VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 07/25/12 — Pancontinental Uranium Corporation („Pancon“ or the „Company“) (TSX VENTURE: PUC) is pleased to announce that its Joint Venture partner, Crossland Uranium Mines Limited, issued the following press release today in Australia, regarding the Charley Creek REE project in NT, Australia:
An initial wet plant gravity flowsheet program has been completed on a bulk composite sample of alluvium from Cockroach Dam prospect at Charley Creek. Results confirm the Charley Creek rare earth project is amenable to beneficiation via wet gravity spiral plant. Grade and recoveries from the wet gravity spiral pilot plant were excellent.
The pilot program was conducted at Allied Mineral Laboratories Pty Ltd (AML) in Perth WA under the supervision of Crossland-s metallurgical consultant.
A recovery of 76% TREO (Total Rare Earth Oxide) at a grade of 6.24% TREO contained within 1.37wt % of the initial feed was achieved. A number of opportunities have been identified to improve both grade and recovery, particularly of Heavy REO and zircon. This wet plant concentrate is now undergoing conventional electrostatic and magnetic separation (Dry Plant) to produce a final concentrate product expected to contain approximately 50% TREO.
The proposed Wet and Dry plants for the Charley Creek project would utilise identical technology used by the mineral sand industry for recovery of titanium minerals and zirconia. The Charley Creek process flowsheet represents a low risk and low capital option to enter early production. The Wet Plant concentrate can be readily transported to a Dry Plant, where the final concentrate containing approximately 50% TREO can then be produced for sale or refining to value added products.
Dry Plant test work will be completed by end of July and an update will be provided once results are received.
To view Figures 1 and 2 please click on the following link:
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Geoffrey S Eupene CP, a Fellow of the Australasian Institute of Mining and Metallurgy. He is a director of the Company and a full time employee of Eupene Exploration Enterprises Pty Ltd. He has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Geoffrey S Eupene has consented to the inclusion in this report of the matters based on this information in the form and context in which it appears.
About Pancontinental Uranium Corporation
Pancontinental Uranium Corporation („Pancon“) is a Canadian-based company focused on uranium and REE 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 and Crossland hold an impressive uranium and REE 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 alluvial REE deposits, and large, lower-grade, Rossing-type, granite-hosted uranium deposits. The Kalabity project lies in a district of historic uranium/radium mining that contains a variety of known uranium deposit styles.
Pancon earned an initial 50% interest in this significant uranium and REE project portfolio with Crossland through the expenditure of AUD$8 million. In September 2011, due to prevailing poor financial market conditions, Pancon elected to conserve its cash and avoid having to raise additional funds at depressed share prices. As a result, Pancon ceased funding its 50% share of the Joint Venture expenditures until the end of 2011. Pancon-s interest was reduced by 5%. According to the Joint Venture agreement, Pancon has the right to resume funding at any time to maintain its interest and chose to do so effective Jan 1, 2012. Pancon and Crossland are also pursuing exploration beyond Australia through an international subsidiary company, Crosscontinental Uranium Limited, and plans include formulating an exploration program in Burkina Faso.
ON BEHALF OF THE BOARD OF DIRECTORS
Rick Mark, President & CEO
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.
Contacts: Pancontinental Uranium Corporation Richard Mark President and CEO 604-986-2020 or 1-866-816-0118 604-986-2021 (FAX)
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