March 11, 2009 09:00 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 11, 2009) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") is pleased to announce the signing of a letter agreement with Japan Oil, Gas and Metals National Corporation ("JOGMEC"). Pursuant to the letter agreement JOGMEC has acquired an option to earn an undivided 50% interest in Pitchstone's Wolverine and Marten properties situated in the eastern Athabasca Basin, Saskatchewan, the region that hosts the world's largest high-grade uranium deposits.
To exercise the option and earn a 50% interest, JOGMEC must pay Pitchstone $200,000 as an initial contribution for prior expenditures and spend $1,800,000 in exploration on the properties by March 31, 2012. Pitchstone will be the operator of all exploration programs.
The Wolverine (3,632 hectares) and Marten (2,768 hectares) properties are located near the eastern margin of the Athabasca Basin, east of Cameco's McArthur River mine, the world's largest uranium producer. Pitchstone recently completed helicopter-borne magnetic and electromagnetic surveys (VTEM) over the properties.
Pitchstone participated in a recent mineral investment mission to Japan led by Saskatchewan's Minister of Energy and Resources, the Honourable Bill Boyd, that facilitated discussions between Pitchstone and JOGMEC. "This agreement speaks to Saskatchewan's excellent mineral endowment and Pitchstone's expertise," Mr. Boyd said. "The objective of our recent mission was to promote to foreign investors the many opportunities that exist for them in Saskatchewan's mining industry, and we're very pleased that JOGMEC has chosen to pursue this great opportunity with Pitchstone."
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.
JOGMEC, a corporation established by the Japanese Government, plays a key role in supporting and encouraging Japanese companies through a wide range of business activities relating to oil, natural gas and metals. JOGMEC's mandate is to help secure a stable supply of natural resources for Japan through business initiatives worldwide.
Pitchstone is well funded and exploring for uranium in four proven districts. The property portfolio features ten projects in the eastern Athabasca Basin, Saskatchewan, five of which are 100% owned. In addition, there are four joint venture projects in the Hornby Bay Basin, Nunavut, an exploration partnership in the Franceville Basin, Gabon, and an option on two 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 & Chairman
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 does not accept responsibility for the adequacy or accuracy of this release.
Pitchstone Exploration Ltd.Claire Stewart(604) 630-5563orPitchstone Exploration Ltd.Mark BrownCFO(604) 687-3520Website: www.pitchstone.net
See all RSS Newsfeeds