TORONTO, ONTARIO -- (MARKET WIRE) -- 08/27/08 -- Pancontinental Uranium Corporation ("Pancon" or the "Company") (TSX VENTURE: PUC) is pleased to announce initial assay results from the Charley Creek project in the Northern Territory of Australia from outcrop chip samples collected in June, 2008.
These samples were collected following up on radiometric anomalies delineated in the January, 2008 airborne radiometric survey. The airborne survey results indicated that high uranium radioactivity occurs over extensive areas of the Teapot Granite. The follow-up chip sample results are summarized in the following table:
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Sample ID Uranium (ppm) Sample ID Uranium (ppm)
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315651 120 315670 273
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315652 49.9 315671 191
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315653 46.6 315672 438
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315654 316 315673 640
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315655 520 315674 350
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315656 13.9 315675 274
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315657 310 315676 450
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315658 161 315677 83.7
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315659 560 315678 258
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315660 820 315679 174.5
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315661 123 315680 580
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315662 680 315681 1660
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315663 500 315682 21.9
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315664 720 315683 79.9
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315665 90.8 315684 165.5
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315666 196 315685 2530
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315667 139.5 315686 2210
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315668 710 315687 680
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315669 388
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The rock chip results reported represent all samples collected to date in the follow-up. These confirm that uranium values of sub economic and economic tenor are present in outcrop in association with the surface radiometrics. The prospecting work indicates that the elevated uranium values are associated with a particular phase of the Teapot Granite. In outcrop, this contains widespread visible secondary uranium minerals on fracture surfaces. There is the possibility that the values reported above are enhanced by surface enrichment, and it will be possible to evaluate this when drilling is undertaken.
The association with a particular granite phase which outcrops over an area of several square kilometres raises the potential of a large deposit. The ground spectrometer survey will continue over anomalous areas identified from airborne work, in parallel with prospecting. Application will now be made to drill-test the outcropping mineralization. Assuming the necessary permitting procedures are completed, this work is scheduled for early 2009, during the wet season in the north of Australia. The area has been designated the Cockroach Dam prospect, after a nearby watering point on the pastoral property that hosts the anomalies.
In addition, the results of multi-element analysis for 1185 samples collected from the May 2008 air core drilling into the shallow sedimentary basin at Charley Creek, have now been received. These are being reviewed and compiled along with down hole lithology and radiometrics, and results will be used to delineate targets for the next phase of air core drilling.
The chip sample results can also be viewed on a property image at the following link: http://media3.marketwire.com/docs/Charley0827.pdf and can also be viewed on the Pancon website. The image shows the results in parts per million ("ppm") uranium plotted over the uranium radiometric results from the airborne survey, where yellow areas indicate uranium equivalent values of greater than 15 ppm calculated from that survey. The sample locations are marked with pink dots.
Results from the Kalabity auger drilling program, completed in March 2008, were received on August 14, and evaluation of these has begun.
The current focus of field work is on the joint venture's Chilling Project in the Northern Territory.
About Pancontinental Uranium Corporation
Pancontinental Uranium Corporation ("Pancon") is a Canadian-based company focused on uranium discovery and development. Through a joint venture with Crossland Uranium Mines Limited ("Crossland") of Australia, Pancon has established one of the strongest management teams in the uranium industry. This management and operating team has unparalleled experience from exploration, through development to operations, and includes people who were instrumental in the discovery of two of the largest uranium deposits in the world. Pancon holds an impressive exploration portfolio with projects in prolific, mining friendly districts. Active exploration is ongoing at four Australian projects which include Chilling, Charley Creek, Kalabity and Crossland Creek. The Chilling project has the potential to host a mirror image of a portion of the renowned Alligator Rivers Uranium Field containing the large Jabiluka, Ranger and Koongarra deposits. Pancon is earning a 50% interest in this significant uranium project portfolio through the joint venture with Crossland through the expenditure of A$8 million. Pancon and Crossland are also pursuing exploration beyond Australia through international subsidiary company, Crosscontinental Uranium Limited, and immediate plans include formulating an exploration program in Burkina Faso.
Qualified Person
The exploration activities and results contained in this report are based on information compiled by Geoffrey S. Eupene, CP., a Fellow of the Australasian Institute of Mining and Metallurgy. Mr. Eupene is the designated Qualified Person for the joint venture exploration activity. He is a director of Pancon and Crossland and is a full time employee of Eupene Exploration Enterprises Pty. Ltd. Mr. Eupene has reviewed this press release.
Shares Outstanding: 49,806,492
Cautionary Language and Forward Looking Statements
This press release may contain "forward-looking statements", which are subject to various risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements. Investors are cautioned that such statements are not guarantees of future performance and results. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure documents filed from time to time with the Canadian securities authorities.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts:
Pancontinental Uranium Corporation
Richard Mark
President and CEO
(604) 986-2020 or 1-866-816-0118
(604) 986-2021 (FAX)
Pancontinental Uranium Corporation
Ashleigh Meyer
Manager, Investor Relations
(416) 867-8073
Email: info@PanconU.com
Website: www.PanconU.com
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