NEW  HORNBY  BAY  PROJECTS

Pitchstone Exploration Ltd. (PXP-TSX.V) and Triex Minerals Corporation (TXM-TSX.V) ("Triex”) are pleased to announce that their 50:50 joint venture (the “Joint Venture”) has expanded its holdings in the Hornby Bay Basin, Nunavut.  Two claim blocks totaling 59,760 hectares have been optioned, bringing the total area under the Joint Venture’s control to more than of 216,000 hectares. 

The first option agreement encompasses 41 contiguous claims, totaling 38,544 hectares held by Ur-Energy Inc.  This claim block surrounds the Joint Venture’s Mountain Lake Property.  The second option agreement covers 27 contiguous claims totaling 21,216 hectares held by Ur-Energy and Patrician Diamonds Inc.  These claims cover an historic radioactive boulder field at Dismal Lake, which is located approximately 40 kilometres to the northwest of the Mountain Lake Property.

The Joint Venture has made cash payments to Ur-Energy and Patrician totaling $35,000 and must spend an aggregate $225,000 on exploration of the two claim blocks by September 22, 2006.  In order to exercise either option, the Joint Venture must incur a further $500,000 in exploration on each claim block subject to such option by September 30, 2007.  Ur-Energy and Patrician will retain a joint 5% NSR royalty interest in the Dismal Lake claim block, with the Joint Venture having the right to purchase one half the retained royalty (i.e., 2.5%) for $5,000,000.  The Joint Venture has an identical arrangement with Ur-Energy with respect to the 5% NSR royalty interest retained by Ur-Energy on the Mountain Lake claim block.

The Dismal Lake claims provide the Joint Venture with a well established target to test for the existence of a new uranium occurrence in the region.  The following summary data are from NWT Assessment File 81310, by A.H. Grant, 1980.  Three radioactive boulders were discovered near the west end of Dismal Lake in 1978 and the area was staked by Esso Minerals Canada in 1979.  Some 450 radioactive boulders were mapped and described over an area approximately 4 km long by 1.5 km wide during the next two years; radioactive counts ranged from 200 cps to over 15,000 cps (SPP2 scintillometer).  Mineralogy is complex and includes iron and copper sulfides and cobalt and nickel arsenides.  Average transport distance of the boulders is interpreted to be between 2.5 km and 8.1 km.  A study in 1981 by K.G. Steele focused on glacial transport indicators for the boulder field and defined a probable source area to the east that was recommended for drilling.  This recommendation was not followed up as uranium exploration programs in the Hornby Bay Basin were abandoned.  A GEOTEM survey was conducted over the Dismal Lake property in 2005 by Ur-Energy.  The Joint Venture intends to follow-up on this survey by conducting an airborne radiometric survey and ground-based mapping, prospecting and geochemistry during 2006.  Drill testing is anticipated for the spring of 2007.

Triex is operator of the Joint Venture.  The Mountain Lake Property is located 100 km southwest of the coastal community of Kugluktuk (formerly Coppermine), Nunavut.  It consists of 8 mineral claims totaling 6,647 hectares centered on the Mountain Lake Deposit.  The stratabound deposit is hosted within sandstone of the Proterozoic Dismal Lakes Group in the Hornby Bay Basin.  During the 1970s and 1980s, Esso Minerals Canada and Cominco Ltd. drilled more than 190 holes totaling approximately 22,000 metres.  There is 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.  Additional mineralization within the deposit and along structural trends is considered prospective.  A 3,100 m drill program is currently underway to test for extensions of the known deposit and test for additional deposits nearby (April 18, 2006 News Release). 

 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 a uranium exploration company with four projects in the Hornby Bay Basin, Nunavut and NWT, and eight exploration projects in the eastern Athabasca Basin, Saskatchewan.  The company is also jointly funding uranium exploration in Gabon with Cameco Corporation

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.