June 26, 2007
Namibia Exploration Update
Pitchstone Exploration Ltd. (TSX-V: PXP; “Pitchstone”) is pleased to provide an update on exploration activities at their Namibian properties. Pitchstone has an option from Manica Minerals Ltd. to acquire an initial 51% interest in three properties totaling approximately 500,000 ha. At the Nakop property in southern Namibia, an initial program of sampling and prospecting has been completed. The goal of this first phase was to identify areas that are prospective for a sediment hosted uranium deposit. A total of 229 samples were collected along 47 traverses. Traverses were laid out on the basis of geology and airborne radiometric data. Analytical results have been received from the laboratory and twelve samples contain greater than 20 ppm uranium, the highest of which was 42 ppm from an outcrop of weathered conglomerate. Areas for follow up exploration will be selected and prioritized following further analysis of the results. Exploration is also underway at Pitchstone’s other two Namibian properties, Dome and Kaoko. At Dome, time domain electromagnetic depth soundings and radon cup geochemistry are being done to explore for a Rössing-type granite hosted deposit. The Dome property is located approximately 70 km southwest of Rössing in west central Namibia and hosts a geophysical feature indicative of a Rössing-type setting. Similar geophysical and geochemical surveys are also being used to explore for sediment hosted deposits at the Kaoko property in northern Namibia. Namibia is a significant source of uranium and currently produces about 8% of the world’s primary supply. The large Rössing deposit continues to be the major source although the Langer Heinrich deposit recently commenced production. 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 ALS Chemex, Johannesburg. A partial digestion with an inductively coupled plasma – mass spectrometer analysis (ICP-MS) was used for uranium determinations. 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 Manica Minerals on three properties in Namibia, and the other with Cameco Corporation and Motapa Diamonds in the Franceville Basin, Gabon. 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, (604) 630 5563, ted@pitchstone.net, Mark T. Brown, CFO, (604) 687-3520, mark@pitchstone.net, or www.pitchstone.net
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.
|