|By Marketwired .||
|April 16, 2013 06:30 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/16/13 -- Pancontinental Uranium Corporation (TSX VENTURE:PUC) ("Pancon" or the "Company") is pleased to announce that its Joint Venture partner, Crossland Uranium Mines Limited (ASX:CUX) ("Crossland"), issued two press releases Monday in Australia. Both are related to the publication of the JV's JORC-compliant Charley Creek REE Scoping Study. The first is an extensive summary and review of the Scoping Study and the second is their latest investor presentation on Charley Creek. Both are accessible through the links provided in this release.
The JORC-compliant Charley Creek Scoping Study was conducted by MSP Engineering, an independent consultant, and was overseen by Crossland's Chief Operating Officer Tony Chamberlain. It details capital and operating cost estimates for all of the major facets of the Charley Creek REE Project including mining operations, wet and dry plant mineral concentration facilities, REO refinery, infrastructure, and water supply. The study assumes construction of a wet and dry mineral concentrator to produce a high grade (40%+) TREO concentrate followed by onsite refining to remove uranium, thorium and major gangue elements to yield a high purity mixed rare earth carbonate product.
Pancon President and CEO, Rick Mark states: "This is a major milestone that we believe ranks Charley Creek high amongst other REE development projects, worldwide. Charley Creek's alluvial deposits mean lower mining costs. We have a preponderance of HREEs, which means we can produce the Rare Earths that are in great demand. The composition of the ore is amenable to recovery by existing well-proven methods and these attributes contribute to construction costs of relatively low magnitude. The project is situated in close proximity to the necessary mining infrastructure in the Alice Springs area, including rail to the port of Darwin in the Northern Territory. And finally, Australia is a respected political jurisdiction for mining. We are looking forward to taking this report to the investment community as well as the Governments and Companies associated with Rare Earth production and consumption."
The Crossland press release can be viewed using the following link: http://www.asx.com.au/asxpdf/20130415/pdf/42f7v06gx1svy4.pdf
Crossland's Charley Creek investor presentation can be viewed using the following link: http://www.asx.com.au/asxpdf/20130415/pdf/42f7v3g3cbz3nl.pdf
This report was prepared for Crossland Uranium Mines Limited (Crossland) by MSP Engineering Pty Ltd (MSP) as an independent consultant and is partly based on information provided by Crossland and partly on information not within the control of either Crossland or MSP.
The May 15, 2012 JORC-compliant resource estimate is not independent and, therefore, is non 43-101 compliant.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain of the statements made and information contained in this report may constitute forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws. The forward-looking statements in the report reflect the current expectations, assumptions or beliefs of MSP based upon information currently available to MSP. With respect to forward-looking statements contained in this report, assumptions have been made regarding, among other things, the reliability of information prepared and/or published by third parties that are referenced in this report or was otherwise relied upon by MSP in preparing this report. Although MSP believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unforeseen technology challenges and the level of global economic activity.
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, 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 REE and uranium exploration portfolio with projects in prolific, mining friendly districts.
Exploration is ongoing or has occurred at three Australian projects which include Charley Creek, Chilling, and Kalabity. Charley Creek has the potential for large alluvial REE deposits, and 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. Pancon has a 45% participating interest in this significant REE and uranium project portfolio.
ON BEHALF OF THE BOARD OF DIRECTORS
Don Whalen, Chairman & Director
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.
Pancontinental Uranium Corporation
President and CEO
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