September 12, 2006
Pitchstone Exploration Update
Pitchstone Exploration Ltd. (PXP-TSX.V) announces that an airborne magnetic survey has confirmed that a distinct magnetic low trends through the Fisher property. The low may reflect basement meta-sediments. The survey, conducted by Goldak Exploration Technology using the Tri-Maxial Gradiometer System, comprised 473 line km. The 100% owned Fisher property is located in the eastern Athabasca Basin approximately 40 km north of Cigar Lake and 20 km south of Pitchstone’s Waterfound property. A program of ground electromagnetic (EM) surveying is planned for the coming winter. JCU (Canada) Exploration Company, Limited has confirmed that Pitchstone has completed initial requirements and has now earned a 50% interest in the Candle claim. Pitchstone has advised JCU that it will proceed with earning an additional 25% interest in the property. The Candle claim is contiguous with Pitchstone’s Darby property. The Darby-Candle project comprises more than 19,000 ha west of and adjoining the Cigar Lake property. Pitchstone plans to complete 5,000 m of drilling on the project during the coming winter drill season to follow up on anomalous uranium intersected earlier in the year (see May 1, 2006 news release) and test EM conductor targets. The Leith Peninsula property operator Triex Minerals Corporation (TXM-TSX.V) has advised that approximately 700 line km of GEOTEM (magnetics and electomagnetics) were flown at 400 m line-spacing by Fugro Airborne Surveys. The property covers an area of 32,722 ha in the Hornby Bay Basin and is 50% owned by Pitchstone. It is located approximately 400 km northwest of Yellowknife, on the eastern shore of Great Bear Lake, just south of the historic Port Radium uranium mining camp. A follow-up ground program is anticipated for 2007. As a result of accelerating the expiry date of outstanding warrants issued in conjunction with Pitchstone’s initial public offering approximately 1.2 million warrants were exercised during August. As a result Pitchstone received $840,000 and now has working capital of $5.4 million; no further warrants are outstanding. Steve Blower has been appointed Vice President Exploration for Pitchstone. Steve was formerly Pitchstone’s Director of Exploration. 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, five 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
For further information contact: Ted Trueman, CEO, Pitchstone Exploration (604) 630 5563, ted@pitchstone.net, Dan Barnholden, CEO, Blueprint Investor Relations Consulting (416) 625 2334, dbarnholden@blueprintir.com,
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company’s control, that may cause actual results or performance to differ materially from those currently anticipated in such statements. |