June 7, 2007
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DARBY- CANDLE PROJECT UPDATE
Pitchstone Exploration Ltd. (TSX-V: PXP; “Pitchstone”), operator of a Joint Venture that includes sxr Uranium One Inc. (TSX: SXR; “Uranium One”) and JCU (Canada) Exploration Company, Limited (“JCU”), is pleased to report results from drilling on the Candle claim, and the resumption of drilling on the Darby-Candle project. The project is situated in the eastern Athabasca Basin adjacent to the Cigar Lake mine property. Candle Drill Results Diamond drill hole CD-08 on electromagnetic (EM) conductor 97G was completed in late March. A 0.1 m interval in drill hole CD-08, from 627.0 to 627.1 m, averaged 0.06% U3O8 (521 ppm U) plus anomalous arsenic, cobalt, nickel and lead values. These pathfinder elements are usually elevated proximal to significant mineralization in the region. The interval straddles a clay-gouge fault zone in basement rocks, 10 m below the Athabasca Group basal unconformity. Anomalous uranium was also intersected at the unconformity and deeper in the basement. Hole CD-08 was drilled to follow up on anomalous uranium encountered in hole CD-02 (0.05% U3O8 over 0.5 m; May 1, 2006 News Release). CD-02 and CD-08 are initial tests of conductor 97G, a prospective zone that has a 2 km strike length on the Candle claim and extends an additional 4 km on the contiguous Darby property. Pitchstone is encouraged by the results in these holes and will continue to explore the 97G conductor as well as numerous other targets on the property. Resumption of Drilling Following spring break-up, drilling has resumed at Darby-Candle where the joint venture partners plan to complete an additional seven holes in 2007, totaling approximately 4,900 m. All of the targets on Darby-Candle are along the 55 km of EM conductors on the property. The large Darby-Candle property (19,316 ha) is located in proximity to the two highest grade, large uranium deposits in the world, McArthur River and Cigar Lake. Including the drilling at Darby-Candle, Pitchstone anticipates drilling a total of 16,000 m on various Athabasca Basin properties during 2007. Steve Blower, P.Geo., Vice President 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. Sample preparation and analyses were done by SRC Geoanalytical Laboratories, Saskatoon. A partial digestion with chemical analysis (fluorimetry) was used for uranium determinations. All samples containing greater than 100 ppm uranium were re-analyzed with ICP. 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 Uranium One, with the other three being 100% owned. In addition, there are five joint ventured projects with Triex Minerals in the Hornby Bay Basin, Nunavut and NWT, and two exploration partnerships in Africa - one with Cameco Corporation and Motapa Diamonds in the Franceville Basin, Gabon, and the other with Manica Minerals on three properties 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)630-5563 ted@pitchstone.net, or 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.
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