Gabon
Uranium Exploration
·
Airborne survey completed
·
Field work initiated
Pitchstone
Exploration Ltd. (TSX-V: PXP; “Pitchstone”), Cameco
Corporation (TSX: CCO; NYSE: CCJ; “Cameco”)
and Motapa Diamonds Inc. (TSX-V: MTP; “Motapa”) are pleased to provide an update on uranium
exploration in the Franceville Basin, Gabon.
The helicopter-borne
magnetic-radiometric survey has been completed with 13,352 line kilometers
flown covering an area of approximately 170,000 hectares of uranium exploration
permits in the Franceville Basin.
Preliminary data are of excellent quality and provide valuable information on
numerous subsurface features. Ground geophysical and geochemical
orientation surveys have also been completed. Two Transient Audio
Magneto-Telluric test lines totalled 75 line
kilometers. A variety of geochemical samples were collected from 50
sites.
The Proterozoic Franceville Basin is geologically analogous to the Hornby Bay and Athabasca basins of Canada. Deposits in the Oklo-Mounana district of the Franceville Basin have produced in the order of 100
million pounds of U3O8 ranking it as one of the
world’s most significant uranium districts.
Motapa’s
exploration permits for uranium, gold and manganese cover ~600,000 hectares of
the Franceville
Basin in east-central Gabon
(see map on www.pitchstone.net).
Cameco and Pitchstone are funding exploration
for uranium on Motapa’s permits to earn up to
80% participating interest. The work is being carried out by Motapa under the technical direction of Cameco
and Pitchstone.
This release
has been reviewed by Steve Blower, M.Sc., P.Geo., Pitchstone’s
Vice President, Exploration - a Qualified Person as defined by National
Instrument 43-101.
Pitchstone
is actively exploring for uranium in four proven districts. The property
portfolio features eight projects in the eastern Athabasca Basin,
Saskatchewan, five of which are joint ventured with Uranium One Inc., with
the other three being 100% owned. In addition, there are five joint
venture projects with Triex in the Hornby
Bay Basin, Nunavut and NWT, an exploration partnership with Cameco
and Motapa Diamonds in the Franceville
Basin, Gabon, and an option on three 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
For
further information contact: Ted Trueman, CEO, (604) 630 5560, ted@pitchstone.net,
Mark
T. Brown, CFO, (604) 687-3520, mark@pitchstone.net,
or view www.pitchstone.net
The TSX Venture Exchange has
not reviewed and 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 the Company’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
604 630-5563 (Office)
604 630-5564 (Fax)
e-mail: cstewart@pitchstone.net
www.pitchstone.net
