PUC Pancontinental Resources Corporation

Pancontinental Uranium Corporation (TSX VENTURE: PUC) ("Pancon") and its 50:50 Joint Venture partner, Crossland Uranium Mines Limited (ASX: CUX) ("Crossland") are pleased to report that they are on track to report an initial alluvial heavy mineral Rare Earth Element (REE) resource at their 100%-owned Charley Creek Project in the Northern Territory of Australia in September.

--  The calculation of a resource of shallow alluvial material containing
    Rare Earth Elements (REE) at the Cockroach Prospect is nearing
    completion.
--  A 16.7 tonne quantity of alluvial material has been obtained from the
    Cockroach prospect for testwork to investigate a heavy mineral process
    flowsheet and to generate samples of heavy mineral product for initial
    marketing and additional process development tests.
--  The Charley Creek alluvials are expected to be low-cost sources of heavy
    mineral concentrates with high concentrations of REE and/or Zircon.
--  Samples of alluvium from reconnaissance air core drilling in three other
    key prospect areas covering large alluvial fans are now receiving
    priority for processing.

COCKROACH PROSPECT

Current activity is focused on delineating and calculating an initial alluvial heavy mineral resource containing REE-bearing minerals and Zircon. The initial resource will be based on results from the Cockroach prospect only, which is one of seven prospects for REE-bearing alluvial heavy mineral deposits so far identified within the 5,500 square kilometre Charley Creek Project.

Samples have been obtained from 1,401 auger holes with 400m by 100m spacing. A total of 817 samples have been prepared and submitted from this program and all but 40 assay results have now been received. (See Figures 2 & 3)

Also from the Cockroach prospect, 16.7 tonnes of sample alluvial material from 12 separate pits have been extracted for bulk density measurements. These samples will be used for metallurgical and other test work, including the production of a significant quantity of heavy mineral concentrates and individual mineral products to be used for marketing and processing tests.

Pancon/Crossland expect that the Charley Creek alluvials will be a low-cost source for the production of heavy mineral concentrates with high concentrations of REE. The companies are optimistic that the minerals in the concentrates will have standard processing characteristics and are commercially saleable, or will be a source of feedstock for value added products.

OTHER KEY PROSPECTS FOR ALLUVIAL REE

Pancon/Crossland are also processing samples from a reconnaissance air core drilling program undertaken across several large alluvial fans from other prospective areas within the Charley Creek Project. The companies expect to start generating meaningful results from these alluvial fan areas over the coming weeks (See Figures 2 & 4).

To view Figure 1, visit the following link: http://media3.marketwire.com/docs/PanconFigure1.pdf

Crossland's Exploration Director Mr. Geoff Eupene, commented: "We have made significant progress at Cockroach and are confident that our initial resource can be announced this month. We also expect to confirm that Charley Creek is shaping up as a low-cost source of REE minerals and Zircon.

While the pending resource definition is an important first step for the Joint Venture, we are still in the early stages of exploration at the Charley Creek Project and we are planning a much more detailed exploration program across the additional prospects.

We are in the process of processing and, then assaying, samples from a reconnaissance drilling program which was designed to initially test several broad alluvial fans sourced from the mountainous areas in the Charley Creek Project, the results of which could lead to a decision to proceed with the definition of what would be a much larger resource."

Pancon and Crossland will update shareholders in the coming weeks once meaningful results from the reconnaissance drilling program are available.

To view Figure 2, visit the following link: http://media3.marketwire.com/docs/PanconFigure2.pdf

To view Figure 3, visit the following link: http://media3.marketwire.com/docs/PanconFigure3.pdf

To view Figure 4, visit the following link: http://media3.marketwire.com/docs/PanconFigure4.pdf

About Pancontinental Uranium Corporation

Pancontinental Uranium Corporation ("Pancon") is a Canadian-based company focused on uranium and REE 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 and REE 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 and REE. 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 and REE project portfolio 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 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