Pancontinental Uranium Corporation
TSX VENTURE : PUC

Pancontinental Uranium Corporation

February 24, 2012 06:30 ET

Pancontinental Uranium Announces Appointment of David Petroff as Director

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 24, 2012) - Pancontinental Uranium Corporation (the "Company") (TSX VENTURE:PUC) is pleased to announce the appointment of David Petroff as a director of the Company effective February 23, 2012.

David brings substantial senior executive management experience with mining companies to the Pancon board. From November 2009 through August 2011, as President, CEO and Director of Breakwater Resources, David's leadership resulted in improved profitability, increased resources and, ultimately, the sale of the company. From May 2004 through June 2008 he was Executive Vice President and Chief Financial Officer of Centerra Gold Inc., a spin-off from Cameco Corporation. David was Chief Financial Officer and Senior Vice-President, Finance and Administration for Cameco Corporation from February 1997 through September 2004. Mr. Petroff holds a Bachelor of Mathematics from the University of Waterloo and a Master of Business Administration from Schulich School of Business, York University.

In connection with Mr. Petroff's appointment the Company has granted to Mr. Petroff an aggregate of 300,000 options to purchase common shares of the Company exercisable at a price of $0.10 per share for a period of five years. The options have been granted in accordance with the terms of the Company's stock option plan and the policies of the TSX Venture Exchange.

About Pancontinental Uranium Corporation

Pancontinental Uranium Corporation ("Pancon") is a Canadian-based company focused on uranium and REE 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 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 alluvial REE deposits, and large, lower-grade, Rossing-type, granite-hosted uranium deposits. The Kalabity project lies in a district of historic uranium/radium mining that contains a variety of known uranium deposit styles.

Pancon earned an initial 50% interest in this significant uranium and REE project portfolio with Crossland through the expenditure of AUD$8 million. Due to prevailing poor financial market conditions, Pancon elected to conserve its cash and avoid having to raise additional funds at depressed share prices. As a result, Pancon ceased funding its 50% share of the Joint Venture expenditures until the end of 2011. Pancon expects its interest will be reduced by 2 - 4%. According to the Joint Venture agreement, Pancon has the right to resume funding at any time to maintain its interest. 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.

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

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
    604-986-2021 (FAX)
    www.PanconU.com