Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

March 24, 2009 07:00 ET

Pitchstone Options Denison's Johnston Lake Uranium Property

- Pitchstone can earn a 75% interest - Uranium & strong alteration in several holes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 24, 2009) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") is pleased to announce the signing of a letter agreement with Denison Mines Corp. (TSX:DML)(AMEX:DNN) ("Denison"). Pursuant to the letter agreement Denison has granted Pitchstone the right to earn up to a 75% interest in Denison's Johnston Lake property situated in the eastern Athabasca Basin, Saskatchewan.

The Johnston Lake property comprises four claims totalling 15,666 hectares. Three of the claims are contiguous with Pitchstone's Gumboot property, which is located about 20 kilometers northwest of Cameco Corporation's Cigar Lake uranium deposit. Results reported by previous owners in widely spaced drilling on a 10 kilometer long conductor trend at Johnston Lake include assays up to 0.27% U3O8 over 0.5 meter, as well as highly anomalous concentrations of uranium pathfinder elements, including nickel to 1.0%, cobalt to 0.43%, lead to 0.18% and gold to 6.1 ppm.

To exercise an initial option and earn a 49% interest, Pitchstone must spend $1 million in exploration on the property by February 2012. Pitchstone has a further option to earn an additional 26%, for a total of 75%, by spending an additional $1 million in exploration on the property by February 2014. Pitchstone will be the operator.

Pitchstone has recently reported promising results from its Gumboot property (see Feb. 26, 2009 news release). The winter drilling program at Gumboot has been completed; samples are being processed and results are pending.

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.

About Denison

Denison Mines Corp. is a premier intermediate uranium producer in North America, with mining assets in the Athabasca Basin region of Saskatchewan, Canada and the southwest United States including Colorado, Utah, and Arizona. Further, the Company has ownership interests in two of the four conventional uranium mills operating in North America today. Denison also has a strong exploration and development portfolio with large land positions in the United States, Canada, Mongolia and Zambia.

About Pitchstone

Pitchstone is well funded and exploring for uranium in four proven districts. The property portfolio features 11 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 benefits from the collaboration of 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.

Contact Information

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