Charlotte,
Following, for your information, is the latest news from Pitchstone
Exploration Ltd.
Purchase of Hornby Bay
Properties Completed
Pitchstone Exploration Ltd. (PXP-TSX.V) and Triex Minerals Corporation (TXM-TSX.V) (collectively
“the Joint Venture”) are pleased to announce the successful
acquisition of those claims on the Mountain
Lake, Dismal
Lakes and Kendall River
properties which are under option in the Hornby Bay Basin, Nunavut.
Location maps for
the properties are available on the Company's website (www.pitchstone.net). The
properties are in proximity to the Mountain
Lake uranium deposit, located 100 km
southwest of the coastal community of Kugluktuk in western Nunavut.
Pursuant to an Option to Purchase Agreement executed on
July 22, 2006 with Aramis Ventures Inc. (see August 2, 2006 News Release) the
Joint Venture has successfully purchased 100% ownership, subject only to a
royalty, of four claims forming the Kendall River property in the Hornby Bay Basin
covering a total of 4,180 ha. Surface work on this property in 2006 and 2007
refined targets related to a field of radioactive boulders discovered in the
1970s. Future work will focus on drill-testing the target area.
Pursuant to an Option to Purchase Agreement dated July
31, 2006 with Ur-Energy Inc. (see April 26, 2006 News Release) the Joint
Venture has successfully purchased 100% ownership, subject only to a royalty,
of 58 claims (52,464 ha) forming parts of the Dismal Lakes and Mountain Lake
properties. Pursuant to an Option to Purchase Agreement dated July 31, 2006
with Patrician Diamonds Inc. (see April 26, 2006 News Release) the Joint
Venture has successfully purchased 100% ownership, subject only to a royalty,
of 10 additional claims (7,295 ha) forming part of the Dismal Lakes property.
Surface work in 2006 and 2007 on the Joint
Venture’s collective Hornby Bay Basin
properties has delineated numerous targets, with some data collected from the
western part of the Mountain
Lake claim block in 2007
still pending. Drilling by the Joint Venture to this point has focused on the
Mountain Lake Deposit; future work will focus on testing regional targets.
Triex is operator for the Joint
Venture. 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 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 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, or 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