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To: LoneClone who wrote (32209)	2/4/2009 8:07:38 PM
From: LoneClone	Read Replies (1) \| Respond to of 195744

Pancontinental Uranium Corporation Reports Promising Drill Results at Chilling Project Wednesday February 4, 3:10 pm ET ca.us.biz.yahoo.com VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 4, 2009 -- Pancontinental Uranium Corporation (CDNX:PUC.V - News) ("Pancon" or "the Company") is pleased to update shareholders on its Joint Venture partner Crossland Uranium Mines Ltd's (ASX:CUX.AX - News) exploration progress on the March Fly prospect on its Chilling project in NT, Australia. In the second half of the 2008 dry season, diamond core drilling was focused on the March Fly Prospect, also known as Mount Thomas, where high grade uranium intersections have been obtained in previous exploration. Uranium mineralization extends from surface to depths of over 100m, within a radioactivity anomaly that is approximately 700m long. Seven core holes, totalling 1203.7m were drilled along the anomaly, with six of the holes drilled near intersections of uranium mineralization in percussion holes drilled by earlier explorers, over a 300m long zone. Some 275 samples of half core were submitted for chemical analysis on December 10, 2008, and results of these samples have recently been received. These results still require evaluation in the context of the previous intersections and surface geology, and this process is underway. Initial diamond drilling data for the Chilling Project in 2008 is summarized in the following table: MARCH FLY PROSPECT, CHILLING PROJECT, 2008 DRILLING PROGRAM ----------------------------------------------------------------------- Sampled Intervals Coordinates Total (m) Drill ----------------- Downhole ----------------- Hole Easting Northing Direction Dip Depth (m) From To ----------------------------------------------------------------------- CHDD03 691782 8493168 270 60 194.7 13 16 36 60 70 76 96 99 150 163 ----------------------------------------------------------------------- CHDD04 691800 8493191 235 60 149.7 61 111 ----------------------------------------------------------------------- CHDD05 691744 8493195 90 60 161.7 11 61 ----------------------------------------------------------------------- CHDD06 691724 8493224 86 60 227.5 37 44 77 110 ----------------------------------------------------------------------- CHDD07 691765 8493016 349 60 164.7 64 143 ----------------------------------------------------------------------- CHDD08 691618 8492622 98 60 155.7 - - ----------------------------------------------------------------------- CHDD09 691882 8493312 280 70 149.7 38 42 ----------------------------------------------------------------------- Total 7 holes 1203.7 275 samples ----------------------------------------------------------------------- Significant uranium assay results from the above drilling data are summarized below: --------------------------------------------- From To Interval Grade Hole (m) (m) (m) %U3O8 --------------------------------------------- CHDD03 49 53 4 0.159 --------------------------------------------- including 50 51 1 0.492 --------------------------------------------- CHDD04 65 66 1 0.250 --------------------------------------------- and 77 79 2 0.024 --------------------------------------------- and 90 91 1 0.043 --------------------------------------------- and 94 97 3 0.012 --------------------------------------------- CHDD05 22 35 13 0.040 --------------------------------------------- including 32 33 1 0.192 --------------------------------------------- CHDD06 83 87 4 0.023 --------------------------------------------- and 105 109 4 0.198 --------------------------------------------- including 106 107 1 0.676 --------------------------------------------- CHDD07 92 93 1 0.048 --------------------------------------------- and 97 98 1 0.037 --------------------------------------------- and 108 110 2 0.017 --------------------------------------------- and 125 128 3 0.022 --------------------------------------------- CHDD09 39 40 1 0.013 --------------------------------------------- Notes: Results presented here have been composited according to strictly applied rules. These are: - Minimum grade for intersection entry: 0.01%U. - Included waste (less than 0.01%U): 2m. - Intervals of greater than 0.1%U are listed as "included" intervals. - Results are reported as %U3O8. A factor of 1.179 converts U to U3O8. - 453.6 grams equate to 1 pound. Therefore 0.045% U3O8 in the table above equals 1 pound per tonne. Geoff Eupene, CEO of Crossland Uranium states: "The March Fly mineralization appears to be uraninite, controlled by a specific association of structure and rock type. When the previous drill data are incorporated with the new results, we expect to begin to demonstrate continuity of mineralization in the deposit that can lead to an estimation of a modest resource. With the right grade, this could have a local market. The mineralization starts at surface at March Fly, which is a big advantage for mining costs." Outcropping uranium mineralization was discovered at March Fly in the early 1980s. The mineralization is hosted in medium grade metamorphosed sedimentary rocks of the Pine Creek Inlier, which also host the major historic and operating ore bodies in the top end of the NT, such as those at Rum Jungle and in the Alligator Rivers Uranium Province. Core drilling has enabled the sub-surface setting of the mineralization, which is evidently controlled both by favourable rock types and structures, to be clearly seen for the first time. More study is needed to characterize the style of mineralization and to plan the next stage of evaluation. Minor gold mineralization appears to be loosely associated with the higher uranium values, and the interval from 65m to 66m in Hole CHDD04 returned 1.395g/T Au as well as 2499ppm U3O8. Additional gold assays will be requested from the laboratory. CHILLING PROJECT UNCONFORMITY DEPOSIT EXPLORATION UPDATE The biggest opportunity at the Chilling project continues to be the discovery of unconformity-related deposits that probably occur beneath the sandstone cover rocks. The Company expects to get an early start looking at structures that extend below the cover in 2009, and subject to the weather, will get field work started on these in May. This includes the newly-granted Buchanan exploration license, on the south end of the Chilling Project, which contains approximately half of the radiometric anomalies in the project area. Qualified Person The exploration activities and results contained in this report are based on information compiled by Geoffrey S. Eupene, CP., a Fellow of the Australasian Institute of Mining and Metallurgy. Mr. Eupene is the designated Qualified Person for the joint venture exploration activity. He is a director of Pancon and Crossland and is a full time employee of Eupene Exploration Enterprises Pty. Ltd. Mr. Eupene has reviewed this press release. ON BEHALF OF THE BOARD OF DIRECTORS Rick Mark, President & CEO The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Contact: 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) Website: panconu.com Source: Pancontinental Uranium Corporation