Pancontinental Uranium Corporation

Pancontinental Uranium Corporation

September 07, 2011 06:30 ET

Pancon/Crossland Announce Commencement of Drilling at Chilling Project, NT, Australia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 7, 2011) - Pancontinental Uranium Corporation (TSX VENTURE:PUC) ("Pancon") and its 50:50 Joint Venture partner, Crossland Uranium Mines Limited (ASX:CUX) ("Crossland") are pleased to announce a drilling program, consisting of approximately 100 RAB holes, has commenced in the Buchanan Window prospect at the Chilling Project in Australia. These RAB holes will be followed by 12 diamond drilling core holes at Buchanan commencing around mid-September. The total drilling is expected to be approximately 2,500 RAB metres and 2,400 metres of rotary/core drilling.

To view accompanying Figure 1, visit the following link:

The Buchanan Window is a key target area for mineral deposits of the Rum Jungle style. Rum Jungle has produced uranium and copper from unconformity style deposits, as well as base metals from strata-bound and remobilised deposits such as Woodcutters. The geological setting at Buchanan is also analogous to the Alligator Rivers uranium province that hosts the well-known Ranger, Jabiluka, Koongarra and Nabarlek uranium deposits. Pancon/Crossland's work at Buchanan over the past two years has disclosed good geological, geochemical and geophysical responses for these target types.

Drill targets have been defined by a combination of intensive stream geochemical sampling, geological mapping and detailed, ground-based spectrometer surveys completed during the previous two field seasons. Crossland has been successful in securing a grant of $100,000 from the NT Government under its Bringing Forward Discovery Initiative to assist with the core drilling program at Buchanan.

The drill program is expected to take approximately one month. Results should be available during the 4th quarter.

Pancon/Crossland will also be issuing an initial resource Rare Earth Elements (REE) estimate for the Charley Creek Project before the end of September.

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 and REE discovery and development. Through a 50:50 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 and Crossland hold an impressive uranium and REE 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. Charley Creek has the potential for large, lower-grade, Rossing-type, granite-hosted uranium deposits and REE. The Kalabity project lies in a district of historic uranium/radium mining that contains a variety of known uranium deposit styles.

Pancon has earned a 50% interest in this significant uranium and REE project portfolio 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 plans include formulating an exploration program in Burkina Faso.


Rick Mark, President & CEO

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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.

Contact Information

  • 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)