Crossland Directors Resign from Pancontinental Uranium Board
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Crossland Directors Resign from Pancontinental Uranium Board
Vancouver, B.C., July 27, 2011. Pancontinental Uranium Corporation (TSX-V: PUC) (“Pancon”) is announcing the resignations of two of its directors, Mr. Geoff Eupene and Mr. Peter Walker who are also directors of Pancon's Joint Venture partner, Crossland Uranium Mines Limited. Pancon recently earned its 50% direct joint venture interest in the Uranium and Rare Earth Element ("REE")-focused projects in Australia, where Crossland is the project operator. Mr. Eupene and Mr. Walker played an important interface role for Pancon during the earn-in period.
Having earned its interest, Pancon is now participating in the oversight of the project through a Joint Venture Management Committee, set up for that purpose. As such, Mr. Eupene and Mr. Walker felt it was timely to step down from the Pancon board to avoid any potential conflict which could occur in the normal course of business.
Pancon is now actively searching for new independent director(s) to join its Board and expects to be able to make an announcement shortly.
Pancon's management and Board would like to thank Mr. Eupene and Mr. Walker for their valuable input and support, which has been of great assistance since the inception of the Joint Venture with Crossland who had acquired the strategic and prospective property package in Australia. Pancon is looking forward to working closely with Crossland in the exploration of the Joint Venture’s uranium properties and its newly discovered REE project at Charley Creek in NT, Australia.
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 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 immediate plans include formulating an exploration program in Burkina Faso.
ON BEHALF OF THE BOARD OF DIRECTORS
Rick Mark President & CEO
For further information, please contact:
Richard Mark Keith Patey President and CEO Director of Communications
604-986-2020 or 1-866-816-0118 604-986-2020 or 1-866-816-0118
For additional information, please visit our website at www.PanconU.com.
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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.