Pitchstone Exploration Announces Drilling Results of Namibian Dome Property

Pitchstone Exploration Ltd. (TSX VENTURE:PXP) reports the receipt of analytical results from a program of reverse circulation drilling on the Dome property in the Erongo region of Namibia. Dome is part of a uranium exploration joint venture between Pitchstone (69%) and private company Manica Minerals Ltd. (31%) through Manica's wholly-owned subsidiary Cheetah Minerals Exploration Ltd.

• Calcrete hosted uranium up to 365 ppm U₃O₈ and 205 ppm V₂O₅ over 1 m
• Leucogranite (Alaskite) hosted uranium up to 264 ppm U₃O₈ over 2 m

Marble Ridge Calcrete Target

Reverse circulation drilling in August at the Marble Ridge zone of calcrete mineralization intersected elevated radioactivity in six of ten holes (see September 14, 2010 news release). Geochemical analyses have now been received and confirm that the radioactivity is due to a horizontal layer of uranium mineralization in calcrete within 15 meters of surface. The layer is continuous over an area measuring at least 400 meters x 200 meters and is open in several directions. Results include 365 ppm U₃O₈ and 205 ppm V₂O₅ over 1 meter in drill hole DN10-56, including 699 ppm U₃O₈ and 321 ppm V₂O₅ over 0.5 meter. Table 1 summarizes the results from mineralized holes in the zone. Additional information including a drill hole location map and cross section are available at www.pitchstone.net.

As the calcrete target drill holes were drilled vertically into a horizontal layer of mineralization, the lengths of the intersections are approximately equal to the true thickness. Additional drilling to follow up on these results is planned.

Namibia Leucogranite Target Drilling

Also in August, thirteen reverse circulation drill holes were completed at a six kilometer by two kilometer leucogranite target area. Eleven of these intersected leucogranite. Two of the holes, DN10-67 at the south end of the area and DN10-74 at the north end, intersected particularly thick sections of leucogranite that included sporadic intervals of elevated radioactivity (see September 14, 2010 news release). Geochemical analyses have confirmed that the radioactivity is due to Rössing style uranium mineralization in leucogranite within 80 m of surface. Results include 192 ppm U₃O₈ over 4 meters in drill hole DN10-67, including 274 ppm U₃O₈ over 1 meter. Table 2 summarizes the results from the two mineralized drill holes at the leucogranite target area.

Insufficient information is available to estimate the true thickness of the leucogranite mineralization. Additional drilling to follow up on these results is planned.

E.A.G. (Ted) Trueman, Executive Chairman of Pitchstone comments: "We are encouraged by the fact that drilling has intersected uranium mineralization with grades that are similar to those found at the major mines and development projects in the Erongo region (Table 3). Exploration on the Dome property is at an early stage and both the calcrete mineralization and the leucogranite mineralization are open in several directions."

Steven J. 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 of the 2009 samples were done by ALS Chemex in Johannesburg, South Africa. Sample preparation and analyses of the 2010 samples were completed by Bureau Veritas in Swakopmund, Namibia. In each case, 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.