Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

October 31, 2005 19:06 ET

Pitchstone Exploration Ltd.: Hornby Bay Exploration Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 31, 2005) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Pitchstone Exploration Ltd. (TSX VENTURE:PXP) is pleased to provide an update on its Mountain Lake and Dismal Lake projects located in the Hornby Bay Basin of Nunavut and Northwest Territories.

A $1.2 million exploration program has recently been completed on the projects, which included a 684 line-km MEGATEM II survey, conducted by Fugro Airborne Surveys at 150 m line spacing, over the Mountain Lake project. This survey was designed to identify lithologic and structural characteristics of the Mountain Lake uranium deposit and extrapolate these to the remainder of the claims. Follow-up ground geophysics was also conducted over the deposit with 40 line-km of magnetic, resistivity and both time- and frequency-domain electromagnetic surveys. An 81 line-km GEOTEM survey, also conducted by Fugro, at 300 m line spacing, was completed over a test area of the Dismal Lake project. Other exploration work on the projects included ground and airborne radiometric surveying, geological mapping and prospecting.

The Mountain Lake deposit contains an estimated Inferred Resource of 8.2 million pounds U3O8, with an average grade of 0.23% U3O8, at depths between 28 and 136 m (see N.I. 43-101 Technical Report prepared by F.R. Hassard previously filed on SEDAR, and an Oct. 13, 2005 news release). Two types of mineralization have been recognized to date, stratabound sandstone-hosted and discordant fracture filling. Fracture controlled mineralization included an intersection of 5.19% U3O8 over a 0.9 m core interval.

During the 1970s and 1980's, Esso Resources Canada and Cominco Ltd. drilled 190 holes, totaling approximately 22,000 m, on the Mountain Lake project area. Uranium mineralization at Mountain Lake is hosted within a unit of mid-Proterozoic Dismal Lakes Group (C.M. Trigg, 1986, PEC uranium deposit, Hornby Bay Basin, Northwest Territories, in Uranium Deposits of Canada, CIM Special Volume 33, p. 295-302). During the summer exploration program, most of the drill core was rehabilitated and selected holes were re-logged and sampled for determination of geochemical and alteration signatures.

Results from the summer exploration program are currently being compiled and integrated with historic geological and drill data. A major exploration program, including ground geophysics and drilling for resource delineation and testing of new targets, is currently being planned for the Mountain Lake project with the details and budget to be announced in the near future. Follow-up exploration is also being planned on the Dismal Lake project.

The projects are located approximately 550-570 km north of Yellowknife, Northwest Territories, and 100-150 km southwest of the coastal community of Kugluktuk, Nunavut (see www.pitchstone.net for locations). The projects are held in 50:50 joint ventures between Pitchstone and Triex Minerals Corporation. Triex, operator of the joint ventures, advises that Michael Gunning, Ph.D., P.Geo., is the Qualified Person, as defined by N.l. 43-101, responsible for exploration undertaken with respect to this news release.

Pitchstone is a uranium exploration company with an interest in more than 200,000 hectares of land in the Athabasca and Hornby Bay basins, including a 50-100% interest in seven projects in the Athabasca Basin.

On behalf of the Board,

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

Pitchstone Exploration Ltd.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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