March 12th, 2009

NEWS RELEASE ｗｗｗ.jogmec.go.jp
Japan Oil, Gas and Metals National Corporation
Division in Charge: Uranium Exploration Team, Metals Exploration Dept.
Kawamura, Kobayashi and Harada Fax: +81-44-520-8740
PR in Charge: Public Relations Division, Administration Dept.
Uematsu Fax: +81-44-520-8710

New Joint Uranium Exploration in Canada Launched
Japan Oil, Gas and Metals National Corporation (JOGMEC), whose president is Mr. Hirobumi Kawano,launched a new joint uranium exploration venture in Saskatchewan, Canada under Uranium ExplorationAssistance※1 with a grant from the Japanese Government.
Wolverine-Marten Area, the target area of this Project is located in the northern part of the Athabasca
Basin, Saskatchewan in Canada. This area is also situated within 50km of the Cigar Lake Deposit (underconstruction) and McArthur River Deposit (in operation), which are well known for the worldʼs largest highgrade uranium deposits. Although uranium occurrences have not been identified on the properties yet,there is a good possibility to detect mineralization through future geophysical surveys and drilling. The
partner of this joint exploration is Pitchstone Exploration Ltd.※2■ OUTLINE OF PROJECT１） AREA OF EXPLORATION
Wolverine-Marten Area, the target area of this Project, which consists of 2 claims (approximately 64km2), islocated in the eastern part of the Athabasca Basin, in northern Saskatchewan, Canada,. This area is well known
for a multitude of uranium deposits. Although uranium occurrences have not been detected on the claims, there
is still great potential.

In fact, no detailed survey has been conducted for the past dozen years and it is worth

while making systematic surveys using new techniques.

２）JOINT EXPLORATION AGREEMENTJOGMEC will fund totally C$2million over 4 years in exploration expenditures and, by doing so, will be able toobtain a 50% interest in this project. JOGMEC will also have a right to take products in proportion to theinterest obtained. This joint exploration agreement was executed on March 11th, 2009.

３） OUTLINE OF EXPLORATION
Detailed geological surveying has not been conducted on the claims. However, meta-pelitic basement rocks,
which is often a host rock of Athabasca deposits, was detected through previous drilling adjacent to the claims.
An airborne electromagnetic survey was done by Pitchstone Exploration Ltd. in 2008. This year, we are planningto seek the best geophysical methods and conduct drilling on areas targeted with the data from groundgeophysical surveying.
1

（NOTES）■Uranium Exploration Assistance※１

The scheme was started in 2007 with a grant from the Ministry of Economy, Trade and Industry (METI) in order tofacilitate uranium exploration and development overseas. Under the scheme, JOGMEC provides a grant to Japanese
private companies who do uranium exploration. JOGMEC itself also does uranium exploration in the areas that haveuranium deposit potential but exploration activity is not active due to technical reasons or investment environment.
■Pitchstone Exploration Ltd.※2

A uranium exploration company is based in Vancouver, British Colombia, Canada.

This company has many

exploration projects in Gabon and Namibia in Africa in addition to Saskatchewan and Nunavut in Canada. It is listedon the TSX Venture Exchange.

Project Site2