Pitchstone and Cameco Move Ahead

on Gabon Uranium Exploration

Pitchstone Exploration Ltd. (TSX-V: PXP) is pleased to announce that Cameco Corporation (TSX: CCO; NYSE: CCJ) and Pitchstone have completed the due diligence process with respect to a Letter Agreement signed with Motapa Diamonds Inc. (TSX-V: MTP) to jointly explore Motapa’s uranium exploration licenses in Gabon (News Release, March 1, 2006).  Discussions with officials of the Gabon Ministry of Mines, Energy, Petroleum and Hydraulic Resources and a site visit to the license area have been satisfactorily completed by Pitchstone and Cameco personnel.  A waiver by Motapa’s alliance partner BHP Billiton to certain back in rights to the project pursuant to a pre-existing agreement has been received.

In addition to the two previously announced exploration licenses, a third license has also been received by Motapa.  Motapa now holds three licenses with the exclusive rights to explore for uranium, gold and manganese that cover approximately 600,000 hectares of the Francevillian Basin in east-central Gabon.  The licenses were applied for on the basis of encouraging results of geochemical analyses of samples collected by Motapa.

The Proterozoic Francevillian Basin of Gabon is geologically analogous to the Athabasca Basin of Saskatchewan.  Deposits in the Oklo-Mounana district of the Francevillian Basin have produced in the order of 100 million pounds of U3O8 ranking it as one of the world’s most significant uranium districts.  Production by a Cogema controlled consortium began in 1960 and continued until 1999.  All three parties feel that the extensive land position is under-explored and offers excellent potential for significant uranium discoveries.  An exploration program, which is anticipated to commence in July, is currently being finalized. 

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

Cameco is the worlds leading uranium producer with production facilities in Canada, United States and Kazakhstan.

Motapa is among the leading diamond explorers in Africa and has interests in over 11 million hectares of diamond prospective properties located in Namibia, Zambia, Botswana, Gabon and Mozambique.