Pancon/Crossland Further Expands NT, Australia Property Package Through Joint Venture With Western Desert Resources
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 4, 2010) – Pancontinental Uranium Corporation (TSX VENTURE:PUC) (“Pancon”) is gratified to suggest which the corner try partner Crossland Uranium Mines Limited (“Crossland”) (ASX:CUX) has voiced currently a serve enlargement of the NT, Australia area lonesome by their key Charley Creek Uranium Project by entering in to a corner try with Western Desert Resources Ltd (WDR) on which company’s Clough’s Dam property, EL25657.
The brand new Joint Venture follows Pancon/Crossland’s proclamation yesterday which they had acquired an one some-more adjacent uranium scrutiny area, Bloodwood-Highland Rocks, from Global Geoscience Ltd.
The scarcely 400 block kilometre area underneath the WDR Joint Venture, sum with new EL acquisitions and applications, will take the sum area lonesome by Pancon/Crossland’s Charley Creek Project to over 4,590 block kilometres.
Pancon and Crossland sojourn essentially focused on the uranium intensity of the Charley Creek Project, where core training has not long ago commenced inside of their Cockroach Dam Prospect, and their clever joining to the district equates to which one some-more areas can be explored price effectively. In further to uranium, Crossland’s work in the Charley Creek Project area over multiform years has identified alternative areas of seductiveness together with intensity for deposits such as nickel and platinoids compared with layered mafic intrusives, as great as singular earth elements (REE).
Basic tide lees surveys and extensive airborne geophysical coverage by Northern Territory Geological Survey programs give great simple interpretation which has already generated targets for follow up inside of Clough’s Dam. Pancon and Crossland have been formulation a minute airborne radiometric consult of the newly acquired areas after this year.
The conditions of the WDR Joint Venture have been which Pancon/Crossland will outlay $100,000 on scrutiny inside of twelve months of entering the agreement and prior to withdrawal from the agreement. Pancon/Crossland will squander a sum of $500,000 inside of 3 years to consequence a 60% seductiveness in the title, at which indicate WDR has the choice to participate, or to revoke to a giveaway carried seductiveness of 20% to execution of a feasibility study. At which stage, WDR might elect to knowledge at 20% interest, or revoke to a 2% net smelter lapse kingship on production.
All technical report in this recover has been reviewed by Geoff Eupene, Qualified Person for Crossland and Pancon.
About Pancontinental Uranium Corporation
Pancontinental Uranium Corporation (“Pancon”) is a Canadian-based association focused on uranium find and development. Through a corner try with Crossland Uranium Mines Limited (“Crossland”) of Australia, Pancon has determined one of the strongest government teams in the uranium industry. This government and handling group has forlorn knowledge from exploration, by growth to operations, and includes people who were instrumental in the find of dual of the largest uranium deposits in the world. Pancon binds an considerable scrutiny portfolio with projects in prolific, mining accessible districts. Active scrutiny is ongoing at 3 Australian projects which embody Chilling, Charley Creek, and Kalabity. The Chilling plan has the intensity to host a counterpart picture of a apportionment of the eminent Alligator Rivers Uranium Field containing the large Jabiluka, Ranger and Koongarra deposits. Pancon is earning a 50% seductiveness in this poignant uranium plan portfolio by the corner try with Crossland by the output of A$8 million. Pancon and Crossland have been additionally posterior scrutiny over Australia by an general auxiliary company, Crosscontinental Uranium Limited, and evident skeleton embody formulating an scrutiny module in Burkina Faso.
ON BEHALF OF THE BOARD OF DIRECTORS
Rick Mark
President & CEO
For one some-more information, greatfully revisit the website at www.PanconU.com.
Cautionary Language and Forward Looking Statements
This press recover might enclose “forward-looking statements”, which have been theme to assorted risks and uncertainties which could means tangible formula and destiny events to talk about materially from those voiced or pragmatic by such statements. Investors have been cautioned which such statements have been not guarantees of destiny opening and results. Risks and uncertainties about the Company’s commercial operation have been some-more entirely discussed in the Company’s avowal papers filed from time to time with the Canadian bonds authorities.
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