CONDUCTORS  CONFIRMED  AT  FIREWEED  &  GUMBOOT

Pitchstone Exploration Ltd. (“Pitchstone”) reports results of electromagnetic (EM) and airborne magnetometer surveying on its 100% owned Fireweed and Gumboot projects.  The projects are situated in the eastern Athabasca Basin, Saskatchewan, 20 to 40 km west of Cigar Lake. 

A 1,634 line km airborne magnetic gradiometer survey (Goldak Airborne Surveys) and 35.2 km of moving loop ground EM surveying (Quantec Geoscience) have been completed.  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.  An assessment report filed with Saskatchewan Industry and Resources refers to a drill hole completed near the conductor in 1997.  A 20 cm interval in this hole, within Athabasca Group sandstone 12.5 m above the basal unconformity, reportedly contained anomalous uranium, lead, cobalt and molybdenum.  Analytical methods and the laboratory used for these analyses are not known.  Several conductive zones were also confirmed on the Fireweed Project.

Diamond drilling is warranted to test conductors on both projects, with Gumboot being the priority, and additional EM surveying will be required to fully define conductors on Fireweed.

Steve Blower, P.Geo., Director of Exploration for Pitchstone, is the Qualified Person for the purposes of NI 43-101 with respect to the technical information in this news release. 

 Warrants Exercised

Pitchstone also reports that to the end of May, 56.7% of the warrants, including broker warrants, issued concurrently with the company’s IPO in October 2005 have been exercised.  This has added $1,328,211 to working capital since October. 

Pitchstone is a uranium exploration company with 8 exploration projects in the Athabasca Basin, Saskatchewan.  In the Hornby Bay Basin, Nunavut and NWT, Pitchstone has 4 projects including an interest in a significant NI 43-101 compliant uranium resource at the Mountain Lake deposit (see Oct. 14, 2005 News Release).  The company also has an agreement to jointly fund uranium exploration in Gabon with Cameco Corporation.