Drilling
Begins at Dome Uranium Property, Namibia
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Granitic hosted (R�ssing style) uranium targets to be tested
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No previous drilling in the area
Dome
Drilling
Pitchstone Exploration Ltd. (TSX-V: PXP;
"Pitchstone") is pleased to report that a diamond drilling program on
the Dome uranium property in west central Namibia
has begun. Pitchstone is the operator of the project and is earning a 51%
interest in two Namibian uranium properties, Dome and Kaoko, as the first stage
of an option agreement with privately held Manica Minerals.
Drilling at the Dome property is designed to test a
series of radon anomalies that are coincident with the margin of a structural
dome interpreted from airborne magnetic surveys. This region of Namibia
hosts uranium mineralization at numerous localities, including the large
R�ssing mine located 70 km
northeast of Dome. The target at Dome is a covered, elliptical shaped, 5 km long geophysical feature
that is very similar in size, shape, geophysical expression and interpreted
geology to that at R�ssing.
Seven to ten drill holes are planned totaling 1,000 to
1,500 m
in this phase of drilling, which marks the first drill test of the
targets. A map illustrating the location of Pitchstone's properties in Namibia
is available on Pitchstone's website, www.pitchstone.net. 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.
Options
Pitchstone announces that it has granted 425,000 new
stock options to directors and employees. The options have an exercise
price of $0.23 and will expire on November 7, 2013. Further, Pitchstone
has cancelled a total of 790,000 options issued January 2, 2007 to directors
and senior officers. The Company has also re-priced all remaining options
that have been granted at prices greater than $1.00 to a new exercise price of
$0.23, subject to TSX Venture Exchange and shareholder approval. A total
of 1,177,500 options granted to directors, employees and consultants have been
re-priced.
About Pitchstone
Pitchstone is 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; it's cash
position is approximately $8.5 million.
On behalf of the Board,
E.A.G. (Ted) Trueman, CEO and Director
For further information contact
Jag Sandhu at 604 306 1950, or visit www.pitchstone.net
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. 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.
Claire
Stewart
Office Manager
Pitchstone
Exploration Ltd.
315 -
1100 Melville Street
Vancouver BC V6E
4A6
Ph.: 604 630-5563
Fax: 604 630-5564
e-mail: cstewart@pitchstone.net
www.pitchstone.net