Centram Exploration Ltd.

August 10, 2007 09:02 ET

Centram / Crossland Uranium Exploration Update

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 10, 2007) - Centram Exploration Ltd. ("Centram" or the "Company")(TSX VENTURE:CNA) is pleased to provide an exploration update on the uranium properties held in joint venture with Crossland Uranium Mines Limited ("Crossland") of Australia. Centram is earning a 50% interest in Crossland's significant uranium project portfolio in Australia through the expenditure of A$8 million.

Chilling Project, Northern Territory (100%)

Crossland holds exploration licenses in the Chilling District covering over 100 kilometres of continuous structures that extend from the Rum Jungle Mineral Field, site of Australia's first major uranium mining project in the 1950s, in a setting which Crossland believes is favourable for unconformity-related uranium deposits. This deposit style accounts for all of Canada's newly mined uranium, as well as most of Australia's past production, including that from Australia's largest producer, Ranger.

Initial prospecting during the current quarter has resulted in elevated radioactivity readings at the Chilling uranium exploration project in the Northern Territory, Australia. Ground access has been possible throughout the Chilling project since mid-June, and prospecting of known uranium occurrences is underway in advance of the airborne survey, expected to be flown in September. Mapping at the Mema uranium prospect, discovered in the 1980s, has begun.

Secondary uranium minerals, notably meta-torbernite, occur in outcrop in a vein system in granite. This zone is several metres wide and can be traced in scattered outcrops over a least 170 metres from the granite to its intrusive contact with Lower Proterozoic metasediments which are also mineralized. The structure continues to the east, in the direction of the unconformity with younger Proterozoic sandstone cover, but this area has not yet been prospected.

Radiometric prospecting around the Mema prospect has located several previously unrecorded radiometric spot highs, with counts of over 1000 counts per second on an Exploranium GR110 scintillometer, over graphitic Lower Proterozoic metasediments and other altered metapelites, both with limited outcrop. Spectrometer readings suggest that the radioactivity is due to uranium daughter products. Samples are being collected for chemical assay to confirm this, and the tenor of uranium content.

The presence of uranium mineralization in outcrop in vein structures, and the discovery of elevated radioactivity associated with altered and graphitic metapelites in basement rocks lend support to the concept used by Crossland to select the Chilling Project, specifically, that the Chilling district might host a western mirror image of the Alligator Rivers Uranium Field (ARUF) on the east margin of the Pine Creek Orogen.

The ARUF hosts over 300,000 tonnes of U3O8 (having an in-situ uranium value exceeding US $60 billion at current prices) in medium to high grade deposits similar to some of those in the Athabasca Basin of Saskatchewan.

The characteristics that are being observed by Crossland in the basement terrain are positive for exploration both within the basement, and in suitable structures at the unconformity with the overlying sandstone cover.

Charley Creek, Northern Territory (100%)

An airborne EM ("AEM") survey has been completed over approximately 400 line kilometres at Charley Creek. This survey has covered the area where channels draining the highly radioactive Teapot Granite are expected. These channels may contain either calcrete-related or redox-related uranium deposits. The AEM survey will aid greatly in targeting the channels for drill testing. Results of this survey and a detailed radiometric and magnetic survey over the entire project area are expected to be available during the third quarter.

Kalabity, South Australia (Crossland earning 60%)

The Kalabity area contains the KR4 prospect, an example of granite-related davidite uranium mineralization similar to the ore worked at Radium Hill, and it also has received considerable past exploration that has produced numerous leads for follow-up. There are targets for several styles of deposits, including the iron oxide copper gold (IOCG) style such as Olympic Dam and Prominent Hill in similar geological terrain in South Australia.

A detailed radiometric and magnetic survey was completed at Kalabity, and results were received during the June Quarter. The quality of the data is considerably better than that available from previous surveys. The survey clearly reveals the KR4 prospect, as well as other areas worth ground checking. Interpretation of the data is underway.

On-the-ground exploration will commence the week of August 13 and will consist of follow-up of radiometric anomalies from the airborne survey and calcrete sampling around existing promising results as a first pass.

Crosscontinental Uranium Ltd. (Centram / Crossland 50:50)

Centram and Crossland have established Crosscontinental Uranium Ltd., a private Canadian company, to which each party will initially contribute A$2 million to explore for uranium outside Australia. Crosscontinental is monitoring several opportunities to become involved in foreign uranium projects, in various nations.

Crosscontinental, through a local subsidiary, has applied for a number of exploration areas in Burkina Faso, West Africa; two of the permits have already been granted. An exploration program has been planned with local based consultant advisers, and exploration is due to commence in September.

Qualified Person

The review of 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 Centram and Crossland and is a full time employee of Eupene Exploration Enterprises Pty. Ltd. Mr. Eupene has reviewed this press release.

Change of Name to Pancontinental Uranium Corporation

At the recent Annual General Meeting of Shareholders, Centram received shareholder approval to change the name of the Company to Pancontinental Uranium Corporation (symbol - PUC). The Company is currently preparing documentation for submission to the regulatory authorities for approval to effect the name change.

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.

Shares Outstanding: 44,830,562


Contact Information

  • Centram Exploration Ltd.
    Richard Mark
    (604) 986-2020