Uranium
Exploration Update
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$4.3 million 2009 exploration budget
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Athabasca drilling
contract
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Namibia
drilling underway
Pitchstone Exploration Ltd. (TSX-V: PXP;
"Pitchstone") has approved a $4.3 million 2009 uranium exploration
program. The focus for 2009 will be diamond drilling in the eastern Athabasca Basin. Targets
on the Candle, Darby and Gumboot properties will be tested, including
mineralization discovered at the 97G zone on Candle (1.91% U3O8
over 0.5 m;
May 21, 2008 News Release) and a 40
m zone of moderate to intense alteration and fracturing
with intervals of strong radioactivity intersected in drill hole GB-04 on
Gumboot (September 8, 2008 News Release). Bryson Drilling Ltd. has been
contracted to begin drilling in January as soon as freezing conditions allow.
Pitchstone has sufficient cash on hand for 2009 and 2010 operations.
Drilling is underway on the Dome property in Namibia
where a R�ssing style target is being explored.
It is anticipated that four holes will be completed before Christmas and that
drilling will resume early in January.
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. Sample
preparation and analyses were done by SRC Geoanalytical
Laboratories, Saskatoon. A
partial digestion with fluorimetric analysis is used
for initial uranium determinations and all samples containing greater than 100 ppm uranium were re-analyzed with ICP. Pitchstone
utilizes internally and externally submitted standard reference materials for
quality assurance and quality control of sample preparation and analyses.
The contract with JNS Capital Corp. for investor
relation services will be terminated at the end of December, 2008.
Pitchstone is well funded and 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.
On behalf of the Board,
E.A.G. (Ted) Trueman, CEO
and Director
For further information contact
Claire Stewart at 604 630 5563, Mark Brown, CFO, at 604 687 3520, or visit www.pitchstone.net.
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