Pitchstone Arranges Private Placement

Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone") has arranged a
non-brokered private placement of 5,357,000 units at $0.14 per unit to raise
gross proceeds of approximately $750,000. 


The financing will enable Pitchstone to maintain a cash balance by year end of
approximately $1.5 million after completing its 2011 uranium exploration
programs. Funds raised by this placement will be used for exploration on
Pitchstone's Namibian uranium properties and for general corporate purposes.
Work planned in Namibia includes additional reverse circulation drilling to test
calcrete and leucogranite hosted uranium mineralization on the Dome property in
the Erongo region. 


Subscribers include Directors and Officers of Pitchstone, plus strategic
investors who share management's long term visions for the company. Steve
Blower, President and CEO, commented that: "We are pleased to have shareholders
that continue to support our exploration efforts in two of the most prolific
uranium producing regions of the world. Pitchstone also continues to benefit
from a strong group of joint venture partners that share the funding on some of
our projects."


Each unit will consist of a common share plus one half of a share purchase
warrant. Each whole share purchase warrant will enable the holder to purchase
one additional Pitchstone common share for $0.25 for a period of eighteen
months. A cash finder's fee equal to 7% plus finder's warrants equal to 7% of
the shares subscribed for will be paid on a portion of the placement. The
placement is subject to regulatory approvals.


Upon completion of the placement, Pitchstone would have 45,208,000 common shares
outstanding and approximately $2,650,000 in cash. 


About Pitchstone

Pitchstone is exploring for uranium in three proven districts in Canada and
Namibia. The property portfolio features 12 projects in the eastern Athabasca
Basin, Saskatchewan, four of which are 100% owned. In addition, there are
several joint venture projects in the Hornby Bay Basin, Nunavut and a joint
venture on two projects in Namibia. 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 & 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.