Pitchstone Exploration Ltd.
TSX VENTURE : PXP

Pitchstone Exploration Ltd.

June 15, 2010 07:00 ET

Pitchstone Provides Uranium Exploration Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 15, 2010) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) -

  • Drilling Begins on Wolverine in the Athabasca Basin
  • Airborne Geophysical Survey Finalized for Namibia
  • Corporate Changes & Stock Option Grant

Pitchstone Exploration Ltd. ("Pitchstone") is pleased to report that summer exploration activities have begun in the Athabasca Basin, Saskatchewan, with drilling having commenced on the Wolverine property. Wolverine was optioned to Japan Oil, Gas and Metals National Corporation ("JOGMEC") in 2009. Also, airborne geophysical surveying is expected to begin within the next two weeks on the Dome property in Namibia. Dome is part of a uranium exploration joint venture between Pitchstone (64%) and private company Manica Minerals Ltd. (36%) through Manica's wholly-owned subsidiary Cheetah Minerals Exploration Ltd.

Athabasca

Geophysical surveying consisting of ground gravity and DC-resistivity surveys was completed at Wolverine during January to April, 2010 in preparation for a diamond drilling program that has now commenced. This first phase of drilling consists of four drill holes totaling 1,280 meters that tests two target areas. All exploration on the Wolverine property is being funded by JOGMEC. Other work planned for the summer in the Athabasca basin includes drilling at three other properties: Gumboot, Johnston Lake and Candle.

Namibia

High definition helicopter-borne magnetic and radiometric surveying is expected to commence within the next two weeks on the Dome property in Namibia. The 1,880 line kilometer survey is designed to aid in the mapping of Damaran stratigraphy and leucogranite (commonly referred to as Alaskite) at Dome North. A program of geological mapping and sampling at Dome North completed in March, 2010 returned uranium values up to 0.61% U3O8 from a grab sample of leucogranite containing visible yellow uranium oxide mineralization (see May 25, 2010 news release).

Annual General Meeting Results

At the company's Annual General meeting (AGM) on June 3, all resolutions put before the shareholders were approved, including the re-election of the five current directors and the election of Steve Blower, President, to the Board. At a Board meeting immediately following the AGM, Ted Trueman was appointed Executive Chairman, and Steve Blower was appointed President and CEO. A total of 100,000 additional stock options were granted as a result of the above changes.

Steve Blower, P.Geo., President and CEO 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 analysis in Namibia was done by ALS Chemex, Johannesburg. A multi-element ICP-MS analysis was completed on the samples after a four acid, near-total digestion. Pitchstone utilizes internally and externally submitted standard reference materials for quality assurance and quality control of the sample preparation and analyses. Field work in Namibia is supervised by Cape Town based Remote Exploration Services on behalf of the joint venture.

About Pitchstone

Pitchstone is exploring for uranium in three proven districts in Canada and Namibia. The property portfolio features 12 projects in the eastern Athabasca Basin, Saskatchewan, four of which are 100% owned. In addition, there is a joint venture on two projects in Namibia and several joint venture projects in the Hornby Bay Basin, Nunavut. 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, Executive 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pitchstone Exploration Ltd.
    Claire Stewart
    604 630 5563
    or
    Pitchstone Exploration Ltd.
    Mark T. Brown
    CFO
    604 687 3520
    www.pitchstone.net