Pitchblack Resources Announces Issuance of Shares for Debt

TORONTO, 12/23/10 - Pitchblack Resources Ltd. (TSX VENTURE: PIT) ('Pitchblack' or the 'Company') is pleased to announce that it has closed its previously announced debt settlement by issuing 266,666 common shares in full settlement of $70,000 in outstanding net debt. These shares are subject to a statutory hold period that expires on April 17, 2011.

The Company also announces that it has granted 1,600,000 stock options to various officers, directors and consultants of the Company. The options have an exercise price of $0.40 and shall expire five years from the date of grant. The options shall vest immediately, subject to the four month regulatory hold period. The grant of options is subject to regulatory approval.


About Pitchblack Resources Ltd.

Pitchblack has uranium, coal and gold assets in the Yukon Territory, Canada. The Company is currently reviewing the potential of these properties and may seek to sell its interest in the properties.


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 Company 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 Company 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 Company 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 Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.



Contacts:

For further information or to register for distribution for
future press releases:
Pitchblack Resources Ltd.
Doug Currie, President & Chief Executive Officer
416-861-5931
info@cashminerals.com