September 18, 2007
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Athabasca Basin Update
Pitchstone Exploration Ltd. (TSX-V: PXP; “Pitchstone”) is pleased to provide an update on its exploration programs in the eastern Athabasca Basin, Saskatchewan. Drilling Progress Drilling progress on Pitchstone operated projects has been excellent with a total of 11,764 m completed in 17 holes during the summer program. Of the 16,000 m budgeted for 2007, including the February-March program, a total of 13,132 m has now been completed on the Darby, Candle, Gumboot and Fireweed properties. Drilling at Waterfound is scheduled to begin in October. An aggressive program is also being planned for 2008, which will include follow up on the significant intersection in Candle hole CD-14 (3.2 m core length that averaged 0.31% U3O8 including 0.9 m that contained 0.76% U3O8; July 25, 2007 news release). Gumboot & Fireweed Drilling Anomalous uranium was intersected in two of three holes completed at Gumboot. Hole GB-01 intersected a 1.75 m interval in Athabasca Group sandstone that averages 0.04% U3O8, including 0.3 m of 0.10% U3O8. This intersection extends from 697.05 to 698.8 m; the unconformity was intersected at 701.8 m in the -81° hole. Hole GB-02, approximately 1.7 km south of GB-01, intersected a 2.2 m interval, also in sandstone just above the unconformity, that averages 0.03% U3O8, including 0.3 m of 0.07% U3O8. This intersection extends from 702.8 to 705.0 m; the unconformity was intersected at 705.6 m in the -81° hole. Anomalous quantities of numerous other metals are associated with these intersections including nickel to 0.43%, cobalt to 0.13% and arsenic to 1.01% (partial digestion); these metals are often associated with high grade Athabasca deposits. Two holes were also completed at Fireweed in an initial test of conductors on this large property. Basement units intersected include locally graphitic, semi-pelitic gneiss and psammite. No significant radioactivity was recorded. New Properties Pitchstone has acquired two new properties in the eastern Athabasca Basin through staking. These properties, named Wolverine (3,632 ha) and Marten (2,768 ha) are located east of the McArthur River mine and southwest of the West Bear deposit. Pitchstone now has ten properties in the eastern Athabasca Basin - five are 100% owned. 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 ten projects in the eastern Athabasca Basin, Saskatchewan, five of which are joint ventured with Uranium One and five 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 5563, ted@pitchstone.net, Mark T. Brown, CFO, (604) 687-3520, 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.
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