Drilling
Commences at Waterfound
Pitchstone
Exploration Ltd. (TSX-V: PXP; “Pitchstone”) is pleased to announce
that drilling on the Waterfound property in the
eastern Athabasca Basin, Saskatchewan has resumed. Waterfound is a 50:50 joint venture with Uranium One Inc.
(TSX: UUU).
Five holes
totaling 2,750 m are planned at Waterfound to follow
up on uranium mineralization encountered in earlier drilling. Of the nine
holes previously completed on behalf of the joint venture, seven intersected
anomalous radioactivity in proximity to the unconformity (see July 25, 2006
news release); these holes occur over a strike length of 1,600 m. The
current drilling program will utilize the results of a DC-Resistivity
survey completed in late 2006 to help focus drilling within this widespread
zone of anomalous radioactivity.
Further,
Pitchstone announces that it has granted 860,000 options to directors and
employees. The options are priced at $2.60 and will expire on October 5,
2012.
Steve
Blower, P.Geo.,
Vice President of Exploration for Pitchstone, is the Qualified Person for the
purposes of NI 43-101 with respect to the technical information in this news
release.
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 Inc. 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 5563, 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