Pitchstone
Provides Uranium Exploration Update
? Drilling Begins on
Wolverine in the Athabasca
Basin
? Airborne
Geophysical Survey Finalized for Namibia
? Corporate Changes
& Stock Option Grant
Pitchstone Exploration Ltd. (TSX-V:
PXP; ?Pitchstone?) is pleased to report that summer exploration
activities have begun in the Athabasca Basin, Saskatchewan, with drilling
having commenced on the Wolverine property. Wolverine was optioned to
Japan Oil, Gas and Metals National Corporation (?JOGMEC?) in 2009. Also,
airborne geophysical surveying is expected to begin within the next two weeks
on the Dome property in Namibia.
Dome is part of a uranium exploration joint venture between Pitchstone (64%)
and private company Manica Minerals Ltd. (36%) through Manica?s wholly-owned subsidiary Cheetah
Minerals Exploration Ltd.
Athabasca
Geophysical surveying consisting of ground gravity and
DC-resistivity surveys was completed at Wolverine during January to April, 2010
in preparation for a diamond drilling program that has now commenced.
This first phase of drilling consists of four drill holes totaling 1,280 meters
that tests two target areas. All exploration on the Wolverine property is
being funded by JOGMEC. Other work planned for the summer in the
Athabasca basin includes drilling at three other properties: Gumboot, Johnston
Lake and Candle.
Namibia
High definition helicopter-borne magnetic and radiometric
surveying is expected to commence within the next two weeks on the Dome
property in Namibia.
The 1,880 line kilometer survey is designed to aid in the mapping of Damaran
stratigraphy and leucogranite (commonly referred to as Alaskite) at Dome
North. A program of geological mapping and sampling at Dome North
completed in March, 2010 returned uranium values up to 0.61% U3O8
from a grab sample of leucogranite containing visible yellow uranium oxide
mineralization (see May 25, 2010 news release).
Annual
General Meeting Results
At the company?s Annual General meeting (AGM) on June 3, all
resolutions put before the shareholders were approved, including the
re-election of the five current directors and the election of Steve Blower,
President, to the Board. At a Board meeting immediately following the
AGM, Ted Trueman was appointed Executive Chairman, and Steve Blower was
appointed President and CEO. A total of 100,000 additional stock options
were granted as a result of the above changes.
Steve
Blower, P.Geo., President and CEO 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 analysis in Namibia
was done by ALS Chemex, Johannesburg.
A multi-element ICP-MS analysis was completed on the samples after a four acid,
near-total digestion. Pitchstone utilizes internally and externally
submitted standard reference materials for quality assurance and quality
control of the sample preparation and analyses. Field work in Namibia
is supervised by Cape Town
based Remote Exploration Services on behalf of the joint venture.
About
Pitchstone
Pitchstone
is exploring for uranium in three proven districts in Canada
and Namibia.
The property portfolio features 12 projects in the eastern Athabasca
Basin, Saskatchewan, four
of which are 100% owned. In addition, there is a joint venture on
two projects in Namibia
and several joint venture projects in the Hornby Bay Basin, Nunavut.
Pitchstone benefits from the collaboration of a unique group of
geologists with extensive uranium exploration and production experience.
On behalf
of the Board,
E.A.G.
(Ted) Trueman, Executive Chairman
For further information contact Claire Stewart at 604 630 5563, Mark T.
Brown, CFO, at 604 687 3520, or visit www.pitchstone.net.
Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts 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