Pitchstone
Drilling Progress
?
8,670 m completed in Athabasca
to date in 2008
?
Hornby
Bay drilling also underway
Pitchstone Exploration Ltd. (TSX-V: PXP; ?Pitchstone?)
is one of the most active explorers in the Athabasca Basin, Saskatchewan.
In 2007 Pitchstone drilled 16,213 m in 27 holes on five properties. To
date in 2008 Pitchstone has completed 8,670 m of drilling in 16 holes; 5,880 m
during January-March and 2,790 m in the summer program. A total of 14,000
m in 24 holes is planned for 2008 in the eastern Athabasca
Basin.
Drilling is currently underway on the Darby-Candle
properties. Four holes are being drilled to follow up on uranium
mineralization at the 97G zone on Candle. At the 97G zone, drill hole
CD-25 (May 21, 2008 News Release) intersected 1.91% U3O8
over 0.5 m, including 0.2 m that contained 4.18% U3O8,
and hole CD-14 intersected 0.31% U3O8 over 3.2 m (July
25, 2007 News Release). Candle, located between McArthur River and Cigar
Lake mines, is a joint venture between Pitchstone (operator; 37.5%), Uranium
One Inc. (TSX: UUU; 37.5%) and JCU (Canada) Exploration Company, Limited (25%).
Anomalous gold has recently been identified in
numerous samples from three drill holes at the Candle 97G zone. Values up
to 0.83 g/t gold, with 13 g/t silver, over a core interval of 0.4 m are
reported. Gold is present in a number of Athabasca
Basin deposits and was recovered as a
by-product at the Cluff
Lake mine.
Drilling is also underway in the Hornby Bay Basin,
Nunavut in a 50:50 joint venture with Triex Minerals Corporation. To date six holes have been
completed on the Mountain
Lake property; results are
pending. Ground resistivity surveying has been completed on the Mountain
Lake and Dismal
Lakes properties and data
are being reviewed.
Pitchstone
is also pleased to advise that Steve Blower, M.Sc., P. Geo., has been appointed
President of the Company. Steve has 20 years experience in mineral
exploration and production. He joined Pitchstone in February 2006;
previously he was Principal Geologist with AMEC Americas Ltd. where he was
involved in geological studies and resource estimation projects on numerous producing
mines and development projects. The Board has granted 100,000 options in
connection with this appointment. Ted Trueman,
Pitchstone?s founder who has 22 years uranium experience, will remain as CEO
and has also been appointed Chairman of the Board of Directors. Former
Chairman Bob Armstrong remains a director.
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 was used for initial uranium
determinations, and then all samples containing greater than 100 ppm uranium
were re-analyzed with ICP. Gold determinations were by fire assay and
silver determinations were by ICP. Pitchstone utilizes internally and
externally submitted standard reference materials for quality assurance and
quality control of the sample preparation and analyses.
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 four joint venture projects with
Triex Minerals in the Hornby Bay Basin, Nunavut, 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: Steve Blower,
President, (604) 630 5563,
Mark T. Brown, CFO, (604) 687 3520, or see 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 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