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Pitchstone Receives JOGMEC Budget Approval
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 4, 2011) -
Pitchstone Exploration Ltd. (TSXVENTURE:PXP)("Pitchstone") announces that its exploration partner, JapanOil, Gas and Metals National Corporation ("JOGMEC") has approved thefiscal 2011 program and budget for the Wolverine property in theAthabasca Basin, Saskatchewan. Under the terms of an agreement signed in2009, JOGMEC can earn a 50% interest in both the Marten and Wolverineproperties with expenditures of $2 million over three years.
Initialdrilling at Wolverine by the partners consisted of four holes thattested two geophysical target areas. One drill hole (WL-01) intersected azone of anomalous radioactivity within a 57 meter interval of hematiteand chlorite altered fault breccia in basement rocks 370 meters belowsurface and 70 meters below the sub-Athabasca unconformity (see July 14,2010 news release). The highest uranium value is 0.25% U3O8 over a 10centimeter interval within a 2.0 meter interval that averages 0.05%U3O8.
The summer 2011 drilling program willconsist of an additional five drill holes in the WL-01 area totaling1,900 meters. Drill targets will include the up-dip projection of themineralized fault zone where it is interpreted to intersect theunconformity. Other drill holes will test the zone along strike ofWL-01, along with other geophysical targets in the area.
SteveBlower, P.Geo., President and CEO of Pitchstone, is the QualifiedPerson for the purposes of NI 43-101 with respect to the technicalinformation in this news release. Sample preparation and analyses weredone by SRC Geoanalytical Laboratories, Saskatoon. A partial digestionwith fluorimetric analysis was used for initial uranium determinations,and then all samples containing greater than 100 ppm uranium werere-analyzed with ICP. Pitchstone utilizes internally and externallysubmitted standard reference materials for quality assurance and qualitycontrol of the sample preparation and analyses. There is insufficientinformation to estimate the true thickness of the mineralization.
About Pitchstone
Pitchstoneis exploring for uranium in three proven districts in Canada andNamibia. The property portfolio features 11 projects in the easternAthabasca Basin, Saskatchewan, three of which are 100% owned. Inaddition, there is a joint venture on two projects in Namibia andseveral joint venture projects in the Hornby Bay Basin, Nunavut.Pitchstone benefits from the collaboration of a unique group ofgeologists with extensive uranium exploration and production experience.
On behalf of the Board,
Steven J. Blower, President and CEO
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracy ofthis release. This news release may contain assumptions, estimates, andother forward-looking statements regarding future events. Suchforward-looking statements involve inherent risks and uncertainties andare subject to factors, many of which are beyond Pitchstone's control,that may cause actual results or performance to differ materially fromthose currently anticipated in such statements.
FOR FURTHER INFORMATION PLEASE CONTACT: Claire Stewart
Pitchstone Exploration Ltd.
604 630 5563
ORMark T. Brown
Pitchstone Exploration Ltd.
CFO
604 687 3520
www.pitchstone.net