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PXP Pitchstone Exploration Ltd.

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Share Name Share Symbol Market Type
Pitchstone Exploration Ltd. TSXV:PXP TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Pitchstone Plans Calcrete Uranium Drilling

01/11/2011 9:11pm

Marketwired Canada


Pitchstone Exploration Ltd. (TSX VENTURE:PXP) ("Pitchstone" or the "Company")
announces that plans have been finalized for a program of reverse circulation
drilling that will target calcrete hosted uranium mineralization on the Dome
property in Namibia. The property location relative to the nearby Rossing and
Langer Heinrich uranium mines, and other uranium occurrences in the Erongo
region is illustrated on Pitchstone's website (www.pitchstone.net). Uranium in
calcrete is excluded from a recently completed agreement that allows Rio Tinto
to earn into Pitchstone's interest in bedrock hosted uranium deposits at Dome.


Calcrete Drilling

Reverse circulation drilling will resume at the Marble Ridge zone and at other
calcrete target areas on the property. The Marble Ridge zone is a near surface
area of uranium and vanadium mineralization within a calcrete paleo-channel.
Reverse circulation drilling earlier in 2011 (see March 30, 2011 news release)
demonstrated that the zone is a horizontal layer of mineralization within 15
meters of surface that measures up to 1,900 meters by 200 meters in plan-view
and is 1-3 meters thick. Results included 219 ppm U3O8, 167 ppm V2O5 over 3
meters, beginning at 4 meters below surface. Additional information including a
drill hole location map and cross section are available on Pitchstone's website
(www.pitchstone.net). A total of 46 drill holes are planned in this campaign
along with ground electromagnetic geophysical surveying and radiometric
prospecting. 


Options

Pitchstone has granted a total of 1,025,000 options to Directors, Officers and
Employees of the Company. The options have an exercise price of $0.15 and will
expire on November 1, 2016.


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 completed by Bureau Veritas
in Swakopmund, Namibia. A multi-element ICP-MS/AES analysis was completed on the
samples after a mixed acid, near-total digestion. Pitchstone utilizes internally
and externally submitted standard reference materials for quality assurance and
quality control of the sample preparation and analyses. Calcrete hosted uranium
at the Dome property is part of a uranium exploration joint venture between
Pitchstone (71%) and private company Manica Minerals Ltd. (29%) through Manica's
wholly-owned subsidiary Cheetah Minerals Exploration Ltd. 


About Pitchstone

Pitchstone is exploring for uranium in three proven districts in Canada and
Namibia. The property portfolio features 13 projects in the eastern Athabasca
Basin, Saskatchewan, five 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.


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