Pancontinental Uranium Corporation

Pancontinental Uranium Corporation

March 19, 2008 10:19 ET

Pancontinental Uranium and Crossland Uranium Mines Add Prospective Area to Chilling Project

TORONTO, ONTARIO--(Marketwire - March 19, 2008) - Pancontinental Uranium Corporation ("Pancon" or the "Company") (TSX VENTURE:PUC) is pleased to announce that its Joint Venture partner, Crossland Uranium Mines Limited ("Crossland"), has acquired a prospective uranium area adjacent to the Chilling Project in the Northern Territory, Australia.

- Mount Thomas project area has been acquired from Aldershot Resources Limited

- March Fly/Mount Thomas prospect has historical exploration with high-grade uranium assays

- Project area encompasses 67 square kilometres surrounded on three sides by the Chilling Project

- Project area already covered by Crossland's recent detailed airborne radiometric survey

The project acquisition includes the Exploration Licence ("EL") 24557 Mount Thomas from Aldershot Resources Limited. The terms of the acquisition remain confidential between the parties. A map of the project area can be viewed at the following link:

The area contains known uranium mineralization at the March Fly/Mount Thomas prospect. Previous exploration was undertaken by Mobil Energy Minerals Australia in the early 1980s, and a joint venture between Total Mining Australia Pty Ltd ("Total") and Power Nuclear Corporation of Japan ("PNC").

Total and PNC undertook a percussion drill program in 1988 and 1990. XRF assays of chip samples recovered from anomalous intervals determined radiometrically are shown in the following table:

Hole Grid E Grid N Dip Azimuth From To Interval ppm
(m) (m) (m) (m) (i)(m) U3O8
TOL_MF_P6 10015.8 9977.8 -60 degrees 270 degrees 52 54 2 11,670
" and 59 61 2 1,700
TOL_MF_P7 10036.4 9881.9 -60 degrees 260 degrees 41 44 3 1,200
" and 68 70 2 590
TOL_P_69 10000 10023 -60 degrees 301 degrees 84 87 3 493
" and 95 97 2 4,068
TOL_P_71 10014 10037 -60 degrees 280 degrees 98 103 5 540

(i) Averages of 1m samples with entry value of 100ppm and maximum included
waste of 1m. Minimum width reported of 2m. Table includes all reported
intervals that met these criteria. Based on prevailing geological
interpretations, reported widths are close to true widths.

Crossland believes the most prospective area is in graphitic shear zones within early Proterozoic sediments of the Pine Creek Orogen at the March Fly/Mount Thomas prospect. The mineralized zone shows reasonable continuity and the mineralized intersections remain open, most notably above the intersections where there are anomalous radiometric results at surface. Total's 1990 exploration program also identified an altered and mineralized zone of approximately 600 metres in length. Crossland will re-evaluate this prior work and is planning to undertake detailed ground work including diamond core drilling during the 2008 dry season, expected to begin at Chilling in June.

The previously-identified Haywood Creek radiometric anomaly also lies within the EL.

Similar to the rest of the Chilling project area, the EL area has received minimal systematic exploration for substantial unconformity-related uranium deposits, similar to those in the Alligator Rivers Region, Crossland's primary targets at Chilling. Crossland's operating base in Darwin, only 120 kilometres from the area, means that it is in a strong position to intensively explore the Chilling Project.

About Chilling

The Chilling Project is one of four Australian uranium exploration projects included in the Joint Venture between Pancon and Crossland. The Chilling Project is the flagship uranium project and now occupies 1,363 square kilometres of granted exploration title (1,908 square kilometres including applications) on the western margin of the Pine Creek Orogen. The Pine Creek Orogen is the source of most of Australia's historic uranium production from medium to high grade deposits at:

- Rum Jungle, 40 kilometres to the north of Chilling

- The South Alligator Valley, and

- The Alligator Rivers District, on the eastern margin of the Pine Creek Orogen.

The unconformity at Chilling extends north-south for approximately 130 kilometres.

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 on-going 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.

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.

Shares Outstanding: 49,806,492


Contact Information

  • Pancontinental Uranium Corporation
    Richard Mark
    President and CEO
    (604) 986-2020 or 1-866-816-0118
    Pancontinental Uranium Corporation
    Ashleigh Meyer
    Manager, Investor Relations
    (416) 867-8073