PUC Pancontinental Resources Corporation

Pancontinental Uranium Corporation (TSX VENTURE: PUC) ("Pancon") is pleased to report that its joint venture partner, Crossland Uranium Mines Ltd, (ASX: CUX) ("Crossland") has identified extensive alluvial deposits that host heavy minerals containing rare earth elements (REE) at the joint venture's Charley Creek Project area in Northern Territory, Australia. These REE deposits are separate from Crossland's uranium prospects, which remain the Joint Venture's primary focus at Charley Creek and elsewhere.

HIGHLIGHTS

--  A heavy mineral concentrate produced by Crossland from a sample of
    stream channel alluvium has returned high values for REE, (39% total
    rare earth oxide), with particularly high proportions of the heavy REE,
    including Gadolinium (Gd), Terbium (Tb), and Dysprosium (Dy). These are
    present in phosphate minerals that should be readily processed using
    available REE extraction technology.

--  Crossland believes that these REE ratios are typical of those throughout
    the Cockroach Dam Prospect, within the Charley Creek Project, and that
    they will extend over a broader area both in bedrock and alluvium
    derived from these bedrocks. A substantial tonnage potential for REE-
    bearing alluvium in various settings is evident from exploration
    techniques already developed and applied in the area.

--  The target types are found on surface and near-surface, and are loosely
    consolidated deposits that should be amenable to relatively low cost
    exploration and mining methods.

--  An initial development objective for stand-alone development would be
    production of a saleable REE-rich heavy mineral concentrate at a rate of
    several thousand tonnes per annum. The permitting and capital costs of
    such an operation should be relatively low.

BACKGROUND

During follow-up of Crossland's detailed ground spectrometer surveys of the Cockroach Dam uranium prospect (NT) in the Teapot Granite during 2009, geologists identified rock samples returning elevated levels of rare earth elements (REE). These rocks outcropped in areas with their own characteristic radiometric pattern, generally unrelated to the uranium anomalies, which remain the Crossland/Pancon Joint Venture's primary focus in the Charley Creek Project.

Subsequent follow-up of areas with similar radiometric patterns established that there were widespread areas with elevated rare earth values. Sampling of rock outcrops revealed that the REE suite contained unusually high proportions of the heavy rare earth elements, particularly Dysprosium and Terbium, which are reported to be in short supply globally. Furthermore, there were extensive eluvial and alluvial sediments developed from direct weathering of these REE-enriched rocks, and these in places appeared to have significantly upgraded content of the heavy minerals that contain the REE. Therefore, it appears there is potential to examine development of a relatively low capital cost route to production of a marketable REE heavy mineral concentrate from near-surface deposits.

Crossland has sought expert guidance on the likelihood that this type of occurrence had commercial possibilities, and the expert confirmed the possibility for a development target based around alluvial deposits of heavy minerals enriched in heavy REE. He recommended that the first step in the evaluation of the prospects was to investigate if heavy mineral concentrates could be produced using simple physical separation methods based around the specific gravity of the REE bearing minerals. Several kilograms of pan concentrate was produced in the field and submitted to the laboratory for heavy liquid separation, as the first step in this appraisal.

While this sample relates to stream sediment collected from one drainage, Crossland's reconnaissance rock sample results leads us to expect that the REE mix reflected here should be typical of those from other drainages so far sampled in the Cockroach Dam Prospect.

RESULTS

The initial analysis of this material has now been received (see table below). In reporting these results, Crossland cautions that analyses have been performed by the accredited laboratory, ALS Global, using their method ME-MS81h, a lithium borate fusion/nitric acid digest method specifically developed for analysis of high contents of REE. However, the analyses exceed the upper level of detection for six of the REE: Ce, Gd, La, Nd, Pr, and Sm, so for these elements the analyses need to be repeated by an even less sensitive method to obtain absolute values. Electron microprobe work undertaken by Crossland has confirmed that the REE bearing phase is a phosphate mineral, which should result in good recoveries with currently standard REE extraction technology.

Initial comparisons with other published information on REE distribution in potential and operating deposits suggests that the Cockroach Dam distributions are particularly elevated in Gadolinium, Terbium, and Dysprosium, and additionally the rarer heavy REE, such as Holmium, Erbium, Thulium, Ytterbium, Lutetium, and Hafnium, which together total almost 1% of the Rare Earth Oxide (REO) mix.

INTERPRETATION

Crossland believes that these results are sufficient to justify implementation of a supplementary exploration program to appraise the extensive areas of alluvium that exhibit the characteristic radiometric response that has led us to these results in the Cockroach Dam Prospect area. This work would be separate from uranium exploration efforts, which are on nearby, but separate areas. Because of the shallow and widespread nature of the potential alluvial REE resource, it will be possible to evaluate the REE potential quickly and relatively cheaply.

There are four distinct alluvial settings within Crossland and Pancon's Charley Creek Project areas that may host viable REE heavy mineral occurrences.

These are:

1.  Active streams draining immediately from areas of bedrock containing
    elevated values of REE
2.  Residual fossil drainage systems and eluvial deposits in areas of
    shallow REE- enriched bedrock
3.  Broad alluvial flats associated with the more prominent streams in the
    Cockroach Dam/Teapot drainages
4.  Large alluvial outwash fans that are sourced in the Cockroach Dam/Teapot
    Granite Hills, and spread across the alluvial flats to the north of the
    MacDonnell Ranges.

These sources probably have decreasing alluvial grade potential, but increasing tonnage potential, in the order listed. Crossland and Pancon would initially target an alluvial resource capable of relatively rapid and low-cost exploration, permitting, and development, to produce several thousand tonnes of heavy mineral concentrate per annum in a stand-alone operation. If Crossland and Pancon succeed in establishing a viable uranium resource on adjacent uranium anomalies currently being drilled, then the possibilities for an on-site processing plant would be enhanced.

Crossland intends to propose to develop the REE sampling program as a program to engage local Aboriginal youths in working with us in the exploration industry.

TABLE: Analytical results of TBE sink fraction, by method ME-MS81h (ALS Global)

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Element Oxide            wt% of total sample weight           % of Total REO
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CeO2                                         18.423                   47.15%
Dy2O3                                         0.357                    0.91%
Er2O3                                         0.124                    0.32%
Eu2O3                                         0.029                    0.07%
Gd2O3                                         0.622                    1.59%
HfO2                                          0.069                    0.18%
Ho2O3                                         0.054                    0.14%
La2O3                                         8.761                   22.42%
Lu2O3                                         0.013                    0.03%
Nd2O3                                         5.879                   15.05%
Pr2O3                                         1.703                    4.36%
Sm2O3                                         0.901                    2.31%
Tb2O3                                         0.080                    0.20%
Tm2O3                                         0.017                    0.04%
Y2O3                                          1.943                    4.97%
Yb2O3                                         0.099                    0.25%
TOTALS                                       39.073                  100.00%
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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 50:50 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 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, 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 has earned 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

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 www.PanconU.com