Pancontinental Uranium Corporation and Crossland Uranium Mines Limited Prepare for Drilling at Cockroach Dam (NT) Prospect
July 06 2010 - 6:30AM
Marketwired
Pancontinental Uranium Corporation (TSX VENTURE: PUC) ("Pancon") is
pleased to announce that its JV partner, Crossland Uranium Mines
Limited (ASX: CUX) ("Crossland"), has advised that the sacred site
inspections have been advanced significantly for its Cockroach Dam
Prospect in the Charley Creek Project, 130 km to the West North
West of Alice Springs in the Northern Territory in Australia.
The budgeted core drilling program (see press release of March
8, 2010) at Cockroach Dam will commence as soon as clearance advice
is received from the Central Land Council (CLC), and Crossland is
now preparing for this with access preparation.
Drilling will test zones of elevated radioactivity from uranium
within outcropping of the Teapot Granite, while a parallel auger
drilling program that evaluates separate zones for alluvial heavy
mineral concentrations will also commence. These may host
interesting concentrations of Rare Earth Elements that may enhance
the project.
Pancon President and CEO, Rick Mark states: "Charley Creek is
tremendously prospective for Uranium. This long anticipated drill
program will allow Geoff Eupene and his team to begin defining its
real potential."
The recent inspection for clearance of the Cockroach Dam program
from CLC, has been undertaken on behalf of Aboriginal Traditional
Owners and Custodians under the terms of an existing Exploration
Access Deed between CLC and Crossland.
Authorizations are already in hand for the Cockroach Dam
drilling program from NT Government mining regulators and the
Aboriginal Areas Protection Authority (AAPA).
Pancon and Crossland acknowledge the efforts of the Aboriginal
People connected to its large holdings in the Charley Creek
Project, the CLC, and AAPA, in concluding these matters. Crossland
is also grateful for the cooperation and assistance of its host
pastoralists, and the Company's consultants and advisors in
reaching this outcome.
Pancon and Crossland will keep the market informed of
developments.
All technical information in this release has been reviewed by
Geoff Eupene, Qualified Person for Crossland and Pancon.
About Pancontinental Uranium Corporation
Pancontinental Uranium Corporation ("Pancon") is a
Canadian-based company focused on uranium 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 holds an impressive
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. Pancon is
earning a 50% interest in this significant uranium project
portfolio through the joint venture with Crossland through the
expenditure of A$8 million. Pancon and Crossland are also pursuing
exploration beyond Australia through an international subsidiary
company, Crosscontinental Uranium Limited, and immediate 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
www.PanconU.com.
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 Pancontinental
Uranium Corporation Keith Patey Director of Communications
604-986-2020 or 1-866-816-0118 604-986-2021 (FAX)
www.PanconU.com
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