Pitchblack Resources Closes $2 Million Private Placement Financing

TORONTO, Nov. 1, 2010 - Pitchblack Resources Inc. (TSX VENTURE: PIT) ("Pitchblack" or the "Corporation" is pleased to announce that it has completed a non-brokered private placement financing to raise $1,999,999.98 (the "Offering") through the issuance of 12,121,212 units (the "Units") priced at $0.165 per Unit. Each Unit consisted of one common share in the capital of the Corporation (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire one common share of the Corporation at an exercise price of $0.22 until October 29, 2012. In connection with the financing, the Corporation issued certain finders a total of 629,472 finder's warrants (the "Finder's Warrants"), which would entitle those finders' to acquire 629,472 Units of the Corporation. Each of the Common Shares, Warrants and Finder's Warrants issued in connection with the private placement financing are subject to a hold period that expires on March 1, 2011. The Corporation intends to use the net proceeds from the Offering for general corporate purposes.

The Corporation would also like to announce the appointment of Christine Gallo as Corporate Secretary of the Corporation effective immediately. Ms. Gallo's appointment follows the resignation of Patrick Gleeson who will remain a consultant of the Corporation.

The Corporation would also like to announce that further to its news release dated June 15, 2010 whereby it elected to not proceed with an option agreement with Forum Uranium Corp. ("Forum"), it has agreed to pay to Forum $90,000, representing the amount owed to Forum for certain costs that Forum had incurred in anticipation of a joint venture with Pitchblack. The payment will be in the form of cash and up to $70,000 in shares of the Corporation, subject to the receipt of all board and regulatory approvals, including the approval of the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements.


FORWARD LOOKING INFORMATION

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future financial or operating performance of the Corporation and its projects, exploration prospects, requirements for additional capital and regulatory approvals. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Corporation to be materially different from those expressed or implied by such forward-looking information, including but not limited to: financing not being available at desired prices; general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; competition; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Corporation does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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For more information, please contact

Pitchblack Resources Inc.
Doug Currie, President & CEO
416-861-5931