VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 22, 2013) -
NOT FOR DISSEMINATION INTO THE USA
Pancontinental Uranium Corporation (News - Market indicators) ("Pancon" or the "Company") is pleased to announce that its Joint Venture partner, and project operator, Crossland Strategic Metals Ltd. (ASE:CUX) ("Crossland"), intends to commence, in the near future, a drilling program at the Charley Creek Heavy Rare Earth Elements ("HREE") project in Northern Territory, Australia.
The program is intended to identify and define zones of higher-grade material which can be the starter pits in the event that a production decision is made. These zones will be used to calculate a mineral resource for a Feasibility Study to be completed by Crossland.
In addition to rare earth mineral analysis and test work, this program will also include analysis of all potentially saleable heavy minerals, including ilmenite, rutile and zircon, which were not factored into the initial Scoping Study which was released in Australia in April 2013. Earlier test work confirmed the presence of by-product heavy minerals and suggested that they could be successfully concentrated. The Company wishes to reiterate that the Scoping Study previously prepared by Crossland is not supported by a National Instrument 43-101 compliant technical report and should not be relied on until it has been independently verified and supported by a technical report. (Please see the Company's press release of October 10, 2013 for further details).
Drilling will commence as soon as all regulatory approvals have been obtained. The application process for this drilling commenced in March 2013 and is expected to be completed by the Northern Territory Department of Mines and Energy shortly.
The program will consist of 200 aircore drill holes to an average depth of approximately 20 metres, and will be conducted in two stages of 100 holes each. Analytical results of drill samples from the first stage drilling are expected to be available three months after commencement.
This drilling program is designed to provide a reliable basis for the process of establishing the feasibility of the Charley Creek Resource.
The Company would also like to announce that Crossland has received the second and final tranche of funding from HK Rare Earth Sdn Bhd, as detailed in the Crossland Market Release dated 6 August 2013.
About Pancontinental Uranium Corporation
Pancontinental Uranium Corporation ("Pancon") is a Canadian-based company focused on Rare earth elements (REE) and uranium discovery and development. Through a joint venture with Crossland Strategic Metals Limited ("Crossland") of Australia, the combined 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 REE and uranium exploration portfolio with projects in prolific, mining friendly districts. Pancon has a 45% participating interest in the Australian project portfolio.
Exploration is ongoing or has occurred at three Australian projects, known as Charley Creek, Chilling, and Kalabity. Charley Creek has the potential for large alluvial REE deposits, and large, lower-grade, Rossing-type, granite-hosted uranium deposits. 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 The Kalabity project is in a district of historic uranium/radium mining that contains a variety of known uranium deposit styles.
ON BEHALF OF THE BOARD OF DIRECTORS
Rick Mark, President & CEO
For additional information, please visit our website at www.PanconU.com.
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.
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.
