Purchase of Hornby Bay Properties Completed

Pitchstone Exploration Ltd. (PXP-TSX.V) and Triex Minerals Corporation (TXM-TSX.V) (collectively “the Joint Venture”) are pleased to announce the successful acquisition of those claims on the Mountain Lake, Dismal Lakes and Kendall River properties which are under option in the Hornby Bay Basin, Nunavut. 

Location maps for the properties are available on the Company's website (www.pitchstone.net).  The properties are in proximity to the Mountain Lake uranium deposit, located 100 km southwest of the coastal community of Kugluktuk in western Nunavut. 

Pursuant to an Option to Purchase Agreement executed on July 22, 2006 with Aramis Ventures Inc. (see August 2, 2006 News Release) the Joint Venture has successfully purchased 100% ownership, subject only to a royalty, of four claims forming the Kendall River property in the Hornby Bay Basin covering a total of 4,180 ha.  Surface work on this property in 2006 and 2007 refined targets related to a field of radioactive boulders discovered in the 1970s.  Future work will focus on drill-testing the target area.

Pursuant to an Option to Purchase Agreement dated July 31, 2006 with Ur-Energy Inc. (see April 26, 2006 News Release) the Joint Venture has successfully purchased 100% ownership, subject only to a royalty, of 58 claims (52,464 ha) forming parts of the Dismal Lakes and Mountain Lake properties.  Pursuant to an Option to Purchase Agreement dated July 31, 2006 with Patrician Diamonds Inc. (see April 26, 2006 News Release) the Joint Venture has successfully purchased 100% ownership, subject only to a royalty, of 10 additional claims (7,295 ha) forming part of the Dismal Lakes property.

Surface work in 2006 and 2007 on the Joint Venture’s collective Hornby Bay Basin properties has delineated numerous targets, with some data collected from the western part of the Mountain Lake claim block in 2007 still pending.  Drilling by the Joint Venture to this point has focused on the Mountain Lake Deposit; future work will focus on testing regional targets.

Triex is operator for the Joint Venture.  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 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 5560, 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.