Pancontinental Uranium Corporation
TSX VENTURE : PUC

Pancontinental Uranium Corporation

April 05, 2011 06:31 ET

Pancontinental Uranium Corporation: Crossland Recommences Drilling at Charley Creek, NT, Australia Testing REE Targets

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 5, 2011) - Pancontinental Uranium Corporation (TSX VENTURE:PUC) ("Pancon") and its joint venture partner, Crossland Uranium Mines Limited (ASX:CUX) ("Crossland"), are pleased to update shareholders on the recommencement of drilling at Charley Creek, NT, Australia.

To see an image "Collaring the first drill hole at Cattle Creek", please visit the following link: http://media3.marketwire.com/docs/pucimg405.jpg.

Drilling at the REE Project at Charley Creek began March 31 near the site of the bedrock REE discovery announced March 9, 2011. The prospect has been named Cattle Creek.

The drill program, contracted by Crossland to specialist air-core operators, Budd Drilling Pty Ltd, will extend for six weeks. It is anticipated that over 8,500 metres of drilling will be completed in 250 to 300 holes, depending on depths to hard rock. The first 50 holes will be drilled to scope the area immediately around the REE discovery hole.

As of April 4, 2011, the first 25 holes of the program have been drilled. The first 271 samples were submitted to the laboratory on April 4. The turnaround on results is about four weeks.

The Cattle Creek Prospect was revealed by the re-assaying for REE of samples collected in a 2008 Crossland exploration program for uranium. Five metres of REE mineralization, which averaged 1.03% Total Rare Earth Oxides (not including Yttrium) from 37 metres, was identified in hole CCA121. Extensive stream sediment sampling results seem to suggest that the area warranting further testing covers approximately 40 square kilometres.

Following completion of the scoping drilling at Cattle Creek, the rig will move to the Cockroach Dam Prospect, where sampling of an alluvial resource will be advanced. The rig will collect samples from deeper alluvium than could be sampled using auger drills used earlier in the program. This drilling should finalize the field work required to produce an initial resource estimate from the Cockroach Dam Alluvial deposits.

The rig will then move to test a selection of the large areas of alluvial fans that drain north from the MacDonnell Ranges, where the Joint Venture hopes to define viable volumes and grades of REE to support a long term sand mining operation producing heavy minerals containing REE and zircon. 

It is expected that by the time these three programs of drilling are completed, the results of the scoping drilling at Cattle Creek announced today will have been received, After those results are received, the rig will return to Cattle Creek for more scoping drilling. 

REE markets and Charley Creek's potential

In Crossland's recent PowerPoint presentation to brokers and analysts in Australia, they were able to access current research from the US Department of Energy specifying the REE's that are in critically short supply around the globe in the short and medium term.

In the short term, they are Europium, Indium, Neodymium, Terbium, Yttrium and Dysprosium. In the medium term, they are Yttrium, Europium, Terbium, Neodymium, and Dysprosium. 

The initial results at Charley Creek suggest that the REEs tend towards the heavy REEs which make up the shortfall lists from the USDoE.

To view the March 28 Crossland PowerPoint featuring current research on the REE market and detailed maps and images of the Charley Creek REE project go to http://panconu.com/Investors/Crosslandpresentationmarch2011/default.aspx.

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 Toll Free: 1-866-816-0118
    or
    Pancontinental Uranium Corporation
    Keith Patey
    Director of Communications
    604-986-2020 or Toll Free: 1-866-816-0118
    604-986-2021 (FAX)
    www.panconu.com