Pitchstone Exploration Ltd.

Pitchstone Exploration Ltd.

October 31, 2006 09:00 ET

Pitchstone & Uranium One Resume Darby-Candle Drilling

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 31, 2006) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP) is pleased to announce that Pitchstone and sxr Uranium One Inc. (TSX:SXR) are resuming diamond drilling on the Darby-Candle project. Hy-Tech Drilling Ltd. has been contracted to do the drilling; crews are currently mobilizing to the site. It is anticipated that approximately 2,000 meters will be drilled during November and December.

Drilling will continue to test selected portions of some 55 kilometers of conductive zones on the properties. Earlier in the year anomalous uranium was intersected at the Athabasca sandstone unconformity in two holes (see April 13 & May 1, 2006 News Releases). Pitchstone is operator of the project, which is situated in the eastern Athabasca Basin, Saskatchewan, 20 kilometers northeast of the McArthur River mine, the largest uranium producer in the world. Uranium One is earning a 50% interest in five Pitchstone projects including Darby and Candle.

Pitchstone is an aggressive uranium exploration company with eight projects in the eastern Athabasca Basin, Saskatchewan, five projects in the Hornby Bay Basin, Nunavut and NWT, and an exploration partnership with Cameco and Motapa Diamonds in the Franceville Basin, Gabon.

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 the Company's control, that may cause actual results or performance to differ materially from those currently anticipated in such statements.

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

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