The company completed a program of reverse circulation drilling on calcrete hosted uranium targets at the Marble Ridge zone on the Dome property in Namibia.  Uranium in calcrete is excluded from a recently completed agreement that allows Rio Tinto to earn into Pitchstone's interest in bedrock hosted uranium deposits at Dome.

Reverse circulation drilling earlier in the year demonstrated that the zone is a horizontal layer of mineralization within 15 meters of surface that measures up to 1,900 meters by 200 meters in plan-view and is 1-3 meters thick.  Fifty reverse circulation drill holes in this program explored calcrete targets in an effort to find extensions to the Marble Ridge zone and locate additional uranium mineralized paleochannels over part of the Dome property.  Down hole gamma probe results indicate that three of the holes intersected weak but significantly elevated radioactivity in calcrete (up to 18X background).  Geochemical analyses are pending and the Company is planning to complete additional drilling on the property.

Mr. Eric Schwitzer resigned from the Board of Directors to pursue other interests, but will continue in an advisory capacity with Picthstone.

Drilling was completed as planned on the company's 100% owned Gumboot property, and on the Wolverine property that was optioned in early 2009 to the Japan Oil, Gas and Metals National Corporation ("JOGMEC").

Drilling at Gumboot consisted of three holes totalling 2,359 meters that tested strike extensions to the north and south of known mineralization.  Significant alteration and/or mineralization were observed near the unconformity in all three holes.  The first hole, GB-28, was drilled as a 100 meter step-out along strike to the north of GB-23.  It intersected a wide interval of low grade base metal mineralization and anomalous uranium (0.01% U₃O₈, 0.18% Ni over 7.9 meters), beginning six meters beneath the sub-Athabasca unconformity.   GB-29 was drilled 600 meters south of GB-28 as a 100 meter step-ut out along strike to the south of GB-14.  While no mineralization was intersected, both the basement and sandstone near the unconformity are strongly altered.  GB-30 encountered the strongest uranium mineralization of the program 0.22% U₃O₈, 0.13% Ni over 0.2 meters), and was a 500 meter step-out along strike to the north of GB-28.  To date, the five kilometer long Gumboot conductive zone has been tested over a strike length of 1,200 meters, proving it to be strongly altered, sporadically mineralized, and open along strike in both directions.  Additional drilling of this highly anomalous target is planned.

Five drill holes were also completed on the Wolverine property to follow up on the results of drilling in 2010.  While hematite breccia was intersected in all five of the Wolverine drill holes, no significantly elevated radioactivity was observed.  Geochemical analyses are pending and decisions on further exploration at Wolverine will be made when those are received.

The company has agreed to option its share of the Dome Property in Namibia to Rio Tinto Mining and Exploration Limited, a leading international mining group headquartered in the UK.  Pursuant to the terms of the agreement between the two companies, Rio Tinto can earn into Pitchstone's interest in bedrock uranium at Dome as follows:

• an initial 49% interest by making exploration expenditures of $5 million,
• an additional 15% interest (total 64%) by spending an additional $5 million (total $10 million),
• an additional 11% interest (total 75%) by funding a Bankable Feasibility Study.

Rio Tinto will not acquire any rights to surficial uranium deposits or deposits of other commodities.  As with all new option and joint venture arrangements in Namibia, the agreement is subject to the approval of the Minister of Mines and Energy.  Ted Trueman, Executive Chairman of Pitchstone, noted: "Pitchstone is pleased to have Rio Tinto as an exploration partner on the 1,830 square kilometer Dome property.  As the majority shareholder in Namibia's largest uranium mine (Rössing), Rio Tinto adds extensive uranium exploration and mining expertise to the project."

In other news, Pitchstone has staked additional ground in the Eastern Athabasca basin.  The new 2,000 hectare property, called Black Bear, is located 18 kilometers south of the Cigar Lake uranium mine and 33 kilometers northeast of the McArthur River uranium mine.

During July, the company resumed its drill program on the 100% owned Gumboot property.  Approximately 2,300 meters will be completed at Gumboot over the next month.  Targets will be extensions of the mineralization and alteration drilled previously.

After the Gumboot program, the drill witll be moved to the Wolverine property for an additional 2,000 meter drilling program to follow up on mineralization drilled in 2010.

As well, the company completed a non-brokered private placement of 5,357,000 units at $0.14 per unit to raise gross proceeds of approximately $750,000.  Funds raised by this placement will be used for exploration on Pitchstone's Namibian uranium properties and for general corporate purposes.  Work planned in Namibia includes additional reverse circulation drillig to test calcrete and leucogranite hosted uranium mineralization on the Dome property in the Erongo region.  Subscribers include Directors and Officers of Pitchstone, plus strategic investors who share management's long term visions for the company.

The company has finalized plans for summer exploration activities in the eastern Athabasca Basin, Saskatchewan.  Work will focus on the Gumboot/Johnston Lake and Wolverine properties.

Approximately 2,250 meters of drilling are planned at Gumboot/Johnston Lake and will continue to follow the zones of intense alteration and sporadic mineralization observed in previous campaigns.  Gumboot is 100% owned and Pitchstone has earned a 49% interest in Johnston Lake from Denison Mines Corp. ("Denison") and is proceeding with a second stage earn-in to 75%.

Work at Wolverine will consist of 2,000 meters of diamond drilling to follow up on basement-hosted mineralization discovered in 2010.  Wolverine was optioned to Japan Oil, Gas and Metals National Corporation ("JOGMEC") in 2009.  All exploration on Wolverine is being funded by JOGMEC under the terms of an agreement whereby JOGMEC can earn a 50% interest in the property.

The company has also staked three new claims totaling 5,650 hectares in the eastern Athabasca Basin area since April of this year.  S-112160, located 27 kilometers due east of the Cigar Lake mine has been named the Packrat property.  It was staked to cover an area of interpreted intersecting faults that is coincident with a prominent magnetic low near the Collins Bay thrust fault.  Packrat is 100% owned by Pitchstone.  S-112161 adjoins the Marten proeprty and covers two zones of alteration and uranium mineralization previously drilled by other operators.  It will be subject to the terms of Pitchstone's option agreement with JOGMEC.  The third claim, S-112281, is contiguous with both the Gumboot and Johnston Lake proeprties and will form part of the Johnston Lake project.  The claim covers a four kilometer portion of the Gumboot/Johnston Lake conductor system not previously held by Pitchstone or Denison.  Exploration on S-112281 will be carried out under the terms of the option/joint venture agreement with Denison.

Early in the month the company's exploration partner, Japan Oil, Gas and Metals National Corporation ("JOGMEC") approved the final 2011 program and budget for the Wolverine property in the Athabasca Basin, Saskatchewan.  Initial drilling at Wolverine by the partners in 2010 consisted of four holes that tested two geophysical target areas.  One drill hole was mineralized.  Drill hole WL-01 intersected 0.25% U₃O₈ over a 10 centimeter interval within a 2.0 meter interval that averages 0.05% U₃O₈.  The summer 2011 program will consist of an additional five drill holes in the WL-01 area totaling 1,900 meters.

Later in the month the company received analytical results on all samples collected from the three drill holes at the Johnston Lake property.  Elevated radioactivity was present in basement rocks near the sub-Athabasca unconformity in two holes (JL-25R and JL-27) drilled along the east-west oriented MJ-1 conductor.   The analytical results confirm that the radioactivity is due to unconformity related uranium.  Drill hole JL-27 was drilled two kilometers west of JL-25R and 30 meters north of historic hole MJ-07.  The presence of significant uranium near the high grade base metal mineralization suggests that there is good potential for higher grade uranium mineralization in the area.

Pitchstone has now surpassed the expenditure requirements to earn an initial 49% interest in the Johnston Lake property from Denison Mines Corp.  The company intends to proceed with the second stage earn-in which, if completed, will give Pitchstone a 75% interest in the property.  Recent results from both Gumboot and Johnston Lake provide further evidence of widespread unconformity related mineralization in the area.  Geologically, these properties have many of the variables associated with large, high grade unconformity related uranium deposits.

Drilling was completed as planned, early in the month, on two of the company's eastern Athabasca Basin properties - Gumboot and Johnston Lake.

Three holes totaling 2,140 meters were drilled at Gumboot.  Significant alteration and/or anomalous radioactivity were observed at the unconformity in all three holes.  Analytical results have been received for the first two holes.  The results from GB11-23 are particularly significant as this hole intersected 0.3 meters of 0.53% U₃O₈, 1.92% Ni, 0.80% Co and 21.8 g/t Ag approximately 3 meters below the sub-Athabasca unconformity.

The second drill hole, GB11-24D1, was drilled 300 meters southeast of GB11-23 and intersected a long interval of sporadic uranium and base metal mineralization, most of which was associated with intense alteration in the basement, immediately beneath the sub-Athabasca unconformity.  Further drilling at Gumboot is planned.

Three holes were also completed on the Johnston Lake property to follow up on the results of drilling in 2010.  Encouraging sandstone alteration, structure and graphitic basement rocks were intersected in all three holes.  Intervals of elevated radioactivity were observed in two of the holes, including 0.13% U₃O₈ over 0.1 meter in JL11-25R, and 0.11% U₃O₈ over 0.9 meter in JL11-27.

Analytical results were received from a reverse circulation drilling program in February at the Marble Ridge zone on the Dome property in Namibia.

Twelve of the twenty eight drill holes completed in this program were mineralized, bringing the total number of mineralized intersections to date at Marble Ridge to 20.

These results confirm that uranium and vanadium mineralization at Marble Ridge occurs within a calcrete paleochannel that is now estimated to be at least 1,900 meters long and 200 meters wide.  The mineralization is open along strike.  The company is encouraged by these results and is planning additional drilling at Marble Ridge and at other uranium targets at Dome North.

A program of reverse circulation drilling was completed early in the month at the Marble Ridge zone on the Dome property in Namibia.  The program is designed to follow up on results from drilling in 2010 that intersected a horizontal, near surface layer of uranium and vanadium mineralization in calcrete.

Initial down hole gamma probe results indicate that 11 of the 28 holes completed in this program have intersected elevated radioactivity within calcrete at depths between 4 and 15 meters below surface. Analytical results are pending.

To date, the uranium grades observed at Marble Ridge are comparable to those at the calcrete-hosted Langer Heinrich uranium mine, 64 kilometers to the northeast, and the Trekkopje development project, 98 kilometers to the north.

Drilling on Pitchstone's Gumboot property in the eastern Athabasca Basin began early in the month. A total of three drill holes will be completed along the five kilometer long Gumboot electromagnetic conductor. Three additional drill holes are also planned for the Johnston Lake property to follow up on the results of preliminary work completed during 2009 and 2010.

A program of moving loop electromagnetic geophysical surveying is also underway on the Darby and Candle properties. This information will be integrated with other datasets to refine drill targets. 

A formal joint venture agreement covering the Candle property has been signed between Pitchstone and JCU (Canada) Exploration Company, Limited (JCU). JCU is owned by three major Japanese corporations and has interests in numerious advanced uranium projects in Canada.