Initial Drilling at Mountain Lake Completed

Pitchstone Exploration Ltd. (PXP-TSX.V) and Triex Minerals Corporation (TXM-TSX.V) are pleased to announce positive results from the first phase of drilling on their 50:50 joint venture Mountain Lake Project, Hornby Bay Basin, Nunavut.  Drilling has confirmed the mineralization within the main deposit and extended it at shallow depth to the southwest under Fran Lake.  Also, a new zone of anomalous radioactivity discovered at Jenny Lake underscores the potential for additional deposits on the property.  The Mountain Lake deposit contains the only identified uranium resource (8.2 million pounds U3O8) in the Hornby Bay Basin.

Twenty diamond drill holes were completed by Hy-Tech Drilling for a total of 3,101 m.  The following table summarizes significant results from the first 12 holes; analytical data for the remaining holes are pending.  A map of the Mountain Lake area showing all historical and current drill hole locations is available on Pitchstone’s website (www.pitchstone.net).    

All holes drilled within the area of the previously defined deposit intersected uranium mineralization comparable to grades and thicknesses reported in historical data; these mineralized intersections are within more continuous anomalously radioactive zones up to 30 m thick (hole ML06-011).  Mineralization is sub-horizontal and drill holes were vertical, therefore intersections reflect true thicknesses. 

Nine holes were drilled around the margins of the mineral deposit, including four holes under the previously untested Fran Lake where drilling confirmed that the deposit extends under the lake.  Hole ML06-008 returned results comparable to the central part of the defined deposit: 0.11% U3O8 over 4.5 m at a depth of 22 metres, including 0.33% U3O8 over 1.5 m. 

Seven holes were also drilled 1-2 km northwest of the defined Mountain Lake uranium deposit, in an area referred to as Jenny Lake.  Three holes identified narrow (<1.2m) zones of anomalous radioactivity and a fourth hole (ML06-17) intersected a 6 m thick zone of anomalous radioactivity; analytical results are pending.  This zone is open to the west and warrants follow-up drilling.

All holes were successfully probed with a Mount Sopris 2PGA-1000 poly-gamma probe.  A total of 510 samples were collected for analysis and are being processed at the Saskatchewan Research Council, Saskatoon.  Uranium was analyzed by fluorimetry and all anomalous samples were re-checked by assay.  Grades reported are for partial digestion of uranium.

A $350,000 reconnaissance program will be done on the joint ventures Hornby Bay Basin properties in July and August, including detailed mapping of boulder fields in the vicinity of Jenny Lake as follow-up to the positive drilling results.  The newly acquired Dismal Lake boulder field is also a priority (see April 26, 2006 news release).  This work will refine reconnaissance targets for a drill program anticipated for the spring of 2007, which will also follow up on targets at Mountain Lake and Jenny Lake. 

Total land holdings in the Hornby Bay Basin cover about 219,000 ha.  The Mountain Lake deposit is located 100 km southwest of the coastal community of Kugluktuk (formerly Coppermine), Nunavut. The stratabound deposit is hosted within sandstone of the Proterozoic Dismal Lakes Group in the Hornby Bay Basin.  The Mountain Lake deposit contains an Inferred Resource of 8.2 million pounds U3O8 with an average grade of 0.23% U3O8 contained in 1.6 million tonnes of rock (see NI 43-101 Technical Report on SEDAR).  Depth of mineralization is between 28 and 136 metres.  The deposit is not fully delineated and the estimated resource does not include mineralization reported in this release.  A revised resource estimate will be completed once all data have been received.  Triex is operator of the Joint Venture.

Ross McElroy, B.Sc., P.Geo., Exploration Manager for Triex, is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Triex. This release has been reviewed by Ted Trueman, M.Sc., P.Eng., P.Geo., a Qualified Person as defined by National Instrument 43-101. 

Pitchstone is an aggressive uranium exploration company with eight projects in the eastern Athabasca Basin, Saskatchewan, four projects in the Hornby Bay Basin, Nunavut and NWT, and an exploration partnership with Cameco and Motapa Diamonds in the Franceville Basin, Gabon.

On behalf of the Board,

E.A.G. (Ted) Trueman, CEO and Director