Robert C. (Bob) Armstrong, B.A.Sc., Ph.D., was appointed Chairman of the Board of Directors effective November 4, 2005.  Dr. Armstrong is one of the founders of the company and has served as a director since May 2003.  He is currently President of Armstrong Associates International, LLC.  Previously, Dr. Armstrong was the Executive Vice President and COO of Echo Bay Mines Ltd.  He was also with Cominco Limited as General Manager at the Pine Point zinc-lead mine and General Superintendent at the Polaris zinc-lead mine.

Encouraging initial results were obtained from the first three drill holes at Waterfound.  Rock types, alteration and radioactivity intersected in the drilling significantly upgraded the project, and the program was expanded to a total of five holes. In hole WF02, a 2.8 m core interval straddling the unconformity averaged 94 ppm uranium including 338 ppm (0.03 % U3O8) over a 0.39 m interval of sandstone immediately above the unconformity, which is at a depth of 441.3 m.  The background uranium content in basal Athabasca Group sandstone is typically 5.0 ppm or less.  Uranium in WF02 is accompanied by a strong enrichment in other metals, including cobalt to 26 ppm, copper to 135 ppm, nickel to 189 ppm and vanadium to 161 ppm.  Analytical results also indicate strong boron enrichment, both within the uraniferous zone (to 910 ppm) and higher in the hole (to 295 ppm).

Diamond drilling commenced on the Waterfound project in the eastern Athabasca Basin in Saskatchewan.  An initial drill program of approximately 2,000 meters in four holes was planned on the road-accessible property situated 40 km northwest of Points North, Saskatchewan.  Drill holes were located to test a five km long zone of coincident electromagnetic, magnetic and gravity anomalies.  The anomalous zone was delineated during the previous year with 346 km of airborne gravity-magnetic-radiometric surveying using the Falcon® system, and 30.2 km of ground electromagnetic surveying. No drilling has previously been performed on the project.

Pitchstone's Initial Public Offering was completed.  The Company issued 6 million units in the offering at $0.55 each to raise gross proceeds of $3.3 million.  Pitchstone common shares began trading on the TSX Venture Exchange under the symbol PXP on October 14, 2005 as a Tier One issuer.

A geophysical exploration program was completed on the Hornby Bay Basin projects, which included a 684 line-km MEGATEM II survey, conducted by Fugro Airborne Surveys at 150 m line spacing, over the Mountain Lake project.  This survey was designed to identify lithologic and structural characteristics of the Mountain Lake uranium deposit and locate similar targets on the remainder of the claims.  Follow-up ground geophysics was also conducted over the deposit with 40 line-km of magnetic, resistivity and both time- and frequency-domain electromagnetic surveys. An 81 line-km GEOTEM survey, also conducted by Fugro, at 300 m line spacing, was completed over a test area of the Dismal Lake project.  Other exploration work on the projects included ground and airborne radiometric surveying, geological mapping and prospecting.

The number of Pitchstone’s directors was increased to five with the addition of Eric Schwitzer.  Eric brings an extensive financial background to the company, which includes a management science degree from MIT and senior management positions with Enterprise Capital, Westcoast Energy and ScotiaMcLeod.  Mark Brown joined the company as CFO.   Mark is a Chartered Accountant and President of Pacific Opportunity Capital Ltd..

A field program on Waterfound, Darby and Candle, initiated in July with an eight person crew, was completed at the end of August.  This work included rehabilitation, examination and sampling of existing drill core in addition to prospecting and boulder sampling.  About 875 boulder and core samples were collected from the Darby-Candle project; these will be analysed chemically and spectrographically to outline alteration patterns in Athabasca Group sediments.

A contract for 8,600m of diamond drilling was signed with Peak Drilling.  Drilling is planned to begin on the Waterfound Project in October, followed by drilling at Candle and Darby when freeze-up condition provide surface access.

In Nunavut, a 684 line km MEGATEM® airborne magnetic/electromagnetic survey was completed over the Mountain Lake property.  Fourteen claims totaling 12,540 ha were staked contiguous with the Dismal Lake property permits.  Pitchstone now has an interest in ~198,000 ha of land in the Athabasca and Hornby Bay Proterozoic basins.

A National Instrument 43-101 compliant report (F.R. Hassard, 2005) estimated an Inferred Resource of 8.2 million pounds U3O8 at an average grade of 0.23% U3O8 for the Mountain Lake deposit.  The deposit is 50% owned by Pitchstone. The company also acquired a 50% interest in nine exploration permits in the Hornby Bay Basin totaling 137,819 ha.

A ground TEM survey was completed on part of the Waterfound property (photo to right).

Combined electromagnetic-magnetic MEGATEM® surveys over Moon Lake and Lynx Lake properties were completed.  Ted Trueman, President of Pitchstone, participated in the organization and presentation of a uranium workshop in conjunction with Exploration Roundup in Vancouver.