Pancontinental Uranium Corporation
TSX VENTURE : PUC

Pancontinental Uranium Corporation

June 05, 2008 13:16 ET

Pancontinental Uranium Completes Charley Creek Drill Program of 126 Holes, 4,426 Metres; Chilling Ground Work to Begin in June

TORONTO, ONTARIO--(Marketwire - June 5, 2008) - Pancontinental Uranium Corporation ("Pancon" or the "Company")(TSX VENTURE:PUC) is providing an exploration update on current uranium exploration activities in Australia held in Joint Venture with Crossland Uranium Mines Limited ("Crossland"). Pancon is earning a 50% interest in the uranium project portfolio through the expenditure of A$8 million, which includes Kalabity, Charley Creek, Chilling and Crossland Creek projects.

CHARLEY CREEK

An air core drilling program was completed in mid-May for a total of 4,426 metres in 126 holes. The deepest hole drilled was to a depth of 129 metres. Approximately 1,112 samples will be submitted to the laboratory this week for chemical analysis for a broad range of elements including uranium and thorium. Results are expected by the beginning of July.

The objective of this phase of drilling was to probe the extensive sediment accumulations beneath the flats in the Charley Creek project area to determine if they represent a viable target for calcrete or redox-related uranium deposits. Past exploration has identified uranium occurrences in the Teapot Granite which occur in the drainage basin of the sediments. The program has provided stratigraphic information across the sediment basins which will aid in planning the next drilling program when all results are compiled and analyzed. Drill targets were delineated from the analysis of the Tempest AEM survey completed in August 2007.

In addition, ground follow-up of targets generated from the airborne radiometric and magnetic survey completed in January 2008 is underway. This reconnaissance will help to identify areas of outcropping mineralization in the Teapot Granite.

CHILLING

Initial exploration work at Chilling began with a helicopter-supported evaluation of anomalies detected from the airborne radiometric and magnetic survey completed in December 2007. Ground follow-up is expected to begin in June and diamond drilling is expected to commence in early July.

Crossland has also indicated to Geoscience Australia that it will participate in a major airborne electromagnetic survey that is planned in the Pine Creek Orogen in 2008. This should provide valuable data on the structure of basement rocks beneath later Proterozoic cover rocks throughout the Chilling project area.

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.

Qualified Person

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

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

Shares Outstanding: 49,806,492

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT 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
    or
    Pancontinental Uranium Corporation
    Ashleigh Meyer
    Manager, Investor Relations
    (416) 867-8073
    Email: info@PanconU.com
    Website: www.PanconU.com