March 25, 2008
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Gabon Uranium Exploration
Pitchstone Exploration Ltd. (TSX-V: PXP; “Pitchstone”) is pleased to report that an $800,000 uranium exploration program for 2008 has been approved by Pitchstone and its joint venture partners, Cameco Corporation (TSX: CCO; NYSE: CCJ; “Cameco”) and Motapa Diamonds Inc. (TSX-V: MTP; “Motapa”). Work planned includes stream sediment sampling, rock sampling, prospecting, geological mapping and airborne electromagnetic surveying. Approximately 660 rock and sediment samples have been collected in 2008 to date. Cameco and Pitchstone are funding exploration for uranium on Motapa’s permits in the Franceville Basin to earn up to an 80% participating interest. The permits cover ~600,000 hectares of the Franceville Basin in east-central Gabon (see map on www.pitchstone.net). The work is being carried out by Motapa under the technical direction of Cameco and Pitchstone. The Proterozoic Franceville Basin is geologically similar to the Hornby Bay and Athabasca basins of Canada. Deposits in the Oklo-Mounana district of the Franceville Basin have produced in the order of 100 million pounds of U3O8 ranking it as one of the world’s most significant uranium districts. The Oklo-Mounana deposits are located 25 km southeast of Motapa’s property boundary. 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 and five being 100% owned. In addition, there are four 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. |