VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 03/14/12 — Pancontinental Uranium Corporation (the „Company“) (TSX VENTURE: PUC) is pleased to announce that its Joint Venture partner, Crossland Uranium Mines Limited issued the following press release in Australia on March 14, 2012:
Highlights:
Assay results for a diamond core drilling program at the Buchanan prospect completed during the December 2011 quarter have been received and compiled. Geological logging of core has been completed and the results interpreted. The drilling program consisted of ten widely spaced holes for a total of 2,291 metres. The purposes of the drilling were to test geochemical anomalies identified by previous Crossland aircore drilling and to provide a detailed picture of the overall stratigraphy at Buchanan to enhance the geological model for the area and to provide a better understanding of its potential for uranium and/or base metal mineralisation.
The Northern Territory Government provided funding of $100,000 towards the cost of this drilling program through their „Bringing Forward Discovery“ program.
To view the Location Map, visit the following link:
A total of 148 one metre core samples were submitted for analysis. The highlights are contained in Table 1 below. The results show widespread anomalism at significant levels in a range of metals including uranium, lead, zinc, copper and nickel. Eleven samples showed greater than 1,000ppm (0.1%) in copper and/or zinc and/or lead, in both oxidised and sulphide environments. The highest lead value was 6.3% over one metre in galena and sphalerite sulphide vein mineralisation. One sample of oxidised breccia returned 356ppm uranium. This was unexpected as radiometric results did not indicate these levels. This indicates that radiometric disequilibrium is a factor in these sediments. Further assaying is being undertaken to follow up on these indications.
To view Drill Hole Location Map, visit the following link:
Geological interpretation of the core has led to a clearer understanding of the geology and the generation of new ideas and targets at Buchanan. Given the diverse geology, the favourable setting for unconformity style deposits, the widespread anomalism, and strong evidence of metal bearing fluid migration encountered during this program, the drilling results support the potential for unconformity related uranium and base metal mineralisation at Buchanan. Future work will be aimed at developing further drilling targets to test these concepts.
The review of 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. He is a director of Crossland Uranium Mines Limited 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. 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 Toll Free: 1-866-816-0118 604-986-2021 (FAX)
