PXP Pitchstone Exploration Ltd.

Pitchstone Exploration Ltd. (TSX VENTURE:PXP) - 



--  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 



Pitchstone Exploration Ltd. ("Pitchstone") 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.


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.




Table 1 - Summary of Geochemical Analyses of Marble Ridge Zone Calcrete    
          Samples                                                          
---------------------------------------------------------------------------
Drill Hole      From (m)       To (m)   Length (m)   U3O8 (ppm)   V2O5 (ppm)
---------------------------------------------------------------------------
DN09-23(i)          6.5          7.5          1.0          352          118
DN10-54             6.0          8.0          2.0           73           69
  includes          7.5          8.0          0.5          107           80
DN10-55             8.0         10.5          2.5           43           59
DN10-56             7.0          8.0          1.0          365          205
  includes          7.5          8.0          0.5          699          321
DN10-57             9.0         10.0          1.0           85           98
DN10-58            10.0         12.0          2.0          120          136
  includes         10.0         10.5          0.5          146          134
    and            11.5         12.0          0.5          197          196
DN10-64            13.0         14.0          1.0          187          129
  includes         13.0         13.5          0.5          337          170
---------------------------------------------------------------------------
(i) Previously Reported                                                    



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 Rossing 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.




Table 2 - Summary of Geochemical Analyses from Leucogranite Target Samples 
---------------------------------------------------------------------------
Drill Hole             From (m)         To (m)     Length (m)     U3O8 (ppm)
---------------------------------------------------------------------------
DN10-67                   42.0           46.0            4.0          191.9
  includes                44.0           46.0            2.0          263.5
DN10-74                   53.0           76.0           23.0           57.4
  includes                53.0           55.0            2.0          122.6
---------------------------------------------------------------------------



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."




Table 3 - Average Grade at Uranium Mines and Projects in the Erongo Region 
---------------------------------------------------------------------------
Type                      Mine/Project              Average Grade (ppm U3O8)
---------------------------------------------------------------------------
Calcrete                  Langer Heinrich                               550
                          Trekkopje                                     149
                          Tumas                                         343
                          Tubas                                         228
                          Aussinanis                                    240
                          Marenica                                      140
                          Klein Spitzkoppe                              239
---------------------------------------------------------------------------
Leucogranite              Rossing                                       310
                          Rossing South                                 487
                          Valencia                                      160
                          Etango                                        223
---------------------------------------------------------------------------



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.


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 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, CEO and Director

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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