Pitchstone, Cameco & Motapa

Initiate Gabon Airborne Survey

Pitchstone Exploration Ltd. (PXP-TSX.V) is pleased to announce that Pitchstone, Cameco Corporation (TSX: CCO; NYSE: CCJ) and Motapa Diamonds Inc. (TSX-V: MTP) will initiate an extensive airborne survey in Gabon early in October.  Motapa, the project operator, has contracted South Africa based New Resolution Geophysics (NRG) for a 13,350 line kilometer survey that will cover approximately 170,000 hectares of Motapa’s uranium exploration licenses in the Franceville Basin.  NRG will collect helicopter-borne horizontal gradient magnetic and radiometric data over the survey area.  Final survey results are expected later in the year.  Cameco and Pitchstone are funding exploration for uranium on Motapa’s licenses in Gabon to earn up to an 80% participating interest (see March 1, 2006 news release).

The Proterozoic Franceville Basin of Gabon is geologically analogous to the Hornby Bay and Athabasca basins of Canada.  Deposits in the Oklo-Mounana district of the Franceville Basin have produced in the order of 100 million pounds of U3O8 ranking it as one of the world’s most significant uranium districts. Motapa holds licenses with the exclusive rights to explore for uranium, gold and manganese that cover approximately 600,000 hectares of the Franceville Basin in east-central Gabon.  The magnetic and radiometric data will aid in building a comprehensive geological model of the region and help guide future exploration.

Separately, Pitchstone also reports that at a CIM uranium geology conference held in Saskatoon during September Pitchstone’s CEO Ted Trueman gave presentations on the “Hornby Bay Basin Uranium Deposits”, Nunavut and Northwest Territories, and “The Beaverlodge Uranium District”, Saskatchewan.  Abstracts of these presentations are available on Pitchstone’s website (www.pitchstone.net).

This release has been reviewed by Steve Blower, M.Sc., P.Geo., Pitchstone’s Vice President, Exploration - 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.

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, Lesotho and Mozambique.

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.