PUC Pancontinental Resources Corporation

Pancontinental Uranium Corporation ("Pancon" or the "Company") (TSX VENTURE:PUC)
is pleased to announce that its Joint Venture partner, Crossland Uranium Mines
Limited, issued the following press release today in Australia, regarding the
Charley Creek REE project in NT, Australia:


Crossland Uranium Mines Limited (Crossland: ASX:CUX) are the Managers of a Joint
Venture (CUX 55%:PUC 45%) with Canadian listed Pancontinental Uranium
Corporation (TSX VENTURE:PUC). Crossland is pleased to advise that
Pancontinental has resumed funding of their 45% equity in the Joint Venture for
2012. 


Crossland recently released an initial JORC-compliant Resource estimate of
Indicated and Inferred alluvial Rare Earth Oxide (REO) Resources for two areas
at the Charley Creek Project, (see May 15 press release for additional
information). This resource estimate is non-43-101 compliant and is not to be
relied upon as it was not produced by an independent person. This disclaimer has
been added by Pancon.


Crossland has commenced a comprehensive technical program to rapidly Enhance,
Expand, and De-risk the Project to begin assessment of the economic viability of
a large scale alluvial Rare Earth Oxide (REO) mining and processing operation.
The principal elements of this program are as follows.




--  ENHANCE. Heavy rare earth oxides (HREO) have a much better fundamental
    demand and price outlook versus Light rare earth oxide (LREO)'s. Within
    the Charley Creek Alluvial Fans, there are significant opportunities to
    identify areas of mineralized alluvium with higher-grades and ratios of
    HREO which would have a positive impact on project economics. 
--  EXPAND. The current Charley Creek JORC-compliant Resource for the
    Western Dam and Cattle Creek areas covers less than 5% of the area of
    prospective alluvial deposits within the Charley Creek property.
    Crossland believes there is significant potential to expand on the
    inaugural Resource estimate. 
--  DE-RISK. Particular emphasis is also being given to process development
    testwork to permit plant design and to demonstrate that REO products
    will be readily extracted from Charley Creek mineralization using
    proven, low-cost processes. The evaluation of process test work
    currently under way, together with the expansion and enhancement
    programs will lead to a Scoping Study and Preliminary Economic
    Assessment that will significantly de-risk the project, making it
    attractive for strategic investors. 



SUMMARY

Crossland believes that the Program outlined above will support ongoing
marketing efforts to increase investor awareness of the advanced stage of the
Charley Creek project to the benefit of both Crossland and Pancontinental
shareholders.


The potential of Charley Creek is yet to be realised and the current program is
specifically designed to rapidly demonstrate the project's potential for
expansion and enhancement. This should significantly de-risk the project in
advance of a future large-scale, low-cost alluvial mining operation to produce
high-grade REE and zircon heavy mineral concentrate products. This approach, if
successful, would advance Charley Creek's development timetable ahead of many
other potential rare-earth producers.


The Program will produce significant results in coming weeks and the market will
be updated as these are interpreted. This will lead to an initial Scoping Study
which is expected to be completed during the fourth quarter of 2012. Crossland
looks forward to communicating these results. 


RESOURCE SIZE AND DEFINITION

Crossland recently released an initial JORC-compliant Resource estimate of
Indicated and Inferred alluvial Rare Earth Oxide (REO) Resources for two areas
at the Charley Creek Project (see May 15 ASX release for additional
information). This resource estimate is non-43-101 compliant and is not to be
relied upon as it was not produced by an independent person. This disclaimer has
been added by Pancon. 


The Charley Creek property has demonstrated anomalous TREO contents with
variable HREO ratios over an area measuring 135 km long and 5 - 7 km wide, an
area of approximately 800 square kilometres. See Figure 1.


To view Figure 1 please click on the following link:
http://media3.marketwire.com/docs/Figure1PUC.pdf 


The current Resource exhibits exceptional continuity of mineralization both
laterally and vertically within the outwash alluvial fans. Statistical analysis
suggests that drill holes located on 800m centres are acceptable for Resource
estimation. This analysis will significantly reduce drill costs while producing
reliable data for Resource estimation. 


To view Figure 2 please click on the following link:
http://media3.marketwire.com/docs/Figure2PUC.pdf 


HEAVY RARE EARTH CONTENT

The REO is contained almost exclusively in monazite and xenotime minerals and
the current Resource has a Heavy Rare Earth Oxide (HREO) / Total Rare Earth
Oxide (TREO) ratio of approximately 17%. There is significant opportunity to
increase this ratio by targeting known areas of enriched xenotime mineralization
located outside of the current Mineral Resource volume, (see April 5th 2012 ASX
release). 


Survey results included high grades of up to 0.6% TREO in alluvium (5,778ppm
TREO) and HREO/TREO ratios as high as 69.5%. The data suggests that higher
ratios of HREO could be expected in the large alluvial deposits to the east of
Cattle Creek as evidenced by approximately 21% of the survey samples returning a
HREO/TREO ratio of greater than 20% versus the average HREO/TREO ratio of
approximately 17% reported for the sample data base of the current Resource. See
Figures 3 & 4.


To view Figure 3 please click on the following link:
http://media3.marketwire.com/docs/Figure3PUC.pdf 


Graphs illustrate the proportions of Light, Medium and Heavy REO in ores from
Crosslands' Charley Creek, Molycorp's Mountain Pass, Lynas' Mount Weld and
Arafura's Nolans projects, expressed as percentages of Total REO that is Light
(LREO: La, Ce, Pr, Nd), Medium (MREO: Sm, Eu, Gd) and Heavy (HREO: Tb, Dy, Ho,
Er, Tm, Yb, Lu, Y)


These results provide focus and guidance to identify areas where further
drilling could delineate higher- grade HREO-bearing alluvium. Previous
mineralogical studies have shown that xenotime is the HREO host mineral in the
Charley Creek Project area. Xenotime (Yttrium Phosphate) is highly enriched in
high-value heavy rare earths.


Charley Creek's enriched HREO ratio enhances its strategic and economic value.

To view Figure 4 please click on the following link:
http://media3.marketwire.com/docs/Figure4PUC.pdf 


MINERALOGY, METALLURGY AND MARKETING

The metallurgical treatment of xenotime and monazite minerals, found at Charley
Creek is well understood technology. Both monazite and xenotime are phosphate
minerals. These minerals have well documented and relatively straight forward
and predictable processing characteristics. Both of these REO-bearing minerals
are easily dissolvable in common acids, making them preferred feedstocks with
well-established, low-cost and low-risk processing options for high-quaity REO
production.


Preliminary test work has indicated that it will be possible to produce
high-grade concentrates of these minerals using low-cost physical processes that
are well-understood in the mineral sands industry.


As part of a program to systematically de-risk the project, work has been under
way on heavy mineral concentrate flowsheet development and will soon commence on
confirmation of expected leaching characteristics of high grade
monazite/xenotime concentrates produced from Charley Creek alluvium in earlier
test work. Ongoing studies include the following.




--  Wet Plant Processing to produce initial Heavy Mineral Concentrate (HMC) 
    
    Heavy mineral separation flowsheet development is currently under way at
    Allied Mineral Laboratories P/L in Perth 

    --  Spirals are showing good HM recoveries 
    --  A grade of 6.25% TREO has been achieved in earlier HMC tests 

--  Dry Plant Processing of HMC using magnetic and electrostatic processes
    common to the heavy mineral sand industry
    
    Production of high grade monazite/xenotime concentrate is being assessed
    (TARGET 50%TREO). A separate saleable Zircon concentrate can also be
    produced
    
--  Hydrometallurgy process requirements as they relate to the production of
    rare earth oxide products 

    --  A first stage "process confirmation" of hydrochloric and suphuric
        acid leach characteristics will commence soon on monazite/ xenotime
        concentrates and will be reported during this phase of testing 
    --  Preliminary hydrometallurgical process studies for leaching
        monazite/ xenotime concentrate, with processing to produce value
        added, separate refined rare earth oxide and hydroxide products will
        follow in a subsequent testing phase 

--  Permitting and baseline environmental studies will be initiated
    
--  Marketing studies will be initiated when sufficient initial product is
    available to commence distributing samples. 



The information in this report that relates to Exploration Results, Mineral
Resources or Ore Reserves is based on information compiled by Geoffrey S Eupene
CP, a Fellow of the Australasian Institute of Mining and Metallurgy. He is a
director of the Company and a full time employee of Eupene Exploration
Enterprises Pty Ltd. He has sufficient experience which is relevant to the
styles of mineralisation and types of deposits under consideration, and to the
activity which he is undertaking to qualify as a Competent Person as defined in
the December 2004 edition of the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves (the JORC Code). Geoffrey S Eupene
has consented to the inclusion in this report of the matters based on this
information in the form and context in which it appears. 


About Pancontinental Uranium Corporation

Pancontinental Uranium Corporation ("Pancon") is a Canadian-based company
focused on uranium and REE 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 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 alluvial REE deposits, and 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 earned an initial 50% interest in this significant uranium and REE
project portfolio with Crossland through the expenditure of AUD$8 million. In
September 2011, due to prevailing poor financial market conditions, Pancon
elected to conserve its cash and avoid having to raise additional funds at
depressed share prices. As a result, Pancon ceased funding its 50% share of the
Joint Venture expenditures until the end of 2011. Pancon's interest was reduced
by 5%. According to the Joint Venture agreement, Pancon has the right to resume
funding at any time to maintain its interest and chose to do so effective Jan 1,
2012. 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

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.

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