Pitchstone Exploration Ltd.

Pitchstone Exploration Ltd.

January 03, 2007 09:00 ET

Pitchstone Exploration Ltd.: 2007 Athabasca Exploration

Drilling to resume at Darby-Candle mid-January 16,000 meters drilling in Athabasca Basin EM surveys on 3 Athabasca properties

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 3, 2007) -

Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") is pleased to announce that Boart Longyear has been contracted for an initial 6,000 m of core drilling. Drilling is scheduled to commence mid-January at the Darby-Candle property to continue testing extensive conductors and follow up on anomalous uranium intersected in 2006. The Darby-Candle property comprises 19,316 hectares and adjoins the Cameco-AREVA Cigar Lake property to the west.

Pitchstone is the operator of five eastern Athabasca properties under a joint venture agreement with sxr Uranium One Inc. (TSX:SXR). During 2007 the companies anticipate drilling a total of 13,000 meters at Darby-Candle, Waterfound and Moon Lake. Electromagnetic (EM) surveying is also planned for Darby-Candle and Lynx Lake. Pitchstone and sxr Uranium One Inc. have approved a 2007 budget of $5 million for this work.

Approximately 25 kilometers of fixed-loop EM will be conducted on each of three projects, Darby-Candle, Lynx Lake and Pitchstone's 100% owned Fisher property to test for conductive basement formations. Pitchstone has budgeted $1.2 million for exploration on its 100% owned eastern Athabasca Basin properties in 2007, including 3,000 meters of drilling on Gumboot and Fireweed.

This release has been reviewed by Steve Blower, M.Sc., P.Geo., Pitchstone's Vice President, Exploration - a Qualified Person as defined by National Instrument 43-101.

Further, Pitchstone announces that it has granted 790,000 options to directors and senior officers. The options are priced at $2.90 and will expire on January 2, 2012.

Pitchstone is actively exploring for uranium in three proven districts. The property portfolio features eight projects in the eastern Athabasca Basin, Saskatchewan, five of which are joint ventured with sxr Uranium One Inc., with the other three being 100% owned. In addition, there are five joint venture projects with Triex Minerals in the Hornby Bay Basin, Nunavut and NWT, and an exploration partnership with Cameco and Motapa Diamonds in the Franceville Basin, Gabon. 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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