Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

April 19, 2007 09:00 ET

Pitchstone Exploration Ltd.: Athabasca Exploration Results & Financial Update

- Darby-Candle drilling results - EM survey completed at Lynx Lake - Financial update & AGM date

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 19, 2007) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") is pleased to provide an update on exploration in the Athabasca Basin, Saskatchewan and key points from its fiscal 2006 audited financial statements.

Darby-Candle Drilling

Drill hole CD-08R, completed on the Candle property during March, intersected a zone of clay-altered, friable sandstone above the unconformity from 610-614 m. The unconformity between the Athabasca Group sandstone and older basement rocks was intersected at 617.25 m. Weak radioactivity was encountered over 0.1 m intervals at the unconformity and at a fault zone at 627.2 m. Samples have been submitted for geochemical analysis and results are pending. There was also a zone of weak radioactivity detected with a drill hole probe within the zone of clay-altered sandstone above the unconformity, however, much of this strongly altered interval was not recovered in drill core.

Drill hole CD-08R intersected the unconformity 70 m east of drill hole CD-02, which was completed in 2006. As previously reported (see May 1, 2006 news release) CD-02 returned the highest uranium geochemistry results on the property to date, including 0.5 m from 599.6 to 600.1 m immediately above the unconformity that contained 422 ppm uranium (0.05% U3O8).

As a result of this drilling, Pitchstone and sxr Uranium One Inc ("Uranium One") have now jointly earned a 75% interest in the Candle property. The remaining 25% interest is held by JCU (Canada) Exploration Company, Limited, and the parties will be proceeding on a 75:25 joint venture basis for all future exploration on Candle. The Darby-Candle, Waterfound, Lynx Lake and Moon Lake properties are joint ventured 50:50 with Uranium One. Drilling on joint ventured properties, including Darby-Candle, and on other 100% Pitchstone owned properties in the eastern Athabasca Basin, is planned to resume in May after spring break-up.

Athabasca Basin EM Surveys

A 25 line km fixed-loop electromagnetic (EM) survey has been completed on the Lynx Lake property. Preliminary results indicate that weak conductive responses were recorded at Lynx Lake and also during a recently completed EM survey at Darby (see March 28, 2007 news release).

Financial Update

Pitchstone's annual audited financial statements and management's discussion and analysis have been filed and are available at www.sedar.com. Pitchstone's revenue for 2006 was $2,575,556 (2005 - $1,130,633) which included one time gains of $2,129,763. Expenses for 2006 were $721,232 (2005 - $789,737) and the net income for the year was $1,378,359 (2005 - $166,922) or $0.05 per share (2005 - $0.01). These figures include one time gains resulting from option agreements entered into in recent years and may not be repeated in the future.

Exploration expenditures during 2006 were $2,193,203 (2005 - $650,056). As of December 31, 2006 Pitchstone had working capital of $10.6 million (2005 - $4.8 million).

The Annual General Meeting of the shareholders of Pitchstone will be held May 11, 2007 at 10:00 AM at 915 West Hastings Street, Vancouver, BC.

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.

About Pitchstone

Pitchstone is actively exploring worldwide for uranium in four proven districts. The portfolio features eight properties in the eastern Athabasca Basin, Saskatchewan, five of which are joint ventured with Uranium One, with the other three being 100% owned. In addition, there are five joint venture properties with Triex Minerals 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 properties 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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