• Sample analyses received from all holes
• New results from hole WF05 encouraging
• Uranium in holes 700 m apart

Pitchstone Exploration Ltd. ("Pitchstone") reports additional encouraging results from the recently completed drilling program at the Waterfound uranium exploration project in the eastern Athabasca Basin, Saskatchewan. Analytical results of a total of 202 samples from all five holes drilled have now been received. The Waterfound drilling was funded by sxr Uranium One Inc. (TSX: SXR), which is earning a 50% interest in five of Pitchstone's Athabasca Basin projects.

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 (see Waterfound map).

As previously announced, a 2.8 m core interval straddling the unconformity in hole WF02 averages 94 ppm uranium, including 338 ppm (0.04 % U3O8) over a 0.39 m interval of sandstone immediately above the unconformity (News Release 06.05, Dec. 23, 2005). Although a structural control to the mineralization has not yet been identified, fracturing and minor faulting are present. Uranium at Waterfound is accompanied by an enrichment in other metals often encountered in major deposits in the eastern Athabasca Basin.

Analytical results have also indicated a significant boron anomaly at Waterfound (to 910 ppm). Increased levels of boron are considered significant as it is present in the alteration halo at the large, high grade Millennium, McArthur River and Key Lake deposits in the Athabasca basin.

Drilling at Waterfound has indicated anomalous mineralization associated with a six kilometer long conductive zone. Significant features associated with this zone include:

• Uranium mineralization at the unconformity to 0.04 % U3O8
• Enrichment in cobalt, copper, nickel, lead, zinc, arsenic, vanadium and rare earth elements
• Anomalous radioactivity associated with lost core above the unconformity
• An alteration halo that includes chloritization, silicification, dravitization (boron), hematitization, bleaching and moderate clay alteration
• A thick sequence of graphite-pyrite-garnet-cordierite pelitic rocks immediately below the Athabasca Group basal unconformity.

Pitchstone considers this new uranium mineralized interval in hole WF05 to be very significant as it has extended the zone at Waterfound. Combined with results previously reported from drill holes WF02 and WF03, a uraniferous alteration zone has now been intersected over a strike length of more than 700 m. Additional drilling is definitely warranted.

Nick Andrade, P.Eng., P.Geo., is the Qualified Person for the purposes of NI 43-101 with respect to the technical information in this news release. Mr. Andrade was formerly Chief Geologist at the Cigar
Lake Mine. Sample preparation and analyses were done by SRC Geoanalytical Laboratories. A partial digestion with chemical analyses (fluorimetry) was used for uranium determinations.

Pitchstone is a uranium exploration company with eight exploration projects in the eastern Athabasca Basin and three in the Hornby Bay Basin, Nunavut and NWT. These projects include a 50% interest in an inferred uranium resource in the Mountain Lake deposit, Nunavut (NI 43-101 compliant estimate; News Release 05.01, Oct. 14, 2005).

For further information contact:
Ted Trueman, CEO,
(604) 687-3520,
ted@pitchstone.net;

Mark T. Brown, CFO,
(604) 687-3520,
mtbrown@pacificopportunity.com

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