Gabon Uranium
Exploration
·
$800,000 program approved
·
Prospecting & sampling underway
Pitchstone
Exploration Ltd. (TSX-V: PXP; “Pitchstone”) is pleased to report
that an $800,000 uranium exploration program for 2008 has been approved by
Pitchstone and its joint venture partners, Cameco
Corporation (TSX: CCO; NYSE: CCJ; “Cameco”)
and Motapa Diamonds Inc. (TSX-V: MTP; “Motapa”). Work planned includes stream sediment
sampling, rock sampling, prospecting, geological mapping and airborne
electromagnetic surveying. Approximately 660 rock and sediment samples
have been collected in 2008 to date.
Cameco
and Pitchstone are funding exploration for uranium on Motapa’s
permits in the Franceville Basin
to earn up to an 80% participating interest. The permits cover ~600,000
hectares of the Franceville
Basin in east-central Gabon
(see map on www.pitchstone.net).
The work is being carried out by Motapa under the
technical direction of Cameco and Pitchstone.
The Proterozoic Franceville Basin is geologically similar to the Hornby Bay and Athabasca basins of
Canada.
Deposits in the Oklo-Mounana district of the Franceville
Basin have produced in
the order of 100 million pounds of U3O8 ranking it as one
of the world’s most significant uranium districts. The Oklo-Mounana deposits are located 25 km southeast of Motapa’s property boundary.
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 and five being 100% owned. In addition, there
are four 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,
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
Ph.: 604 630-5563
Fax: 604 630-5564
e-mail: cstewart@pitchstone.net
www.pitchstone.net