Pitchstone Exploration Ltd.

Pitchstone Exploration Ltd.

June 24, 2008 07:00 ET

Pitchstone Drilling Progress

- 8,670 m completed in Athabasca to date in 2008 - Hornby Bay drilling also underway

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2008) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") is one of the most active explorers in the Athabasca Basin, Saskatchewan. In 2007 Pitchstone drilled 16,213 m in 27 holes on five properties. To date in 2008 Pitchstone has completed 8,670 m of drilling in 16 holes; 5,880 m during January-March and 2,790 m in the summer program. A total of 14,000 m in 24 holes is planned for 2008 in the eastern Athabasca Basin.

Drilling is currently underway on the Darby-Candle properties. Four holes are being drilled to follow up on uranium mineralization at the 97G zone on Candle. At the 97G zone, drill hole CD-25 (May 21, 2008 News Release) intersected 1.91% U3O8 over 0.5 m, including 0.2 m that contained 4.18% U3O8, and hole CD-14 intersected 0.31% U3O8 over 3.2 m (July 25, 2007 News Release). Candle, located between McArthur River and Cigar Lake mines, is a joint venture between Pitchstone (operator; 37.5%), Uranium One Inc. (TSX:UUU) (37.5%) and JCU (Canada) Exploration Company, Limited (25%).

Anomalous gold has recently been identified in numerous samples from three drill holes at the Candle 97G zone. Values up to 0.83 g/t gold, with 13 g/t silver, over a core interval of 0.4 m are reported. Gold is present in a number of Athabasca Basin deposits and was recovered as a by-product at the Cluff Lake mine.

Drilling is also underway in the Hornby Bay Basin, Nunavut in a 50:50 joint venture with Triex Minerals Corporation. To date six holes have been completed on the Mountain Lake property; results are pending. Ground resistivity surveying has been completed on the Mountain Lake and Dismal Lakes properties and data are being reviewed.

Pitchstone is also pleased to advise that Steve Blower, M.Sc., P. Geo., has been appointed President of the Company. Steve has 20 years experience in mineral exploration and production. He joined Pitchstone in February 2006; previously he was Principal Geologist with AMEC Americas Ltd. where he was involved in geological studies and resource estimation projects on numerous producing mines and development projects. The Board has granted 100,000 options in connection with this appointment. Ted Trueman, Pitchstone's founder who has 22 years uranium experience, will remain as CEO and has also been appointed Chairman of the Board of Directors. Former Chairman Bob Armstrong remains a director.

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. Sample preparation and analyses were done by SRC Geoanalytical Laboratories, Saskatoon. A partial digestion with fluorimetric analysis was used for initial uranium determinations, and then all samples containing greater than 100 ppm uranium were re-analyzed with ICP. Gold determinations were by fire assay and silver determinations were by ICP. Pitchstone utilizes internally and externally submitted standard reference materials for quality assurance and quality control of the sample preparation and analyses.

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 Inc. and five being 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 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 Pitchstone'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.

Contact Information

  • Pitchstone Exploration Ltd.
    Steve Blower
    (604) 630-5563
    Pitchstone Exploration Ltd.
    Mark T. Brown
    (604) 687-3520
    Website: www.pitchstone.net