Gabon Uranium Exploration                                     

• Airborne survey completed  

• Field work initiated

Pitchstone Exploration Ltd. (TSX-V: PXP; “Pitchstone”), Cameco Corporation (TSX: CCO; NYSE: CCJ; “Cameco”) and Motapa Diamonds Inc. (TSX-V: MTP; “Motapa”) are pleased to provide an update on uranium exploration in the Franceville Basin, Gabon.  

The helicopter-borne magnetic-radiometric survey has been completed with 13,352 line kilometers flown covering an area of approximately 170,000 hectares of uranium exploration permits in the Franceville Basin.  Preliminary data are of excellent quality and provide valuable information on numerous subsurface features.  Ground geophysical and geochemical orientation surveys have also been completed.  Two Transient Audio Magneto-Telluric test lines totalled 75 line kilometers.  A variety of geochemical samples were collected from 50 sites.

The Proterozoic Franceville Basin is geologically analogous to the Hornby Bay and Athabasca basins of Canada.  Deposits in the Oklo-Mounana district of the Franceville Basin have produced in the order of 100 million pounds of U3O8 ranking it as one of the world’s most significant uranium districts.

Motapa’s exploration permits for uranium, gold and manganese cover ~600,000 hectares of the Franceville Basin in east-central Gabon (see map on www.pitchstone.net).  Cameco and Pitchstone are funding exploration for uranium on Motapa’s permits to earn up to 80% participating interest. The work is being carried out by Motapa under the technical direction of Cameco and Pitchstone. 

This release has been reviewed by Steve Blower, M.Sc., P.Geo., Pitchstone’s Vice President, Exploration - a Qualified Person as defined by National Instrument 43-101.

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.