Pancontinental Uranium Corporation

Pancontinental Uranium Corporation
Centram Exploration Ltd.

September 10, 2007 09:06 ET

Centram Changes Name to Pancontinental Uranium Corporation

TORONTO, ONTARIO--(Marketwire - Sept. 10, 2007) - Centram Exploration Ltd. ("Centram") (TSX VENTURE:PUC) is pleased to announce that the name of the Company has been changed to Pancontinental Uranium Corporation ("Pancon" or the "Company"). Effective today, shares of Pancon will begin trading under the symbol PUC on the TSX Venture Exchange.

Centram received shareholder approval for the name change at the Annual General Meeting of Shareholders held on July 6, 2007.

Pancon's uranium properties in Australia are held in joint venture with the operator, Crossland Uranium Mines Limited ("Crossland") of Australia, and include an extensive uranium portfolio in the Northern Territory and South Australia. Pancon is earning a 50% interest in Crossland's interest in these properties and all of Crossland's future uranium properties in Australia through the expenditure of A$8 million. Pancon and Crossland also plan to aggressively explore for uranium outside of Australia and have established a private Canadian company, Crosscontinental Uranium Ltd., to which each party will contribute A$2 million.

The name change signifies Pancon's global approach to uranium exploration. The considerable uranium assets combined with a management and operating team with unparalleled experience in the uranium industry distinguish Pancon. This is a further step in the re-branding process of the Company since its joint venture with Crossland was finalized in February of this year.

Chilling Project, Northern Territory (100%)

The Chilling Project covers an area of over 100 kilometres of continuous structures in an area that Crossland believes is favourable for unconformity-related deposits. It is possible that this area mirrors the Jabiluka-Ranger-Koongara corridor of the Alligator Rivers Uranium Field, a prolific uranium mining area in the Northern Territory. The main target zone is relatively unexplored and lies under a sandstone cover, similar to deposits in West Arnhem Land and Saskatchewan. Ground prospecting around known uranium occurrences in the Chilling Project area is underway. A detailed radiometric survey is expected to commence in the September quarter.

Charley Creek, Northern Territory (100%)

The Charley Creek Project titles cover the highly radioactive Teapot Granite uranium target, with reported visible secondary uranium mineralization. The land package includes extensive drainages and sediment basins downstream, possibly containing calcrete and redox-related uranium deposits. These have been outlined by an airborne electromagnetic survey recently completed, and the final report is awaited.

Kalabity, South Australia (Crossland earning 60%)

The Kalabity area was subject to extensive exploration in the past, targeting the KR4 prospect with granite-related davidite uranium mineralization similar to the ore at Radium Hill. There are targets for several styles of uranium deposits, including the iron oxide copper gold deposits like Olympic Dam and Prominent Hill, also located in South Australia. A detailed airborne radiometric survey has been completed and anomalies revealed in that survey are presently being checked in the field.

The "Crossland and Pancon" Team

The joint venture team includes a group with years of uranium experience from exploration to development in the prolific uranium districts of Australia.

Geoff Eupene, Exploration Director of Crossland and Director of Pancon, has considerable uranium experience spanning over 35 years. He is an expert in unconformity-related uranium deposits such as Ranger and Jabiluka, and led the team that discovered the Ranger 68 deposit.

Bob Cleary, Chairman of Crossland and consultant to Pancon, joined Energy Resources of Australia in 1986 as Operations Manager at Ranger. He held various other positions before becoming CEO, a position he held from 1999 to 2004.

David Mosher, Director of Pancon, began his career as an exploration geologist leading the Pancontinental Mining team that discovered Jabiluka, Australia's largest uranium orebody. He has over 30 years of experience in Australia, Canada, the United States, Russia, Asia and Africa.

Peter Walker, Director of Crossland and Pancon, has over 30 years of experience in resource law. He has significant experience in Northern Territory land access and resources law, and advised on the Ranger and Jabiluka agreements.

Bob Richardson, Director of Crossland and consultant to Pancon, is an expert in uranium geophysics with more than 40 years of experience. He supervised all geophysical work during the Ranger discovery in the Alligator Rivers Uranium Field.

Warrant Conversion

The Company received Cdn $2,985,558 from the exercise of 4,975,930 warrants issued in conjunction with the non-brokered Cdn $5 million private placement which closed on April 10, 2007. The expiry date of these warrants was accelerated to August 29, 2007 in accordance with the forced conversion provision. A total of 6,250,000 warrants were issued in the placement.

The Company is well financed with a cash position of approximately Cdn $8.7 million dollars.

Qualified Person

The review of exploration activities and results contained in this report is 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 Centram 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


Contact Information

  • Pancontinental Uranium Corporation
    Richard Mark
    President and CEO
    (604) 986-2020
    Pancontinental Uranium Corporation
    Ashleigh Meyer
    Investor Relations
    (416) 867-8073