Pancontinental Uranium Corporation

Pancontinental Uranium Corporation

November 13, 2007 16:00 ET

Pancontinental Uranium Provides Exploration Update

TORONTO, ONTARIO--(Marketwire - Nov. 13, 2007) - Pancontinental Uranium Corporation ("Pancon") (TSX VENTURE:PUC) is providing an exploration update on recent activities on its Australian uranium properties held in joint venture with Crossland Uranium Mines Ltd. ("Crossland") of Australia. Pancon is earning a 50% interest in Crossland's significant uranium project portfolio in Australia through the expenditure of A$8 million. The three main properties include Chilling and Charley Creek in the Northern Territory and Kalabity in South Australia. Highlights include the definition of several new uranium targets.

Chilling Project, Northern Territory (Crossland, 100%)

Recent exploration activities at Chilling included mapping, sampling and radiometric surveying of the known uranium prospects in the area, including the Mema and Eccles prospects. Results of outcrop chip samples ranging from 7.22ppm up to 658ppm Uranium were reported from the Mema prospect, with visible uranium mineralization in some of the samples. A shear zone in granite has been identified and exposed over a length of approximately 200 metres with an outcrop width of at least six metres. This shear zone hosts several mineralized veins containing visible secondary uranium minerals, notably meta-torbernite. Follow up of several additional radiometric anomalies in the vicinity of the Mema prospect is underway. A detailed airborne radiometric and magnetic survey will commence shortly as the equipment is now available.

Targets at Chilling include Alligator Rivers-type large, high-grade "unconformity-related" uranium ore bodies. The area encompasses approximately 1,824 square kilometres, including a strike length exceeding 100 kilometres of unconformity. It is possible that this area mirrors a portion of the Jabiluka-Ranger-Koongarra corridor of the Alligator Rivers Uranium Field, a prolific uranium mining district.

Charley Creek Project, Northern Territory (Crossland, 100%)

An airborne electromagnetic survey of 450 line kilometres was completed at Charley Creek, with results indicating substantial sediment development of up to 100 metres in thickness in the valleys surrounding the Teapot Granite. The data is currently being evaluated by Crossland's geophysicist to delineate drill targets and other prospective areas for follow up.

Targets at Charley Creek include sediment-hosted uranium deposits, specifically calcrete and redox-related uranium targets, as well as uranium-enriched phases of the Teapot Granite. The project area encompasses approximately 703 square kilometres.

Kalabity Project, South Australia (Crossland earning 60%)

Following the recently completed airborne radiometric and magnetic survey at Kalabity, Crossland completed an extensive geochemical survey, which has identified a substantial uranium geochemical anomaly. The anomaly, named Tabita, is located three and a half kilometres northwest of the previously defined KR4 target. Bedrock values of up to 140ppm Uranium, above an anomaly threshold of 32ppm Uranium, have been obtained from a zone that remains open in all directions after samples were taken on seven lines up to 500 metres apart. In addition, elevated values of cobalt, copper and nickel were obtained from rock float, and may represent a new style of mineralization as its signature differs from other patterns in the area. The nature and orientation of this mineralization will be evaluated with trenching and drilling in the following months.

Targets at Kalabity include granite-related uranium deposits and iron oxide copper gold deposits in the Curnamona Craton. The area encompasses approximately 148 square kilometres.

About Pancontinental Uranium Corporation

Pancontinental Uranium Corporation ("Pancon") is a Canadian-based company focused on uranium. Through a joint venture with Crossland Uranium Mines Limited of Australia, Pancon has established one of the strongest teams in the uranium industry. The joint venture is led by a management and operating team with 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 uranium districts. Active exploration is on-going at three Australian projects which include Chilling, Charley Creek and Kalabity. Chilling 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 and Crossland are also pursuing exploration beyond Australia and plan to initiate an exploration program in Burkina Faso.

Qualified Person

The review of exploration activities and results contained in this report is 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
    (604) 986-2021 (FAX)
    Pancontinental Uranium Corporation
    Ashleigh Meyer
    Manager, Investor Relations
    (416) 867-8073