1,968 m of core drilling was completed in three holes on the Darby-Candle property by Hy-Tech drilling.  Hole DB-04 intersected two intervals of broken, friable and bleached sandstone, and graphitic, pelitic basement units.  These features are common at uranium deposits in the eastern Athabasca region.  The basement in DB-04 is locally fractured with clay gouge and graphite to 8%; graphite occurs as disseminations and on fault planes.   Holes DB-05 and DB-06 intersected granite-gneiss and pelitic basement units.

Also this month, a resistivity survey at the Waterfound project has identified features that may represent structures and alteration zones in the Athabasca Group sediments.  These features provide a focus for future drilling within a 1.6 km long zone of anomalous radioactivity at the Athabasca Group unconformity. 

Drilling has resumed on the Darby-Candle property.  Drilling will continue to test selected portions of some 55 km of conductive zones on the property.

The company closed a $4,180,000 bought deal, flow-through share private placement arranged by Wellington West and Dundee Securities.   Pitchstone raised an additional $1,897,200 through the sale of 300,000 SXR Uranium One warrants.   As a result the company now has working capital for exploration activities of approximately $11,000,000.

An extensive airborne survey has been initiated over the Pitchstone, Cameco and Motapa Diamonds joint venture property in Gabon, West Africa. Motapa, the project operator, has contracted South Africa based New Resolution Geophysics for a 13,350 line km survey that will cover approximately 170,000 ha collecting horizontal gradient magnetic and radiometric data.  Final survey results are expected later in the year. 

Goldak Exploration Technology completed a 473 line km airborne magnetic survey over the 100% Pitchstone owned Fisher property.  The survey confirmed a distinct magnetic low trending across the property, which could reflect basement meta-sediments.

Also this month, JCU (Canada) announced that Pitchstone has completed requirements to earn a 50% interest in the Candle claim.  Pitchstone has announced that it will proceed with earning an additional 25% interest in the property.

Triex Minerals Corporation (TXM-TSX.V), operator of The Leith Peninsula property (50% owned by Pitchstone) in the Hornby Bay Basin, has advised that approximately 700 line km of GEOTEM (magnetics and electomagnetics) was flown by Fugro Airborne Surveys this month over the property.

The Kendall River property in the Hornby Bay Basin was acquired by the Pitchstone-Triex joint venture.  Kendall River covers a significant uranium boulder train located 15 km southeast of the Mountain Lake uranium deposit.  The source of the boulders has never been located.  The total area under the joint venture’s control in the Hornby Bay Basin is now approximately 223,000 hectares.

Initial drilling at Mountain Lake has been completed. Twenty diamond drill holes were completed for a total of 3,101 m.  Drilling has confirmed mineralization within the main deposit and extended it at shallow depth to the southwest under Fran Lake.  Also, a new zone of anomalous radioactivity was discovered at Jenny Lake.  Intersections in and adjacent to the deposit included 0.32% U3O8 over 2.0 m in hole ML06-009 and 0.33% U3O8 over 1.5 m in hole ML06-008.

Final results for all Waterfound drill holes have been received.  A total of 2,275 m was drilled in four holes.  All four holes encountered anomalous radioactivity in proximity to the Athabasca Group unconformity.  Hole WF-07 intersected the highest uranium values obtained at Waterfound to date with a 0.85 m core interval that assayed 0.07% U3O8, including a 0.2 m interval of 0.18% U3O8.  Anomalous radioactivity at the unconformity has been encountered over a strike length of 1,600 m in 7 of 9 holes drilled at Waterfound.

A 1,634 line km airborne magnetic gradiometer survey and a 35.2 km moving loop ground electromagnetic survey were completed on Pitchstone’s 100% owned Fireweed and Gumboot properties.  This work was successful in partially defining conductive zones coincident with magnetic lows on both projects.  Of particular interest is a strong conductor on Gumboot with a strike length of at least 3.6 km.

Pitchstone completed the due diligence process with respect to a letter agreement signed with Motapa Diamonds Inc. to jointly explore Motapa’s uranium-gold-manganese exploration licenses in Gabon, West Africa.   A site visit was completed by Pitchstone and Cameco personnel. The exploration licenses cover an area of approximately 600,000 ha in the Proterozoic Franceville Basin; production from this region has been in the order of 100 million pounds of U3O8.

Pitchstone retained Blueprint Investor Relations Consulting and its CEO Dan Barnholden to develop and execute an investor relations campaign aimed at broadening awareness of Pitchstone in the capital markets. 

Final results were obtained for all of the Darby-Candle drill holes completed in April 2006.  Analytical results confirmed that the high radioactivity intersected in CD-02 was due to anomalous uranium.  A 2.6 m core interval from 597.9 to 600.5 m averaged 169 ppm uranium, including 0.5 m from 599.6 to 600.1 m that contained 422 ppm uranium (0.05% U3O8).  Anomalous values of other important indicator minerals were also obtained.

Drilling was resumed at Waterfound to follow up on the positive results from the previous drill program on this property.  A total of 2,200 m in four holes are planned.

Three holes totaling 2,032 m were drilled at Darby-Candle.  The highest radioactivity encountered to date on this property was intersected in the second hole drilled on the Candle claim (CD-02).  These three holes provided the initial test of three separate conductors.  There are many more prospective targets on this property however drilling was cut short due to early break-up conditions.  Drilling will likely resume later in the year.

Diamond drilling on the Mountain Lake Project, Hornby Bay Basin, Nunavut was initiated.  This drill program is budgeted at $2.1 million and is estimated to take six to eight weeks to complete.

Also this month, Pitchstone and their 50:50 joint venture partner, Triex Minerals Corporation, announced the acquisition of two new claim blocks totaling 59,760 ha in the Hornby Bay Basin, Nunavut.  This brings the total area under the joint venture’s control to more than 216,000 ha.

Pitchstone, Cameco Corp. and Motapa Diamonds Inc. agreed to jointly explore Motapa's uranium exploration licenses in Gabon, west Africa. Motapa's licenses cover 396,100 ha of the Franceville Basin in east-central Gabon and were applied for on the basis of results of geochemical analyses of samples collected concurrent with Motapa's diamond exploration work in Gabon.  The Proterozoic Franceville Basin of Gabon is analogous to the Athabasca Basin of Saskatchewan.  Deposits in the Franceville have produced in the order of 100 million pounds of U3O8 ranking it as one of the world's most significant uranium districts.  The parties feel the region is under-explored and offers excellent potential.

Three lines of moving loop ground electromagnetic surveying, covering 10.2 km, were completed on the Moon Lake property.  This work helped define two weak conductive zones on the property.

Final results were obtained from all of the drill holes completed at Waterfound in 2005.  In addition to the positive results received in November, a radioactive zone at the basal Athabasca Group unconformity was encountered in drill hole WF05.  The mineralized 0.5 m core interval is partly in Athabasca sandstone, partly in underlying graphitic-pyritic metapelites and averages 202 ppm uranium (0.02 % U3O8).  This is about 40 times the uranium background of basal sandstone, which is typically less than 5 ppm.  Hole WF05 offset hole WF03 by 40 m and these two holes are on a section 700 m east of WF02, which also intersected radioactivity near the unconformity.

Diamond drilling began on the Darby-Candle project in the eastern Athabasca Basin, Saskatchewan.  The winter road from the Cigar Lake mine to the project was opened in January, allowing a camp to be established and crew and equipment to be mobilized.  The primary objective of the drill program is to provide an initial test of some of the conductors that have not previously been drilled.

Exploration was initiated on Pitchstone's 100% owned Fireweed and Gumboot projects in the eastern Athabasca basin, Saskatchewan. Quantec Geoscience mobilized to Fireweed and Gumboot in order to initiate a program of moving loop electromagnetic surveying designed to aid in defining conductors known to exist on these properties.  A contract was signed with Goldak Airborne Surveys for a Tri-Maxial magnetic gradiometer survey of the Fireweed and Gumboot projects.