- 50 Holes Completed
- Weakly Elevated Radioactivity in 3 Holes
- Director Resigns, Continues as Advisor
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/16/11 --
Pitchstone Exploration Ltd. (TSX VENTURE: PXP) ('Pitchstone' or the 'Company') reports the completion of a program of reverse circulation drilling on calcrete hosted uranium targets at 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.
Namibia Calcrete Target Drilling
Fifty reverse circulation drill holes explored calcrete targets in the recently completed campaign in an effort to find extensions to the Marble Ridge zone and locate additional uranium mineralized paleochannels over part of the Dome property. Down hole total gamma probe results indicate that three of the holes intersected weak but significantly elevated radioactivity in calcrete (up to 18X background). Geochemical analyses are pending and the Company is planning to complete additional drilling on the property.
Corporate Update
Mr. Eric Schwitzer has resigned from the Board of Directors to pursue other interests, but will continue in an advisory capacity with Pitchstone. The Company would like to thank Mr. Schwitzer for his valuable contributions since the initial public offering 6 years ago.
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. 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 are two joint venture 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
