Pancontinental Uranium Corporation
TSX VENTURE : PUC

Pancontinental Uranium Corporation

March 15, 2011 13:26 ET

Pancontinental Uranium Corporation: Crossland CEO, Geoff Eupene, Interviewed on REE Results and Discovery Announcement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 15, 2011) - Pancontinental Uranium Corporation (TSX VENTURE:PUC) ("Pancon") is pleased to advise that Mr. Geoff Eupene, CEO of its joint venture (JV) partner, Crossland Uranium Mines Ltd. (ASX:CUX) ("Crossland"), and a Director of Pancon, was interviewed on Australian radio following last week's press release (March 9) describing the latest results of the JV's Rare Earth Elements (REE) alluvial sampling program and bedrock REE discovery. In the interview Mr. Eupene discussed the importance and significance of these results. The interview can be found at:

Boardroom Radio Australia (6 min) - http://www.brr.com.au/event/preview/wfkoq3zp1q/77569

Summary highlights of the Interview:

  1. Alluvial Sampling Results
    • In late 2010, Crossland, the operator, announced that the Teapot Granite, at its Charley Creek Uranium property, was also a potential source of alluvial heavy minerals enriched in REE.
    • A significant advantage of an alluvial REE deposit is that it has the potential to be brought into production quickly and cheaply; therefore, the JV could capitalize on the high prices for REE.
    • Being contained in sandy sediments, a concentrate of heavy minerals could be produced by simple water-washing and gravity concentration processes, something along the lines of a low-cost beach sand mining operation.
    • A 2-pronged exploration approach was undertaken to determine the alluvial potential:
      1. A regional stream sediment survey was conducted in which 25 kg samples were collected from drainages to produce heavy mineral concentrates. Each sample represents a 2 to 3 square kilometre area. The results from the analysis of the first 200 samples confirm we have:
        1. a very rich source of heavy minerals enriched in REE in the mountain country close to and draining the teapot granite (target of the auger drilling program – see (b) below).
        2. Wide-spread potential in the very large drainage areas remote from the source, referred to as alluvial fans, which will be the subject of a more detailed survey later.
      2. A shallow (1.2 metre deep) auger drilling program is almost finished sampling an area of approximately 42 square kilometres, on a 400 metre x 100 metre grid, in two mountain drainage areas draining from the Teapot Granite. Over 700 samples have been taken so far and are at various stages in the preparation process. We intend to be able to establish an alluvial REE resource with this data, supplemented where necessary by deeper alluvial drilling using an air-core rig.
  2.  REE Discovery in Bedrock
    • In 2008, the JV drilled some uranium-targeted exploration holes in the plains area to the east of the Teapot Granite. In some of these holes, anomalous values were observed for the few REE evaluated in the normal course uranium assaying.
    • With the discovery of the alluvial REE, we decided to re-analyze these drill holes for REE using assay protocols for REE.
    • The results of the re-analysis arrived at the same time as the stream sediment results and were included in the recent release.
    • The re-assaying of hole CCA121 identified a 5 metre intersection (from 37 metres down-hole) grading 1.03% Total Rare Earth Oxides (TREO) in bedrock which contains a substantial portion of the heavy REE that are in short supply.
    • We are very excited to have discovered a co-incidence between the location of the bedrock discovery and some of the higher values in the alluvial stream sediment survey, which means we have added a whole new target for an REE deposit in bedrock which extends over a very large area.
    • Bedrock deposits tend to be higher grade, are more consistent, can have much bigger tonnage and are more easily quantified.
    • This exciting new bedrock discovery in the Cattle Creek area was totally unexpected.
  3. Going Forward
    • We plan to begin calculating an "Alluvial REE Resource" for the mountain area near the granite source of the REE, once the assay results from the more than 700 auger drilling samples are received. Because of the depth of alluvial sediments some areas will need deeper drilling with an air-core rig to complete the resource delineation.
    • We intend to begin a new targeted alluvial sampling program in specific enriched areas of the large alluvial fans identified in the stream sediment survey. These alluvial fans have huge tonnage potential and should be amenable to low-cost, high volume, surface bulk mining techniques.
    • This targeted sampling program of the alluvial fans will begin in a few weeks after the auger program in the mountain area is complete.
    • We are eager to assess the size and quality of the bedrock deposit. We are currently mobilizing a rig which will commence drilling the new bedrock deposit within the next two weeks.

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 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 through the joint venture 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 immediate 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
    or
    Pancontinental Uranium Corporation
    Keith Patey
    Director of Communications
    604-986-2020 or 1-866-816-0118
    604-986-2021 (FAX)
    www.panconu.com