VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 05/15/12 — Pancontinental Uranium Corporation (the „Company“) (TSX VENTURE: PUC) is pleased to announce that its Joint Venture partner, Crossland Uranium Mines Limited („Crossland“), issued a press release today in Australia.
The Crossland press release can be viewed using the following link:
The Resource estimate is not independent and therefore is non 43-101 compliant.
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 expects its interest will be reduced by approximately 5%. According to the Joint Venture agreement, Pancon has the right to resume funding at any time to maintain its interest. 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
For additional information, please visit our website at .
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
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