December 10, 2007

  

 

   Athabasca Exploration Update

 

  • $6.5 million joint venture budget

  • Drilling contract extended

  • Land use permits in place

  • Waterfound drilling completed

Pitchstone Exploration Ltd. (TSX-V: PXP; “Pitchstone”) is pleased to announce that a 2008 exploration program for the 50:50 Athabasca joint venture with Uranium One Inc. (TSX: UUU) has been approved.  A total budget of $6.5 million has been agreed to by the parties.  The joint venture includes the Darby, Candle, Waterfound, Moon Lake and Lynx Lake properties, all in the eastern Athabasca Basin.

The 2008 joint venture program will largely be comprised of drilling.  Priority targets will include zones on Candle and Darby, including follow up drilling 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).  At least six holes are planned to follow up the intersection in hole CD-14.  All land use permits required to initiate drilling in January have been obtained.

Pitchstone has executed a contract with Bryson Drilling Ltd. for a minimum of 14,000 m of diamond drilling in 2008.  The contract with Bryson also provides Pitchstone with an option for 20,000 m of drilling in 2009 and a further option for 20,000 m of drilling in 2010.

Drilling of 3,080 m in six holes by the joint venture on the Waterfound property has been completed.  Weak radioactivity was observed in four holes, all in proximity to the unconformity.  Analytical results, including those from other properties in the Athabasca Basin, are pending. 

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.