Drilling Commences at Waterfound

Pitchstone Exploration Ltd. (TSX-V: PXP; “Pitchstone”) is pleased to announce that drilling on the Waterfound property in the eastern Athabasca Basin, Saskatchewan has resumed.  Waterfound is a 50:50 joint venture with Uranium One Inc. (TSX: UUU).

Five holes totaling 2,750 m are planned at Waterfound to follow up on uranium mineralization encountered in earlier drilling.  Of the nine holes previously completed on behalf of the joint venture, seven intersected anomalous radioactivity in proximity to the unconformity (see July 25, 2006 news release); these holes occur over a strike length of 1,600 m.  The current drilling program will utilize the results of a DC-Resistivity survey completed in late 2006 to help focus drilling within this widespread zone of anomalous radioactivity.

Further, Pitchstone announces that it has granted 860,000 options to directors and employees.  The options are priced at $2.60 and will expire on October 5, 2012.

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 ten projects in the eastern Athabasca Basin, Saskatchewan, five of which are joint ventured with Uranium One Inc. 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.