Radioactivity Intersected At Candle

Pitchstone Exploration Ltd. (TSX-V: PXP; “Pitchstone”) is pleased to announce that a zone of radioactivity has been intersected in a drill hole on the Candle property in the eastern Athabasca Basin.  Candle is a joint venture between Pitchstone (operator; 37.5%), Uranium One Inc. (TSX: SXR; 37.5%) and JCU (Canada) Exploration Company, Limited (25%).

Diamond drill hole CD-14, collared at -81°, intersected the unconformity between Athabasca Group sandstone and basement rocks at a down hole length of approximately 623 m.  A 4.0 m zone of weak to moderate radioactivity in altered pelitic gneiss, from 646.0 to 650.0 m, averaged 1,200 counts per second (cps); background is less than 100 cps.  Radioactivity has been measured in CD-14 with a hand-held S.R.A.T. SPP2 scintillometer with readings taken every 10 cm through the radioactive interval.  Insufficient information is available to determine a true thickness. 

Samples are being shipped to SRC Geoanalytical Laboratories in Saskatoon to confirm that radiation is due to uranium and to determine the uranium content.  Results will be reported as soon as they are received.

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. 

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 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

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.