Pancontinental Uranium Corporation Press Releases

Pancon Completing the 50% Earn-In on Its Australian Uranium Properties; Plans to Raise Up to $625,000

Tue, 31 Aug 2010 06:30:00 -0400

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2010) -

NOT FOR DISSEMINATION INTO THE USA

Pancontinental Uranium Corporation (TSX VENTURE:PUC) ("Pancon" or the "Company") is pleased to announce that its Board of Directors has approved the final payment to earn the Company a 50% interest in the Australian uranium properties held by Crossland Uranium Mines Limited ("Crossland"): the Chilling project, the Charley Creek and related projects, and the Kalabity project. A final transfer of funds this week will complete the AU $8 million of expenditures required to earn the Company's 50% interest.

President and CEO Rick Mark states: "We are pleased to inform our shareholders that we are about to achieve this ownership milestone. Funds are being transferred to Australia today and closing is expected Thursday. Our Australian properties are tremendously prospective to host economic orebodies and all have been advanced significantly during our earn-in period over the past three years. We look forward to working with Crossland as full 50/50 partners in Australia."

In addition, the Company is arranging a non-brokered private placement of up to 5,000,000 units at a price of $0.125 per unit for gross proceeds of up to $625,000 Cdn.

Each unit will be comprised of one common share in the capital of the Company and one share purchase warrant (a "Warrant"). Each Warrant is exercisable to purchase one additional common share over a two-year period at a price of $0.25 per share, provided that, if at any time, which is more than four months and one day following the Closing Date, the volume weighted average trading price of the common shares of the Company, as traded on the Exchange, meets or exceeds $0.40 for 20 consecutive trading days, the Company shall have the right to accelerate the expiry date of the Warrants to a date which is 30 days following the date of such notice.

The funds raised will fund exploration work and general working capital. The financing remains subject to acceptance by the TSX Venture Exchange.

The Company also wishes to announce that it has granted incentive stock options to certain directors, officers, employees, consultants and advisors of the Company to purchase 300,000 common shares in the capital of the Company pursuant to the Company's stock option plan. The options are exercisable, on or before August 30, 2015, at an exercise price of $0.20 per share.

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 three Australian projects which include Chilling, Charley Creek, and Kalabity. 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 an international subsidiary company, Crosscontinental Uranium Limited, and immediate plans include formulating an exploration program in Burkina Faso.

ON BEHALF OF THE BOARD OF DIRECTORS

Rick Mark, President & CEO

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.

Neither 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.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Pancontinental Uranium Corporation
        Richard Mark
        President and CEO
        604-986-2020 or 1-866-816-0118

        Pancontinental Uranium Corporation
        Keith Patey
        Director of Communications
        604-986-2020 or 1-866-816-0118
        Fax: 604-986-2021(FAX)
        www.PanconU.com

Source: Pancontinental Uranium Corporation

Pancon/Crossland Further Expands NT, Australia Property Package Through Joint Venture With Western Desert Resources

Wed, 04 Aug 2010 13:12:00 -0400

VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 08/04/10 -- Pancontinental Uranium Corporation (TSX VENTURE: PUC) ("Pancon") is pleased to advise that its joint venture partner Crossland Uranium Mines Limited ("Crossland") (ASX: CUX) has announced today a further expansion of the NT, Australia area covered by their key Charley Creek Uranium Project by entering into a joint venture with Western Desert Resources Ltd (WDR) on that company's Clough's Dam property, EL25657.

The new Joint Venture follows Pancon/Crossland's announcement yesterday that they had acquired another neighboring uranium exploration area, Bloodwood-Highland Rocks, from Global Geoscience Ltd.

The nearly 400 square kilometre area under the WDR Joint Venture, combined with recent EL acquisitions and applications, will take the total area covered by Pancon/Crossland's Charley Creek Project to over 4,590 square kilometres.

Pancon and Crossland remain primarily focused on the uranium potential of the Charley Creek Project, where core drilling has recently commenced within their Cockroach Dam Prospect, and their strong commitment to the district means that additional areas can be explored cost effectively. In addition to uranium, Crossland's work in the Charley Creek Project area over several years has identified other areas of interest including potential for deposits such as nickel and platinoids associated with layered mafic intrusives, as well as rare earth elements (REE).

Basic stream sediment surveys and comprehensive airborne geophysical coverage by Northern Territory Geological Survey programs give good basic data that has already generated targets for follow up within Clough's Dam. Pancon and Crossland are planning a detailed airborne radiometric survey of the newly acquired areas later this year.

--  The terms of the WDR Joint Venture are that Pancon/Crossland will spend
    $100,000 on exploration within 12 months of entering the agreement and
    before withdrawal from the agreement. Pancon/Crossland will expend a
    total of $500,000 within 3 years to earn a 60% interest in the title, at
    which point WDR has the option to participate, or to reduce to a free
    carried interest of 20% to completion of a feasibility study. At that
    stage, WDR may elect to participate at 20% interest, or reduce to a 2%
    net smelter return royalty on production.

All technical information in this release has been reviewed by Geoff Eupene, Qualified Person for Crossland and Pancon.

About Pancontinental Uranium Corporation

ON BEHALF OF THE BOARD OF DIRECTORS

Rick Mark, President & CEO

For additional information, please visit our website at www.PanconU.com.

Cautionary Language and Forward Looking Statements

Contacts:
Pancontinental Uranium Corporation
Richard Mark
President and CEO
604-986-2020 or 1-866-816-0118

Pancontinental Uranium Corporation
Keith Patey
Director of Communications
604-986-2020 or 1-866-816-0118
604-986-2021 (FAX)
www.PanconU.com

Pancon/Crossland JV Acquires More Property to Expand Its Northern Territory, Australia Uranium Focus

Tue, 03 Aug 2010 14:22:00 -0400

VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 08/03/10 -- Pancontinental Uranium Corporation (TSX VENTURE: PUC) ("Pancon") and its joint venture partner, Crossland Uranium Mines Ltd ("Crossland") (ASX: CUX) advise that they have further expanded their Central Australia uranium focus with the acquisition of an exploration prospect near their flagship Charley Creek project in the Northern Territory by the purchase of a private subsidiary of ASX-listed Global Geoscience Limited (GSC), which is the registered holder of an exploration opportunity known as the Bloodwood-Highland Rocks Project.

The project area - located approximately 400 km north-west of Alice Springs, in the vicinity of the joint venture's existing Charley Creek Project - consists of one granted Exploration Licence of 172 square kilometres, and four applications for Exploration Licences on Aboriginal Freehold Land totalling 2,804 square kilometres.

The addition of this Highland Rocks Project will complement the Charley Creek Project, where drilling of the Cockroach Dam Prospect in the Teapot Granite commenced this past week. Pancon and Crossland's commitment to uranium exploration in Central Australia makes further acquisitions of prospective ground in the region attractive. The partner's regional presence, logistic support and technical experience in this region allow cost-effective exploration from the existing facilities at Charley Creek.

The acquisition of the new project area represents the continuation of a long history of cooperation between Crossland and Global Geoscience. The selection of the Bloodwood-Highland Rocks area by Global Geoscience was made using its Proprietary IP. The initial holdings at several of Crossland's projects were also chosen using Global's IP.

Pancon and Crossland were attracted to the Bloodwood-Highland Rocks area because:

--  The region is highly prospective for uranium mineralization, as
    demonstrated by the presence of uranium deposits at Napperby and
    Bigrlyi, and prospects such as Cockroach Dam, Crystal Creek, and
    Macallan.
--  Previous exploration on these areas has been almost exclusively for
    gold, however, limited uranium exploration at Bloodwood met with early
    success.
--  There has been no uranium exploration in the area since the 1970's.
--  Regional airborne surveys would have been ineffective because of a thin
    sand cover over much of the area.
--  Full coverage of modern geophysical data (magnetics and gravity) allows
    for targeting of "productive" structures in the underlying basement
    rocks.

Bloodwood features:

--  Granted exploration licence on pastoral leasehold land.
--  Ready for reconnaissance exploration.
--  Extensive airborne radiometric uranium anomaly correlates with mapped
    NNW trending structures.
--  Mostly thin residual cover, meaning exploration is relatively
    straightforward.
--  Up to 810ppm U3O8 in a shallow drill hole, and elevated radioactivity in
    outcropping granite porphyry.
--  No follow-up of these results.

Highland Rocks features:

--  Covered by four exploration licence applications, and is located on
    Aboriginal Freehold Land of the Lake Mackay Land Trust.
--  Mostly covered by a thin layer of sand, meaning almost no previous
    uranium exploration.
--  Modern geophysical data suggests that parts of the area are underlain by
    granitoid cut by major structures.
--  Similar rocks and structures host the nearby Macallan uranium prospect
    held by Energy Metals
--  Gold and base metal explorers identified several zones of multi-element
    geochemical anomalism (Au,Ag,As,Bi,Cu,Ni,U) in areas of residual cover.
    These are considered favourable indicators for basement-hosted uranium
    mineralization.

The terms of the Pancon/Crossland-Global Geoscience transaction are:

--  Pancon/Crossland will acquire GSC's 100% interest in the projects
    through the purchase of the private company holding the titles.
--  The partners have reimbursed GSC's historic costs of $30,000. GSC holds
    an option to claw back a 20% interest in the titles by paying
    Pancon/Crossland 40% of historic expenditure, exercisable for two years
    after grant of title, up to a decision to mine.
--  If GSC elects not to claw back a 20% interest, it will receive a 2% NSR
    royalty from production.

All technical information in this release has been reviewed by Geoff Eupene, Qualified Person for Crossland and Pancon.

About Pancontinental Uranium Corporation

ON BEHALF OF THE BOARD OF DIRECTORS

Rick Mark, President & CEO

Cautionary Language and Forward Looking Statements

Contacts:
Pancontinental Uranium Corporation
Richard Mark
President and CEO
604-986-2020 or 1-866-816-0118

Pancontinental Uranium Corporation
Keith Patey
Director of Communications
604-986-2020 or 1-866-816-0118
604-986-2021 (FAX)
www.PanconU.com

Pancon Announces Core Drilling Underway on Cockroach Dam Prospect, on Charley Creek Project, NT, Australia

Tue, 27 Jul 2010 13:21:00 -0400

VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 07/27/10 -- Pancontinental Uranium Corporation (TSX VENTURE: PUC) ("Pancon") is pleased to advise that its joint venture partner Crossland Uranium Mines Limited ("Crossland") (ASX: CUX) has announced that core drilling has now commenced on their Cockroach Dam prospect within the key Charley Creek uranium project in the Northern Territory.

The Cockroach Dam drilling start-up follows the granting of all permits required for the present exploration program on their 4,000 km2 Charley Creek Project, west north-west of Alice Springs.

The initial core drilling is taking place in the Cockroach East area which is the most accessible area of the Company's Cockroach Dam Prospect, and is one of four areas in the prospect that have been scheduled for drilling.

The four targeted areas have been defined from high uranium radiometric readings in airborne and ground surveys. All of these lie within the geological unit known as the Teapot Granite. The areas to be drilled have also been defined by surface rock chip sampling, with some 186 samples collected to date from the prospect area averaging 439 ppm U3O8.

The most extensive of the four areas, Cockroach Dam Central, covers over 6 km2 and has returned values in rock chip samples of up to 0.536% U3O8, as has been previously reported. Crossland presently believes this is the most promising of the areas, but drilling requires that access is first upgraded. This additional access work is now in progress.

As of July 25, Hole CED2010-1 had reached a depth of 44.8 m. Coring has been continuous since the hole collar, on granite outcrop. The secondary uranium mineral, uranophane, is visible in the host rock in the first few metres of the hole, but below that the rock is apparently unaltered granite with radiometric counts similar to the near surface material.

It is proposed to sample the Teapot Granite with up to five holes in this phase of exploration at Cockroach East. The nominal depth of these holes will be 150 m.

This work is designed to evaluate the grade and variability of uranium content and to provide samples of primary mineralization for initial mineragraphy. A further 10 holes are also planned in the first phase of activity at Cockroach Central, for a total of 1500 m of core drilling.

Crossland and Pancon have a long-stated policy of announcing only elemental uranium assays, not radiometric estimates of uranium content. This means that the core samples now being collected will be subjected to conventional processing procedures before being submitted to an accredited laboratory for analysis. It is expected that the first of the drilling results should start to become available in approximately 4-5 weeks.

Pancon and Crossland will keep the market informed of significant developments.

All technical information in this release has been reviewed by Geoff Eupene, Qualified Person for Crossland and Pancon.

About Pancontinental Uranium Corporation

ON BEHALF OF THE BOARD OF DIRECTORS

Rick Mark, President & CEO

Cautionary Language and Forward Looking Statements

Contacts:
Pancontinental Uranium Corporation
Richard Mark
President and CEO
604-986-2020 or 1-866-816-0118

Pancontinental Uranium Corporation
Keith Patey
Director of Communications
604-986-2020 or 1-866-816-0118
604-986-2021 (FAX)
www.PanconU.com

Pancontinental Uranium Corporation and Crossland Uranium Mines Limited Prepare for Drilling at Cockroach Dam (NT) Prospect

Tue, 06 Jul 2010 06:30:00 -0400

VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 07/06/10 -- Pancontinental Uranium Corporation (TSX VENTURE: PUC) ("Pancon") is pleased to announce that its JV partner, Crossland Uranium Mines Limited (ASX: CUX) ("Crossland"), has advised that the sacred site inspections have been advanced significantly for its Cockroach Dam Prospect in the Charley Creek Project, 130 km to the West North West of Alice Springs in the Northern Territory in Australia.

The budgeted core drilling program (see press release of March 8, 2010) at Cockroach Dam will commence as soon as clearance advice is received from the Central Land Council (CLC), and Crossland is now preparing for this with access preparation.

Drilling will test zones of elevated radioactivity from uranium within outcropping of the Teapot Granite, while a parallel auger drilling program that evaluates separate zones for alluvial heavy mineral concentrations will also commence. These may host interesting concentrations of Rare Earth Elements that may enhance the project.

Pancon President and CEO, Rick Mark states: "Charley Creek is tremendously prospective for Uranium. This long anticipated drill program will allow Geoff Eupene and his team to begin defining its real potential."

The recent inspection for clearance of the Cockroach Dam program from CLC, has been undertaken on behalf of Aboriginal Traditional Owners and Custodians under the terms of an existing Exploration Access Deed between CLC and Crossland.

Authorizations are already in hand for the Cockroach Dam drilling program from NT Government mining regulators and the Aboriginal Areas Protection Authority (AAPA).

Pancon and Crossland acknowledge the efforts of the Aboriginal People connected to its large holdings in the Charley Creek Project, the CLC, and AAPA, in concluding these matters. Crossland is also grateful for the cooperation and assistance of its host pastoralists, and the Company's consultants and advisors in reaching this outcome.

Pancon and Crossland will keep the market informed of developments.

All technical information in this release has been reviewed by Geoff Eupene, Qualified Person for Crossland and Pancon.

About Pancontinental Uranium Corporation

ON BEHALF OF THE BOARD OF DIRECTORS

Rick Mark, President & CEO

For additional information, please visit our website at www.PanconU.com.

Cautionary Language and Forward Looking Statements

Contacts:
Pancontinental Uranium Corporation
Richard Mark
President and CEO
604-986-2020 or 1-866-816-0118

Pancontinental Uranium Corporation
Keith Patey
Director of Communications
604-986-2020 or 1-866-816-0118
604-986-2021 (FAX)
www.PanconU.com

Pancontinental's JV Partner Files Quarterly Update

Thu, 29 Apr 2010 13:24:00 -0400

VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 04/29/10 -- Pancontinental Uranium Corporation (TSX VENTURE: PUC) ("Pancon") is pleased to report the highlights of its Australian Joint Venture partner, Crossland Uranium Mines, (ASX: CUX) ("Crossland") First Quarter report to shareholders. During 2010, Pancon is scheduled to earn its 50% interest in Crossland's uranium properties in Australia.

CROSSLAND QUARTERLY REPORT FOR PERIOD ENDED 31 March, 2010, GEOFF EUPENE, CEO, CROSSLAND

OVERVIEW

2010 will be Crossland's most active year yet, being the culmination of the preparations made over the previous three years since listing on ASX. After the annual end of year break, budgets were submitted, and an expenditure on uranium exploration through the Joint Venture with Pancontinental Uranium Corporation (Pancon) (TSX VENTURE: PUC) of A$3.3 million for calendar 2010 was approved. Field work at Charley Creek and Kalabity re-commenced during the Quarter, while preparations for the extensive statutory and planning requirements for a busy year proceeded.

EXPLORATION DETAIL

Chilling Project, Northern Territory

At the Chilling Project, Crossland's primary targets are unconformity-related uranium deposits, the deposit style that hosts most of the world's high-grade uranium. Other target commodities exist, such as gold, tin, copper, and cobalt. Other uranium deposit styles are also possible.

The Chilling project area is inaccessible during the wet season in the north of Australia, and preparations to make the most of the field season are in progress. This includes a review of all results obtained from last year, as well as preparation of statutory reports and submissions to regulators, as well as other stakeholders, and selection and negotiation with contractors. These processes are advancing. Wet season rains are continuing at the time of writing, but it is anticipated that access to the area will be achieved late in the second quarter.

An aircore and RC drill program of over 3,000 m and diamond core drilling of approximately 1,400 m is planned to test various opportunities at Chilling in 2010.

Charley Creek Project, Northern Territory

At the Charley Creek Project, Crossland is targeting granite-related uranium; with calcrete and redox-related palaeodrainage uranium targets; and layered mafic intrusive-related copper, nickel and platinoids as secondary targets.

Field crews commenced operations at Charley Creek during the quarter, with gamma spectrometer surveys re-commencing at the Cockroach Dam prospect with up to four instruments in use, geological mapping and petrographic studies of the Cockroach Dam prospect area, anomaly follow-up over a broader area of Charley Creek, and the commencement of planning for work in the five newly granted exploration licences.

Submissions for the season's activities were made to regulators and the Central Land Council, the group representing Native Title owners, and by the time of writing, the program had received regulatory approval, while the procedures for approval by Native Title owners were proceeding. It is hoped that a field program, approved by Native Title owners, can commence by late in the second quarter of 2010.

Kalabity, South Australia

At Kalabity, Crossland's interest is through an agreement with PlatSearch NL and Eaglehawk Geological Prospecting Pty Ltd to earn a majority share in Exploration License ("EL")4461 (formerly EL3297). Previous work has identified widespread elevated values of uranium and other metals. Previous work by Crossland has identified a new anomalous zone which was named the Tabita Prospect.

Delays were experienced in the renewal of EL3297, which has now been renewed as EL4461. A drill program commenced April 1 and was terminated due to heavy rains on April 9. The program was essentially completed, though, with 93 holes drilled for 3,303 m. A total of 381 samples have been submitted for laboratory analysis. The program will continue with trenching once drill results are in hand.

New Projects

Crossland continues to examine opportunities to expand its project portfolio.

Burkina Faso, West Africa

1. Oursi Joint Venture

Crosscontinental (a private company owned 50:50 by Pancon and Crossland) has entered an interest-earning Joint Venture with Southern Cross Exploration NL and Longreach Oil NL.

Progress on these areas awaits grant by the Burkina Faso ministry of Crosscontinental's other applications.

2. Applications by Crosscontinental Burkina SA and related parties

The progress with the additional applications lodged on behalf of Crosscontinental is slow and it is difficult to allocate a priority to work on these at present.

All technical information in this release has been reviewed by Geoff Eupene, Qualified Person for Crossland and Pancon.

About Pancontinental Uranium Corporation

ON BEHALF OF THE BOARD OF DIRECTORS

Rick Mark, President & CEO

For additional information, please visit our website at www.PanconU.com.

Cautionary Language and Forward Looking Statements

Contacts:
Pancontinental Uranium Corporation
Richard Mark
President and CEO
604-986-2020 or 1-866-816-0118

Pancontinental Uranium Corporation
Keith Patey
Director of Communications
604-986-2020 or 1-866-816-0118
604-986-2021 (FAX)
www.panconu.com

Pancon/Crossland Commence Drilling at Kalabity

Tue, 06 Apr 2010 15:00:00 -0400

VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 04/06/10 -- Pancontinental Uranium Corporation (TSX VENTURE: PUC) ("Pancon" or "the Company") and its joint venture partner, Crossland Uranium Mines Ltd. (ASX: CUX) advise that drilling has commenced at their Kalabity Uranium Project in South Australia (SA).

The Kalabity drilling marks the start of an aggressive 2010 Australian exploration program by Pancon and Crossland which includes seven drill programs to be conducted across their Kalabity(SA) and Chilling/Charley Creek Projects in the Northern Territory(NT).

Geoff Eupene, CEO of Crossland, said the Kalabity drill program is aimed at quickly establishing the grade, thickness and extent of uranium mineralization in the project's Tabita Prospect and will consist of up to 1,500 metres of aircore drilling, approximately 75 shallow holes, and excavator trenching.

"The Tabita Prospect at Kalabity represents a quite different style of mineralization in this area, where davidite is usually the main uranium bearing mineral in other nearby prospects" Mr. Eupene said.

"On our current available information, while Tabita appears to contain carnotite, the uranium vanadium mineral that is common in calcrete deposits, the prospect is not a calcrete channel deposit. The region around Tabita is on a slightly elevated area between streams, but the soils there carry gypsum, calcium sulphate" he said.

"We delayed our drilling on the Kalabity Project for a year to focus on our NT properties, so we are anxious to finally test this near-surface opportunity".

Background - Tabita Uranium Prospect

Crossland's work on the Tabita Prospect commenced in 2007 when it identified a large 3 km by 1 km uranium geochemical anomaly within the Kalabity Project after completing an extensive geochemical survey following an airborne radiometric and magnetic survey. The Tabita Prospect anomaly is located three and a half kilometres northwest of the previously defined KR4 target. Bedrock values of up to 140ppm uranium, above an anomaly threshold of 32ppm uranium, were obtained from a zone that remains open in all directions. Samples were taken on seven lines up to 500 metres apart. In addition, elevated values of cobalt, copper and nickel were obtained from rock float.

An auger drilling program in 2008 produced results from the Tabita anomaly including four drill sites returning bottom hole samples of over 200ppmU, with a highest of 235ppmU. Fifteen sites returned bottom hole values in excess of 100ppmU. The current drill program will determine if these uranium values increase at depth or laterally.

With the completion of this drill program, Pancon and Crossland will have earned a 60% interest in the Kalabity property.

All technical information in this release has been reviewed by Geoff Eupene, Qualified Person for Crossland and Pancon.

About Pancontinental Uranium Corporation

ON BEHALF OF THE BOARD OF DIRECTORS

Rick Mark, President & CEO

Cautionary Language and Forward Looking Statements

Contacts:
Pancontinental Uranium Corporation
Richard Mark
President and CEO
604-986-2020 or 1-866-816-0118

Pancontinental Uranium Corporation
Keith Patey
Director of Communications
604-986-2020 or 1-866-816-0118
www.PanconU.com

Pancontinental/Crossland's Exploration Budget to Exceed A$3 Million in 2010

Mon, 08 Mar 2010 13:23:00 -0500

VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 03/08/10 -- Pancontinental Uranium Corporation (TSX VENTURE: PUC) ("Pancon" or "the Company") and its joint venture partner, Crossland Uranium Mines Ltd. (ASX: CUX) have approved a record exploration budget for the current calendar year.

Pancon Director and Crossland Director and CEO, Mr. Geoff Eupene, said today the partners had budgeted for a total spend of A$3.3 million on their joint venture projects during 2010.

"This is our highest annual exploration budget since the Pancon/Crossland JV was established in 2007," Mr. Eupene said.

"Of this new budget, A$2.76million, or 82%, will be spent on projects in Australia's Northern Territory, with the JV's flagship projects - Chilling (NT Top End) and Charley Creek (north-west of Alice Springs) receiving the bulk of this expenditure. Our extensive surface and airborne activities in these project areas over the past three years have identified a number of very promising targets and we plan to drill a minimum of six of these targets this year. We will also be drilling the Tabita Prospect on the Kalabity Project in South Australia."

"During 2010, the increased exploration budget will see Pancontinental achieve its required spending of A$8 million to earn a 50% interest in the Joint Venture Projects. After that, Pancon and Crossland will share funding of Joint Venture Projects on a 50:50 basis," Mr. Eupene said.

PROJECTS UPDATE

Chilling (NT)

In the Top End of the Northern Territory, the Joint Venture is exploring for unconformity and vein related uranium deposits at its flagship Chilling Project. Titles cover around 130km of the unconformable contact between Lower Proterozoic and Middle Proterozoic sediments, a setting that is most favourable for the formation of large unconformity- related uranium deposits such as those that occur on the east flank of the Pine Creek Basin, in the Alligator Rivers Uranium Province; in the Athabasca Basin of Saskatchewan in Canada; and at Rum Jungle, to the north of Crossland's holdings.

Mr. Eupene said that during 2009 they recognised for the first time that sediments in the Buchanan Window near the south eastern corner of the Chilling Project titles were the stratigraphic and lithological equivalents of the sediments that host mineralisation at Rum Jungle.

"Subsequently, a further 100km of prospective structures to the south of the Buchanan Window were secured by Exploration License applications," he said.

"Initial shallow drilling of the Buchanan Window during 2009 showed that weathering is deep and a program has been devised to detect structural settings in bedrock that can be developed into targets for deeper drilling. "

Extensive preparations for a busy season in 2010 were also made in the Allia Creek Window north of Buchanan. This area contains a structure that shows visible secondary uranium mineralisation as well as elevated gold values. This structure cuts the Middle Proterozoic unconformity and can be mapped in Airborne EM data commissioned by Crossland last year as part of a regional survey funded with Geoscience Australia.

An aircore/ RC drill program of over 3,000m and a diamond core drill program of 1,400m are planned to test these and other opportunities at Chilling.

Charley Creek (NT)

Charley Creek, located to the west-northwest of Alice Springs in Central Australia, was the focus of an extensive detailed ground spectrometer survey in the Cockroach Dam Prospect exceeding 40km2 in 2009.

Mr. Eupene said this 2009 survey work produced many anomalous areas for follow up.

"From our collection of rock samples, we note that 186 rock samples of mostly outcropping granite have been collected to date with an average uranium content of 373ppmU, (439ppmU3O8,) and individual values of up to 4,550ppmU (0.536% U3O8)" he said.

"Preparations for drilling of these numerous high radiometric anomalies are under way, and a modest drill program is included in the increased 2010 budget.

Mr. Eupene said almost all prospecting work at Charley Creek in 2009 had focused on the follow up of uranium radiometric anomalies.

"More work will be done to characterise these in early 2010, and field work is about to commence on this. In addition more detailed work will be put into the source of other radiometric patterns, as careful follow up of some of these signatures has already produced other possible target commodities such as Rare Earths and Tin," he said.

"We also expect that permission will soon be obtained to extend the aircore drill program across the extensive alluvial flats in our holdings, targeting uranium bearing channels in the alluvial sediments as well as probing the prospective basement rocks.

The geological setting of the Charley Creek Project is very complex and the belt known as the Arunta Region, and in particular its Warumpi Province which hosts the Teapot Granite, is under-explored for mineral deposits.

"There have been several other discoveries in the region in recent years, and Crossland took the opportunity to considerably expand the holdings in this promising region during 2009. This allows the Joint Venture to take advantage of its logistic foothold in the district as well as its burgeoning technical knowledge as access improves to this important untested district."

Kalabity (South Australia)

After a year's hiatus, exploration will resume at the Kalabity Project in South Australia where carnotite (uranium vanadate) mineralisation has been discovered at the Tabita Prospect.

Work this year will thoroughly evaluate the Tabita Prospect, and is expected to commence during March. This will consist of aircore drilling and trenching to evaluate the thickness, grade and extent of the mineralisation at Tabita.

Crosscontinental Uranium Limited

Mr. Eupene said he also expected activity to pick up on international exploration through the jointly-owned Pancon/Crossland subsidiary, Crosscontinental Uranium Limited.

"Progress is being made on the processing of Crosscontinental's uranium exploration permit applications in Burkina Faso, and the Company is examining other opportunities elsewhere in Africa and in Europe," he said.

"It is likely that additions will be made to the Crosscontinental project portfolio during 2010."

All technical information in this release has been reviewed by Geoff Eupene, Qualified Person for Crossland and Pancon.

About Pancontinental Uranium Corporation

ON BEHALF OF THE BOARD OF DIRECTORS

Rick Mark, President & CEO

Cautionary Language and Forward Looking Statements

Contacts:
Pancontinental Uranium CorporationRichard Mark
President and CEO
(604) 986-2020 or 1-866-816-0118

Pancontinental Uranium CorporationKeith Patey
Director of Communications
(604) 986-2020 or 1-866-816-0118
www.PanconU.com

Pancontinental Uranium Corporation: Exploration Update on the Chilling and Charley Creek Uranium Projects in the Northern Territory, Australia

Wed, 11 Nov 2009 10:52:00 -0500

VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 11/11/09 -- Pancontinental Uranium Corporation (TSX VENTURE: PUC) ("Pancon" or "the Company") and Crossland Uranium Mines Ltd. ("Crossland'), the operator, are pleased to provide an update on progress with exploration on their Chilling and Charley Creek Projects in the Northern Territory, Australia.

Highlights:

- The program of air core drilling, announced October 1, 2009, has been completed at the Buchanan Window at Chilling. The air core drill program has tested many of the areas identified from radiometric and geochemical sampling in 2009. The drilling confirmed the previously postulated geological setting and provided evidence for sub-surface continuity of outcropping zones enriched in uranium and base metals. Results from sampling the oxidized zone at Buchanan will be available in approximately five weeks.

- At the Cockroach Dam Prospect, Charley Creek Project, follow-up of the radiometric anomalies with rock chip sampling has produced strongly anomalous results, with a maximum value of 4,550ppmU, and an arithmetic average of all 186 outcrop samples collected to date at Cockroach Dam of 373ppmU or 439ppm U3O8.

- A diamond drill is currently operating at March Fly, at the northern end of the Chilling Project, and an intensive field program is under way in the MEMA/Fletchers Gully area of the Chilling Project to prepare the area for 2010 exploration ahead of the pending onset of the wet season.

CHILLING PROJECT

Buchanan Window

At the Chilling Project, an air core drilling program totalling 87 holes for 2,586m has recently concluded in the Buchanan Window, an area of approximately 35 square kilometres containing lithologies of the lowermost stratigraphy in the Pine Creek Orogen. These lowermost sediments hold almost all of the past uranium producing deposits of the region, at Rum Jungle and The Alligator Rivers Region, as well as most quantified unmined resources.

The air core holes provided useful information on the weathered profile throughout the area, with an average depth of around 30m, and a maximum depth of 75m. The holes have been probed and the probe results and geology encountered in the holes have been used to select samples that have been submitted for analysis. The air core holes could not penetrate to fresh bedrock due to a combination of deep weathering and heavy ground water flows. This means that all samples are of oxidized material, where leaching of values of uranium and base metals has occurred. The 2009 drilling provided sufficient data to confirm the geological setting that was previously postulated, as well as evidence for sub-surface continuity of outcropping zones enriched in uranium and base metals. It will be necessary to obtain samples of unweathered bedrock to encounter primary grades of mineralization, which will be the primary focus of the exploration and drilling program at Buchanan in 2010. Assay results should be available before the Christmas break.

March Fly

A diamond core drilling program of up to four holes has commenced at March Fly, also in Chilling, to follow up on open zones of uranium mineralization revealed from interpretation of drilling in 2008. As well, field work is continuing in the MEMA and Fletchers Gully areas, including an area containing outcropping secondary uranium mineralization that may be associated with structures revealed by the Airborne EM survey, completed in conjunction with Geoscience Australia in September 2009. This program consists of detailed ground radiometric surveys and soil geochemistry. It will continue until the work is curtailed by the Northern Territory's annual wet season.

CHARLEY CREEK PROJECT

Field work has continued at the Charley Creek Project, near Alice Springs, continuously since January of this year. The work has been focused on a detailed spectrometer survey of some 42 square kilometres of the highly radioactive Teapot Granite at the Cockroach Dam Prospect on Narwietooma Cattle Station. This major survey is now nearing completion with many anomalous zones indicated over the year's work.

In August, the follow up of these results began with the collection of an additional 148 rock chip samples to supplement the 38 rock chip samples reported in August 2008 from Cockroach Dam. The distribution and uranium content of these samples is illustrated in the accompanying figure (see figure one). Over 80% of these samples exceed 32ppmU, a threshold value for geochemical anomalies in the region. Six of the outcrop samples now have returned values of over 2,000ppmU, with a maximum value of 4,550ppmU (5,364ppm U3O8). These values are supported by a strong spread of other elevated results, with a total of 15 samples exceeding 1,000ppmU, 47 exceeding 500ppmU, and 111 exceeding 100ppmU, which represents around 60% of the total sample population. The arithmetic average of all 186 rock chip samples is 373ppmU, or 439ppm U3O8.

Crossland's Exploration Director, Geoff Eupene, said: "We believe we have identified another large and significant uranium system in the Cockroach Dam Prospect. The anomalies recently followed up to obtain these results were those that were identified from the first 60% of the spectrometer survey; we believe that many additional areas of interest will emerge from the next 40% of the survey, still to be completed."

"A clustering of the higher values is evident in the results and in the field, and it is apparent that there is continuity in some of these zones. This is a very important observation, because if there is continuity in the surface plane, then we can expect continuity in the depth dimension as well. If this continuity can be proven it should enable us to build a resource quickly, once drilling commences," Mr. Eupene said.

Click here to view photo: http://media3.marketwire.com/docs/PUC1111.gif

"Technically, we are ready to start drill testing at Cockroach Dam, once we receive the necessary permits."

Once the detailed spectrometer survey is completed, Crossland will analyze the data and continue the follow up program referenced above. Additionally, Crossland proposes to experiment with even closer spaced spectrometer surveys over the prospective areas identified from the current survey. As well, Crossland and its indigenous advisers will continue to engage with local communities to increase their understanding of uranium exploration and mining.

All technical information in this release has been reviewed by Geoff Eupene, Qualified Person for Crossland and Pancon.

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 an international subsidiary company, Crosscontinental Uranium Limited, and immediate plans include formulating an exploration program in Burkina Faso.

ON BEHALF OF THE BOARD OF DIRECTORS

Rick Mark, President & CEO

Cautionary Language and Forward Looking Statements

Contacts:
Pancontinental Uranium CorporationRichard Mark
President and CEO
604-986-2020 or 1-866-816-0118

Pancontinental Uranium CorporationKeith Patey
Director of Communications
604-986-2020 or 1-866-816-0118
604-986-2021 (FAX)
www.PanconU.com

Pancon Drilling Program Imminent at Buchanan Area, Chilling Project, NT, Australia

Thu, 01 Oct 2009 12:16:00 -0400

VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 10/01/09 -- Pancontinental Uranium Corporation (TSX VENTURE: PUC) ("Pancon" or "the Company") and Crossland Uranium Mines Ltd. ("Crossland"), the operator, are pleased to provide an update on progress in the Buchanan Window area ("Window") near the Fish River Fault Zone, at the south end of the Company's Chilling Project area, in the Pine Creek Orogen of the Northern Territory.

The Buchanan Window, an area of approximately 35 sq. km, contains lithologies of the lowermost stratigraphy in the Pine Creek Orogen. These lowermost sediments hold almost all of the past uranium producing deposits of the region, at Rum Jungle and The Alligator Rivers Region, as well as most quantified unmined resources. Extensive portions of the Window have now been covered by geochemical sampling and spectrometer survey.

Pancon Director and Crossland CEO Geoff Eupene said: "We believe we have identified a large and significant mineralised system in the Buchanan Window. The size of the Window is about the same size as the Rum Jungle mineral field. The anomaly's strike length appears to be over 3km.The relatively high metal concentrations in surface samples, and the close geological analogies and similar settings of mineralisation at the Rum Jungle and Alligator Rivers mines, underline the uranium and base metal potential in this newly identified area."

A drill program is planned for approximately 3000 meters and is scheduled to begin within one week. It is designed to test for higher grades beneath the zone of surface depletion.

BUCHANAN WINDOW HIGHLIGHTS

- Soil sampling has defined a large uranium-base metal anomaly in the Buchanan Window area at the southern end of Crossland's flagship Chilling Project in the NT, Australia.

- The anomaly has a strike length of at least 3km and width of 100 to 200m. Soil values within this zone are generally over 5ppm uranium and 64ppm copper, and are up to 45ppm uranium, 555ppm copper, 517ppm cobalt, 364ppm nickel and 1.8ppm silver. (see image 1).

- A limited number of rock chip samples of gossanous breccia have been collected. These contain up to 136ppm U and 926ppm Cu.

- A ground spectrometer survey has identified several uranium anomalies over an anomaly threshold of 25ppm eU. The strongest are coincident with the soil anomaly. Spectrometer readings are up to 70ppm eU.

- The geochemical composition and geological setting of the soil/spectrometer anomalies are very similar to deposits in the Rum Jungle and Alligator Rivers uranium districts.

- A program of 3,000m of aircore drilling will commence in the next few days, with the aim of testing the soil/spectrometer anomalies beneath the zone of surface leaching and metal depletion. Infill drilling may then be used to identify the centre of the mineralised system.

Click here to view photo: http://www.marketwire.com/library/20091001-1001puc.jpg

GEOLOGY

Geological mapping and geophysical interpretation has confirmed that the geochemical/radiometric anomalies occur with a Palaeo-Proterozoic sequence. Three lithological units have been mapped within this sequence in the Buchanan area. Structural interpretation suggests the units are, with the oldest first:

- Laminated Dolomite. This unit is at least 50m thick and is marked by moderate aeromagnetic anomalies with high wavelength. This unit may correlate with the Coomalie Dolomite in the Rum Jungle area.

- Interbedded Mudstone and Limestone. Limestone beds are marked by sugary chert breccias on the surface. Discontinuous, high relatively high amplitude aeromagnetic anomalies occur near the contact with the Dolomite. The unit may correlate with the Whites Formation.

- Interbedded Mudstone and Sandstone. This unit may correlate with the Wildman Siltsone.

This sedimentary sequence is intruded by the Soldier's Creek Granite. In places the contact runs parallel to strike of the sediments, 100 to 200m from the Dolomite-Mudstone/Limestone contact. Geochemical and radiometric surveys indicate that this granite contains anomalous uranium. In addition, quartz-hematite-barite-uranium veins are widespread within the Granite.

The Meso-Proterozoic Tolmer Group unconformably overlies the Palaeo-Proterozoic sediments and granite, and consists of coarse, ferruginous sandstone. This unit occurs as scree and scattered outcrops over much of the Palaeo-Proterozoic sequence, particularly in karstic depressions overlying the dolomite.

The Fish River Fault Zone consists of a number of sub-parallel, northwest striking structures which can be traced for tens of kilometres to the southeast. These extensions have been covered by recent tenement applications by Pancon's JV partner, Crossland Uranium Mines Ltd ("Crossland").

Most of the uranium and base metal geochemical and radiometric anomalies are located within the mudstone/limestone sequence close to the contact with the Dolomite.

SURFACE GEOCHEMICAL SURVEYS

A total of 393 stream sediment, 996 soil and 8 rock chip samples have been collected this year in the Buchanan Window. Stream sediment and soil samples were collected from the surface, with fine, clay-rich material preferred during collection. Samples were analysed by ALS Laboratories for 48 elements including uranium using their method ME-MS61U and for gold using method Au-TL43.

Most zones draining dolomite outcrops, or zones of buried dolomite interpreted from the aeromagnetic surveys, shed anomalous base metals and uranium. The stream sediments contain samples with high values of up to 10ppm uranium, 73ppm copper, 125ppm nickel and 163ppm cobalt. The strongest of the anomalies have already been followed up with soil sampling. A number of outlying anomalous zones will be re-visited.

Several streams draining from the Soldier's Creek Granite are shedding high uranium (up to 37ppm) and tin (up to 23ppm). These zones will be followed up in future months.

Soil sampling has concentrated along the contact between mudstone/limestone and dolomite sequences. This work as defined several uranium-base metal anomalies. The largest anomaly has a strike length of 3km and width of 100 to 200m, and is shown in the diagram above. Soil values within this zone are generally over 5ppm uranium and 64ppm copper and are up to 45ppm uranium, 555ppm copper, 517ppm cobalt, 364ppm nickel and 1.8ppm silver. A limited number of rock chip samples have been collected and contain up to 136ppm uranium and 926ppm copper in gossanous breccia.

Other soil anomalies along strike are being tested by infill soil sampling, rock chip sampling and ground spectrometer surveys.

GROUND SPECTROMETER SURVEY

A ground spectrometer survey is being completed in the area of the large soil anomaly. This work is being undertaken with 25m line spacings, and to date an area of around 16sq. km has been completed. Gridded equivalent uranium values of over 25ppm eU on the Pico Envirotec PGIS Spectrometers are considered to be anomalous. Some 15 anomalous areas of over 25ppm eU have now been detected, with individual anomaly peaks of over 70ppm eU. All of these anomalous areas are associated with the south-western limb of the Buchanan Anticline, coincident with many of the geochemical responses, and centred about outcrops of gossanous ironstone breccia. Almost every outcrop of this rock type is anomalous in uranium and the surrounding areas of scree and other barren cover on strike are also of interest. Thin barren cover can easily mute the response of uranium-related radioactivity.

COMPARISON WITH OTHER URANIUM DISTRICTS

The Rum Jungle Uranium district is situated about 150km north of the Buchanan Window. It has produced 2993 tonnes of uranium. Uranium mineralisation occurs:

- Near a major regional structure, the Giants Reef Fault

- Adjacent to the unconformity with the Meso-Proterozoic Tolmer Group sandstones.

- Along a contact of Palaeo-Proterozoic Mudstone/Limestone and Dolomite

- In association with stratabound concentrations of copper, cobalt and nickel

- Within two kilometres of uranium-rich granite of the Rum Jungle Complex

The Alligator Rivers Uranium Field is located about 300km east of Buchanan. Production and Resources total over 320,000 tonnes of uranium. Controls to mineralisation include;

- Location adjacent to the unconformity with the Meso-Proterozoic Kombolgie Sandstone, and either adjacent to or below outcropping sandstone.

- Situation close to the contacts of Palaeo-Proterozoic dolomite/ magnesite units, particularly where they are silicified, and overlying meta-sediments

- Association with anomalous copper and nickel/cobalt concentrations

- Close to uranium-rich granites of the Nanambu Complex

In summary, the relatively unexplored Buchanan Window area has many geological components that are believed to be important in localising mineralisation at the proven uranium districts of Rum Jungle and Alligator Rivers.

FUTURE PLANS

An air core drill program is scheduled to commence within the next few days. Around 3000m of drilling is planned, mainly at the targets outlined above, but also to elucidate the geological setting.

The radiometric surveys, geochemical sampling, and geological mapping are continuing, while further work at March Fly and the area to the north of Buchanan will commence imminently. Work is continuing to define the radiometric anomalies at the Cockroach Dam prospects in the Charley Creek Project in Central Australia.

All technical information in this release has been reviewed by Geoff Eupene, Qualified Person for Crossland and Pancon.

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.

ON BEHALF OF THE BOARD OF DIRECTORS

Rick Mark, President & CEO

Cautionary Language and Forward Looking Statements

Contacts:
Pancontinental Uranium CorporationRichard Mark
President and CEO
604-986-2020 or 1-866-816-0118

Pancontinental Uranium CorporationKeith Patey
Director of Communications
604-986-2020 or 1-866-816-0118
604-986-2021 (FAX)
www.panconu.com