Joint Ventures with Crossland Uranium Mines
Pancon's Australian uranium properties are held in joint venture with Crossland Uranium Mines Limited, an Australian company. Effective September 2010, Pancon has earned a 50% interest in Crossland's significant uranium project portfolio in Australia through the expenditure of Australian $8 million over four years. Currently, the projects include Chilling in the Northern Territory, Charley Creek in the Northern Territory and Kalabity in South Australia.
Crosscontinental Uranium Limited ("Crosscontinental")
To expand uranium exploration and development efforts beyond Australia, Pancon and Crossland formed Crosscontinental, a private Canadian company owned and funded by Pancon and Crossland on a 50:50 basis. Crosscontinental has applied for a number of uranium exploration permits in Burkina Faso, West Africa.
Pancon and Crossland’s exploration strategy is to pursue the discovery of major uranium deposits utilising the extensive experience of the management team. Initially, the focus will be in Australia. Management's significant experience, together with the use of modern exploration techniques improves the likelihood of exploration success. Properties have been selected based on a number of key factors that include choosing projects in areas with a high probability for the discovery of major uranium deposits in regions where land title issues are minimized, and where discoveries could be developed if exploration proves successful. The region of Northern Australia, known as the Pine Creek Orogen, hosts large uranium deposits including Jabiluka, Ranger, Koongarra and Nabarlek in the Alligator Rivers Uranium Field, in addition to the Rum Jungle and the South Alligator Valley deposits. The region has a global reputation for large, high grade uranium deposits, perhaps matched only by the Athabasca Basin of Canada. Crossland has been accumulating its North Australian exploration portfolio since 2002, and commenced exploration in 2003. The Company believes Crossland has the expertise and resources to effectively manage the exploration activities from its operations base in Darwin. Exploration efforts will expand worldwide through Crosscontinental, a private Canadian company established by Pancon and Crossland to explore for uranium outside of Australia.