January 15, 2008
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Athabasca Drilling Resumes at 97G Zone on Candle Property
Pitchstone Exploration Ltd. (TSX-V: PXP; “Pitchstone”) is pleased to report that a winter diamond drilling program in the eastern Athabasca Basin has been initiated. Drilling has begun on the 97G zone on the Candle property to follow up on mineralization discovered in 2007. Candle, located between McArthur River and Cigar Lake mines in the eastern Athabasca Basin, is a joint venture between Pitchstone (operator; 37.5%), Uranium One Inc. (“Uranium One”, TSX: UUU; 37.5%) and JCU (Canada) Exploration Company, Limited (25%). The joint venture has budgeted for 5,700 m of drilling on Candle during 2008. The first priority will be to follow up on the significant uranium intersection previously reported from drill hole CD-14, named the 97G zone (News Release 07.39, July 5, 2007; a 3.2 m core length from 647.1 to 650.3 m averaged 0.31% U3O8 including 0.9 m and 0.4 m sections that contained 0.76% and 0.72% U3O8 respectively). Also, assay results are now available for drill hole CD-14D1, which is a daughter hole wedged off of CD-14 to the west. CD-14D1 intersected 12 m of intense clay and chlorite alteration similar to that observed in CD-14. Within this interval, a 0.8 m radioactive zone, from 672.7 to 673.5 m, averaged 850 ppm U (0.10% U3O8), including 0.15 m that contains 1,810 ppm U (0.21% U3O8). However, the mineralized and altered zone in CD-14D1 was intersected at a depth 45 m greater than anticipated. This suggests that the 97G zone should intersect the unconformity east of CD-14 rather than to the west and additional drilling will test this inference. Numerous other anomalous pathfinder metals are present in CD-14D1 including an average of 21.3 g/t silver and 0.39% molybdenum (Mo) over the 0.8 m radioactive interval . There are not sufficient data to estimate the true thickness of the zone. Pitchstone is encouraged by the results at 97G because they demonstrate that the zone is persistent and mineralized down-dip at least 50 m below the unconformity. Further, uranium grade is increasing toward the unconformity. The projected intersection of the zone with the unconformity east of CD-14 is an excellent, untested target, and the zone is also untested along strike. Maps illustrating land holdings in the eastern Athabasca Basin and locations of completed drill holes on the Darby-Candle property are available on Pitchstone’s website, www.pitchstone.net. 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, 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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