VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/16/10 -- Pitchstone Exploration Ltd. (TSX VENTURE: PXP) -
-- Contracts Finalized for 1st Quarter 2011 Drilling -- 28 Drill Holes at Calcrete Targets in Namibia -- 4,500 meters of Drilling at Athabasca Basin Targets
Pitchstone Exploration Ltd. ("Pitchstone" or the "Company") has finalized plans for the next phase of exploration in Namibia and the Athabasca Basin, Saskatchewan. Drilling programs will begin early in 2011 at the Dome property in Namibia, and at the Gumboot and Johnston Lake properties in the Athabasca Basin, Saskatchewan. Dome is part of a uranium exploration joint venture between Pitchstone (69%) and private company Manica Minerals Ltd. (31%) through Manica's wholly-owned subsidiary Cheetah Minerals Exploration Ltd. Gumboot is 100% owned and Johnston Lake has been optioned from Denison Mines Corp.
Namibia Drilling
Pitchstone has finalized a contract with RC Drilling Services Namibia (Pty) Ltd. for the completion of 28 reverse circulation drill holes at the Dome property. This drilling campaign will start in early February and will focus on extending calcrete hosted uranium and vanadium mineralization at the Marble Ridge zone which is open in several directions. Results from the 2010 drilling at the Marble Ridge zone include 365 ppm U3O8 and 205 ppm V2O5 over 1.0 meter, at a depth of 7 meters. Maps of the property are available at www.pitchstone.net.
Athabasca Basin Drilling
Pitchstone has started preparation of the winter access road to the Gumboot and Johnston Lake properties, 20 kilometers northwest of Cameco's Cigar Lake uranium deposit. Bryson Drilling of Archerwill, Saskatchewan has been contracted for the work and the camp is in place. Pitchstone will complete approximately 4,500 meters of core drilling to test three targets on each of these properties during the period January to March, 2011. Drilling will target uranium at the altered and mineralized portions of the 5 kilometer long conductor system at Gumboot and the 10 kilometer long conductor system at Johnston Lake. Previous drilling on the Gumboot property has returned 0.66% U3O8, 11.10% Ni and 0.57% Co over 0.3 meter and 2.06% U3O8, 1.15% Ni and 0.23% Co over 0.1 meter (see Sept. 9, 2009 news release). Previous drilling on the Johnston Lake property has returned 0.48% U3O8 over 0.25 meter (see July 14, 2010 news release).
Steven J. Blower, P.Geo., President and CEO 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 on Pitchstone's Athabasca Basin samples were done by SRC Geoanalytical Laboratories, Saskatoon. A partial digestion with fluorimetric analysis was used for initial uranium determinations, and then all samples containing greater than 100 ppm uranium were re-analyzed with ICP. Sample preparation and analyses on Pitchstone's Namibia samples were done by Bureau Veritas Mineral Laboratories, Swakopmund, Namibia. A mixed acid digestion was followed by ICP-OES and ICP-MS analysis. Pitchstone utilizes internally and externally submitted standard reference materials for quality assurance and quality control of the sample preparation and analyses. The lengths of intersections of calcrete mineralization in Namibia are approximately equal to the true width. Insufficient information is available to estimate the true width of mineralized intersections in the Athabasca Basin.
About Pitchstone
Pitchstone is exploring for uranium in three proven districts in Canada and Namibia. The property portfolio features 11 projects in the eastern Athabasca Basin, Saskatchewan, three of which are 100% owned. In addition, there is a joint venture on two projects in Namibia and several joint venture projects in the Hornby Bay Basin, Nunavut. Pitchstone benefits from the collaboration of a unique group of geologists with extensive uranium exploration and production experience.
On behalf of the Board,
Steven J. Blower, President and CEO
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Pitchstone Exploration Ltd.
Claire Stewart
604 630 5563
Pitchstone Exploration Ltd.
Mark T. Brown
CFO
604 687 3520
www.pitchstone.net
