January 30, 2007
2007 Hornby Bay Exploration Program
Pitchstone Exploration Ltd. (TSX-V: PXP) (Pitchstone) and Triex Minerals Corporation (TSX-V: TXM) (Triex) are pleased to outline their 2007 exploration program for the Hornby Bay Basin, Nunavut. The 50:50 Pitchstone-Triex joint venture is actively exploring five properties in the basin, including the Mountain Lake uranium deposit. The main objective of this year’s program is to test for additional deposits.
A $2.3 million budget has been approved for 2007 and includes 5,000 metres
of diamond drilling. There are four main targets based on airborne
radiometric anomalies, radioactive boulder fields and favorable geological
features (see map on website): Dismal Lake; Jenny Lake; Helmut;
Kendall River. Drilling at Kendall River is contingent on results of
planned prospecting and resistivity mapping. A possible extension of the
Mountain Lake deposit to the north will also be tested during this
program.
Construction of an ice-strip and re-opening of the Kirwin Lake camp is
scheduled for mid April with drilling planned to commence in late April.
Connors Drilling Ltd. has been contracted for drilling.
The Mountain Lake deposit contains the only identified uranium resource in
the Hornby Bay Basin (Inferred Mineral Resource of 8.2 million pounds U3O8
at an average grade of 0.23% U3O8 contained in 1.6
million tonnes of rock; see NI 43-101 Technical Report on SEDAR).
Allan Armitage, Ph.D., P.Geo., 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 in the Hornby Bay
Basin.
Pitchstone is actively exploring for uranium in four proven districts. The property portfolio features eight projects in the eastern Athabasca Basin, Saskatchewan, five of which are joint ventured with sxr Uranium One Inc., with the other three being 100% owned. In addition, there are five joint venture projects with Triex in the Hornby Bay Basin, Nunavut and NWT, an exploration partnership with Cameco and Motapa Diamonds in the Franceville Basin, Gabon, and an option on three projects in Namibia. Pitchstone has a unique group of geologists with extensive uranium exploration and production experience.
On behalf of the Board,
E.A.G. (Ted) Trueman, CEO and Director
For further information contact: Ted Trueman, CEO, Pitchstone Exploration (604) 630 5560, 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.