Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

December 14, 2006 09:00 ET

Pitchstone Exploration Ltd.: Athabasca Exploration Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 14, 2006) -

- 3 hole drill program completed at Darby-Candle

- Resistivity survey provides targets on Waterfound

Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") announces that 1,968 m of NQ core drilling has been completed in three holes on the Darby-Candle property. Hole DB-04 intersected two intervals of broken, friable and bleached sandstone, and graphitic, pelitic basement units. These features are common at uranium deposits in the eastern Athabasca region. The basement in DB-04 is locally fractured with clay gouge and graphite to 8%; graphite occurs as disseminations and on fault planes. Holes DB-05 and DB-06 intersected granite-gneiss and pelitic basement units. Samples have been submitted for geochemical analysis and results are pending.

In addition, a recently completed pole-pole resistivity survey at the Waterfound project has identified features that may represent structures and alteration zones in the Athabasca Group sediments. These features provide a focus for future drilling within a 1.6 km long zone of anomalous radioactivity at the Athabasca Group unconformity. Pitchstone is operator of the Darby-Candle and Waterfound properties under an agreement with sxr Uranium One Inc. (TSX:SXR).

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.

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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