July 25, 2007
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Candle Drill Hole Assays
Pitchstone Exploration Ltd. (TSX-V: PXP; “Pitchstone”) is pleased to report assay data for a previously noted zone of radioactivity in drill hole CD-14 on the Candle property (News Release 07.39, July 5, 2007). Candle, located between McArthur River and Cigar Lake mines in the eastern Athabasca Basin, is a joint venture between Pitchstone (operator; 37.5%), Uranium One Inc. (TSX: SXR; 37.5%) and JCU (Canada) Exploration Company, Limited (25%). A 3.2 m core length from 647.1 to 650.3 m averaged 0.31% U3O8 including 0.9 m and 0.4 m sections that contained 0.76% U3O8 and 0.72% U3O8 respectively. Diamond drill hole CD-14, collared at -81°, intersected the unconformity between Athabasca Group sandstone and basement rocks at a down hole length of 625.3 m. The mineralization occurs within a 38.8 m length of altered and crushed sandstone, pelitic gneiss, semi-pelite and anatexite from 623.4 to 662.2 m that averaged 0.03% U3O8. Many other metallic elements are also anomalous in this enriched zone. Insufficient information is available to determine a true thickness of mineralization. CD-14 is only the third hole drilled on a conductor that extends 2 km across Candle and continues a further 4 km on the contiguous Darby property. The other holes, CD-02 and CD-08, are 800 m south of CD-14; both of these holes intersected narrow zones of weak mineralization (News Release 07.36, June 7, 2007). CEO Ted Trueman noted that, “deposit discovery in the Athabasca Basin requires a systematic, step by step process of acquiring data and building a model. The results of CD-14 represent a big step forward in this process on Candle. The extent of this zone of alteration and metal enrichment is very encouraging.” Considerable additional drilling will be required to follow up on these results. 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 fluorimetric analysis was used for uranium determinations. All samples containing greater than 100 ppm uranium were re-analyzed with ICP. Internal and external standards, duplicates and blanks are used for quality assurance/quality control. 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 For further information contact: Ted Trueman, CEO, (604) 630 5560, ted@pitchstone.net, Mark T. Brown, CFO, (604) 687-3520, mark@pitchstone.net, or view 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.
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