Options Denison’s Johnston Lake Uranium Property
Pitchstone can earn a 75% interest
Uranium & strong alteration in several holes
Pitchstone Exploration Ltd. (TSX-V: PXP; Pitchstone)
is pleased to announce the signing of a letter agreement with Denison Mines
Corp. (TSX: DML, AMEX: DNN; Denison). Pursuant to
the letter agreement Denison has granted
Pitchstone the right to earn up to a 75% interest in Denison’s
property situated in the eastern Athabasca
Lake property comprises four
claims totalling 15,666 hectares. Three of the
claims are contiguous with Pitchstone’s Gumboot property, which is
located about 20 kilometers northwest of Cameco
Lake uranium deposit.
Results reported by previous owners in widely spaced drilling on a 10 kilometer
long conductor trend at Johnston Lake include assays up to 0.27% U3O8
over 0.5 meter, as well as highly anomalous concentrations of uranium
pathfinder elements, including nickel to 1.0%, cobalt to 0.43%, lead to 0.18%
and gold to 6.1 ppm.
To exercise an initial option and earn a 49% interest,
Pitchstone must spend $1 million in exploration on the property by February
2012. Pitchstone has a further option to earn an additional 26%, for a
total of 75%, by spending an additional $1 million in exploration on the
property by February 2014. Pitchstone will be the operator.
Pitchstone has recently reported promising results
from its Gumboot property (see Feb. 26, 2009 news release). The winter
drilling program at Gumboot has been completed; samples are being processed and
results are pending.
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
Denison Mines Corp. is a premier intermediate uranium
producer in North America, with mining assets in the Athabasca
Basin region of Saskatchewan,
Canada and the southwest United
States including Colorado, Utah,
Further, the Company has ownership interests in two of the four conventional
uranium mills operating in North America
today. Denison also has a strong
exploration and development portfolio with large land positions in the United States,
Pitchstone is well funded and exploring for uranium in
four proven districts. The property portfolio features 11 projects in the
eastern Athabasca Basin, Saskatchewan, five
of which are 100% owned. In addition, there are four joint
venture projects in the Hornby Bay Basin,
Nunavut, an exploration partnership in the Franceville
Basin, Gabon, and an option on two projects in Namibia.
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, CEO
For further information contact
Claire Stewart at 604 630 5563, Mark Brown, CFO, at 604 687 3520, or visit www.pitchstone.net.
The TSX Venture Exchange 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
Pitchstone Exploration Ltd.
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