$3,000,000 Private Placement Closes

Pitchstone Exploration Ltd. (TSX-V: PXP; “Pitchstone”) is pleased to announce that it has closed its previously announced non-brokered private placement for gross proceeds of $3,000,000.  Under the private placement Pitchstone has issued 1,000,000 units at $3.00 per unit, with each unit consisting of one common share and one-half of a share purchase warrant.  Each whole warrant will entitle the holder to acquire a common share for eighteen months at a price of $3.75.  In connection with the private placement Pitchstone paid a cash finder’s fee in the amount of $150,000.  All securities issued under the private placement will have a hold period expiring on December 8, 2007.

The proceeds of the private placement will be used for exploration on Pitchstone’s property interests and for general working capital.

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 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 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.