VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 7, 2013) - Pancontinental Uranium Corporation (News - Market indicators) ("Pancon" or the "Company") is pleased to announce that its JV partner, Crossland Strategic Metals Limited (ASX:CUX), has appointed Mr. Sia Hok Kiang to the Crossland Board. In addition to joining the Board Mr. Sia will make a common share investment in Crossland of approximately A$1.2 million in two tranches in August and September, 2013. The details of the investment were reported on August 6 in Crossland's ASX release. The investment will be through Mr. Sia's Malaysian Company, HK Rare Earths Sdn. Bhd.
Pancon President and CEO, Rick Mark, states: "This is a very positive development for our Charley Creek Heavy(HREE) and Critical(CREE) REE Project, located in the Northern Territory, Australia. Not only have Crossland confirmed a substantial investment to help move the project forward, they have added relevant experience and expertise in REE alluvial mining and marketing."
Mr. Sia is Managing Director of the successful Malaysian private mining company, Malaco Mining Sdn. Bhd. He is a graduate of the University of Malaya in Applied Geology and an economic geologist with more than 30 years world-wide experience. He is an active member of the Malaysian Geological Society and a Council Member of the Malaysian Chamber of Mines.
Mr. Sia has a solid business reputation throughout Asia, with useful contacts in several Asian countries. He has extensive experience in bulk alluvial mining in Malaysia, including the extraction of the rare earth minerals "Xenotime and Monazite" as by-products of tin mining. Crossland believes that Mr. Sia's experience is very appropriate for the Charley Creek Alluvial Rare Earth Project, which is also based on the extraction of "Xenotime and Monazite" from alluvial material, and he will assist the JV to develop this project and deliver early cash flow.
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 (a positive JORC-compliant Scoping Study was released in Australia on April 16, 2013), as well as the potential for 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.
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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.
