 2005) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) is pleased to announce that it has completed the Initial Public Offering of its common shares. Pitchstone's common shares will begin trading on the TSX Venture Exchange under the symbol PXP on October 14, 2005, as a Tier One issuer.

The Company issued 6 million units in the offering at $0.55 each to raise gross proceeds of $3.3 million. Each unit consists of one common share and one half of a non-transferable share purchase warrant. A full warrant can be exercised to purchase an additional common share at $0.70 per share within 12 months, subject to certain forced exercise provisions. A syndicate of agents was led by Dundee Securities, and included Haywood Securities and Pacific International Securities.

The net proceeds from the offering will increase Pitchstone's working capital to $4.9 million, which will be used for further exploration on its 10 uranium projects and for general and administrative expenses. Pitchstone has seven projects in the Athabasca Basin, Saskatchewan: two are 100% owned and five are subject to an option agreement with Southern Cross Resources Inc. (SXR) under which SXR can earn a 50% interest in the five projects by expending a total of $4 million on exploration. In addition, Pitchstone has a 50% interest in three projects in the Hornby Bay Basin, Nunavut and Northwest Territories, in a joint venture with Triex Minerals Corporation. The Hornby Bay Basin joint venture includes the Mountain Lake uranium deposit that contains a NI 43-101 compliant Inferred Resource of 8.2 million pounds U3O8 at an average grade of 0.23% U3O8. The Company has filed a NI 43-101 technical report for the Mountain Lake project, which was prepared by F.R. Hassard, an independent qualified person.

Pitchstone is a uranium exploration company that began acquiring prospective properties in early 2003. The Company is led by a management team and board with extensive experience in uranium exploration, development and mining. Further information about Pitchstone is available on the corporate website at www.pitchstone.net.

On behalf of the Board,

E.A.G. (Ted) Trueman, CEO and Director

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