Uranium One eases back in Athabasca Basin venture with Pitchstone

Pitchstone Exploration Ltd. (TSXV: PXP.V) disclosed Friday that Uranium One Inc. (TSX: UUU.TO) has declined to make a cash call payment on the companies' joint-venture properties in the eastern Athabasca Basin of Saskatchewan.

Pitchstone said it has covered Uranium One's payment, and Pitchstone's interest in the formerly 50-50 ownership of the five properties has increased to 51 per cent.

Pitchstone added that Uranium One's interest will be further diluted as it has said it will not fund its share of January-April field work.

Uranium One said earlier this month that it has taken a US$2.8-billion writedown and is cutting costs across its operations after placing its Dominion mine in South Africa on care and maintenance.

Pitchstone said Friday it "is well funded and will proceed with the 2009 program."