Pitchstone Receives JOGMEC Budget Approval
– Fiscal 2011 Budget Confirmed
– Drilling Program Planned at Wolverine
Vancouver, British Columbia – April 4, 2011 – Pitchstone Exploration Ltd. (TSX VENTURE:PXP)(“Pitchstone”) announces that its exploration partner, Japan Oil, Gas and Metals National Corporation (“JOGMEC”) has approved the fiscal 2011 program and budget for the Wolverine property in the Athabasca Basin, Saskatchewan. Under the terms of an agreement signed in 2009, JOGMEC can earn a 50% interest in both the Marten and Wolverine properties with expenditures of $2 million over three years.Initial drilling at Wolverine by the partners consisted of four holes that tested two geophysical target areas. One drill hole (WL-01) intersected a zone of anomalous radioactivity within a 57 meter interval of hematite and chlorite altered fault breccia in basement rocks 370 meters below surface and 70 meters below the sub-Athabasca unconformity (see July 14, 2010 news release). The highest uranium value is 0.25% U3O8 over a 10 centimeter interval within a 2.0 meter interval that averages 0.05% U3O8.
The summer 2011 drilling program will consist of an additional five drill holes in the WL-01 area totaling 1,900 meters. Drill targets will include the up-dip projection of the mineralized fault zone where it is interpreted to intersect the unconformity. Other drill holes will test the zone along strike of WL-01, along with other geophysical targets in the area.
Steve 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 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. Pitchstone utilizes internally and externally submitted standard reference materials for quality assurance and quality control of the sample preparation and analyses. There is insufficient information to estimate the true thickness of the mineralization.
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
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. 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.
For more information, please contact
Pitchstone Exploration Ltd.
604 630 5563
Pitchstone Exploration Ltd.
Mark T. Brown
604 687 3520