Pitchstone Exploration Ltd.

Pitchstone Exploration Ltd.

December 15, 2008 07:00 ET

Pitchstone Exploration Ltd.: Uranium Exploration Update

- $4.3 million 2009 exploration budget - Athabasca drilling contract - Namibia drilling underway

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 15, 2008) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP)("Pitchstone") has approved a $4.3 million 2009 uranium exploration program. The focus for 2009 will be diamond drilling in the eastern Athabasca Basin. Targets on the Candle, Darby and Gumboot properties will be tested, including mineralization discovered at the 97G zone on Candle (1.91% U3O8 over 0.5 m; May 21, 2008 News Release) and a 40 m zone of moderate to intense alteration and fracturing with intervals of strong radioactivity intersected in drill hole GB-04 on Gumboot (September 8, 2008 News Release). Bryson Drilling Ltd. has been contracted to begin drilling in January as soon as freezing conditions allow. Pitchstone has sufficient cash on hand for 2009 and 2010 operations.

Drilling is underway on the Dome property in Namibia where a Rossing style target is being explored. It is anticipated that four holes will be completed before Christmas and that drilling will resume early in January.

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. Sample preparation and analyses were done by SRC Geoanalytical Laboratories, Saskatoon. A partial digestion with fluorimetric analysis is used for initial uranium determinations and all samples containing greater than 100 ppm uranium were re-analyzed with ICP. Pitchstone utilizes internally and externally submitted standard reference materials for quality assurance and quality control of sample preparation and analyses.

The contract with JNS Capital Corp. for investor relation services will be terminated at the end of December, 2008.

Pitchstone is well funded and actively exploring for uranium in four proven districts. The property portfolio features ten projects in the eastern Athabasca Basin, Saskatchewan, five of which are joint ventured with Uranium One and five being 100% owned. In addition, there are four joint venture projects with Triex in the Hornby Bay Basin, Nunavut, an exploration partnership with Cameco and Motapa Diamonds 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 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 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.

Contact Information

  • Pitchstone Exploration Ltd.
    Claire Stewart
    (604) 630-5563
    Pitchstone Exploration Ltd.
    Mark Brown
    (604) 687-3520
    Website: www.pitchstone.net