August 6, 2008
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Athabasca Joint Venture Drilling Progress Pitchstone Exploration Ltd. (TSX-V: PXP; “Pitchstone”) is pleased to provide an update on drilling progress in the eastern Athabasca Basin, Saskatchewan on its 50:50 joint venture properties with Uranium One Inc. (TSX: UUU). Two New Zones Identified at Darby 95D Conductor Hole DB-27 intersected a 1.3 meter core length, from 535.8 to 537.1 meters, that contains 0.04% U3O8, including 0.3 meter averaging 0.12% U3O8. This mineralization is located along the east-west oriented 95D conductor and is approximately 9 km west of the Cigar Lake deposit. No other drilling on strike in proximity to DB-27 has been done. Drill hole DB-27 intersected the Athabasca Group unconformity at a core length of 520.3 meters. The mineralized interval is within sheared, graphitic, pyritic, pelitic basement rocks underlying Athabasca sandstone. Pitchstone is further encouraged by the presence of anomalous uranium and uranium pathfinder element values in the sandstone immediately above the unconformity. 95B Conductor Drill hole DB-31, located along the 95B conductor in the southeast portion of Darby, encountered anomalous radioactivity up to 1,000 cps (measured with a hand-held S.R.A.T. SPP2 scintillometer) in a 0.3 meter long interval of fracturing and alteration 35 meters beneath the unconformity. Geochemical results to verify the presence of uranium are pending. 2008 Drilling Progress Diamond drilling production continues to be very good with a total of 6,354 meters completed in 10 drill holes during the summer drilling campaign. Drilling on the joint venture properties in 2008 now totals 12,141 meters in 20 holes. Follow up drilling on the Candle property 97G zone (25% JCU (Canada) Exploration Company, Limited (“JCU”)) during the summer program has not extended the zone of mineralization intersected in the January-March 2008 drilling campaign (a 0.5 meter core length in CD-25 from 655.3 to 655.8 meters averaged 1.91% U3O8 including 0.2 meter that contained 4.18% U3O8 – News Release 08.57, May 21, 2008). During the summer program, two holes were drilled north of CD-25 and one was drilled east of CD-25. No significant radioactivity was encountered in these holes; geochemical analyses are pending. Further drill testing of the target will be required after an interpretation of the alteration patterns, structural features and geochemical results has been completed. Moon Lake Drilling The 4,590 hectare Moon Lake property is located one kilometer east of the Millennium deposit (Indicated Mineral Resource of 46.8 million lbs U3O8), which is currently being developed by Cameco Corporation, JCU and AREVA. Only one hole has ever been drilled on the Moon Lake property. A drill is currently being mobilized and a total of 1,400 meters in two holes is planned. Steve Blower, P.Geo., President of 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 initial uranium determinations and all samples containing greater than 100 ppm uranium were re-analyzed with ICP. Pitchstone utilizes internally and externally submitted standard reference materials for quality assurance and quality control of the sample preparation and analyses. About Pitchstone 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 are 100% owned. In addition, there are four joint venture projects with Triex Minerals in the Hornby Bay Basin, Nunavut, 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. Pitchstone has approximately $9 million in cash and no debt. On behalf of the Board, E.A.G. (Ted) Trueman, CEO and Director For further information contact Jag Sandhu at 604 306 1950, or visit 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 Pitchstone’s control, that may cause actual results or performance to differ materially from those currently anticipated in such statements.
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