Pancontinental Resources Corp (PUC)

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Pancon Announces Core Drilling Underway on Cockroach Dam Prospect, on Charley Creek Project, NT, Australia

Press Release Source: Pancontinental Uranium Corporation On Tuesday July 27, 2010, 1:21 pm EDT

http://finance.yahoo.com/news/Pancon-Announces-Core-iw-3460642372.html?x=0&.v=1

VANCOUVER, BRITISH COLUMBIA--(Marketwire - 07/27/10) - Pancontinental Uranium Corporation (TSX-V:PUC - News) ("Pancon") is pleased to advise that its joint venture partner Crossland Uranium Mines Limited ("Crossland") (ASX:CUX - News) has announced that core drilling has now commenced on their Cockroach Dam prospect within the key Charley Creek uranium project in the Northern Territory.

The Cockroach Dam drilling start-up follows the granting of all permits required for the present exploration program on their 4,000 km2 Charley Creek Project, west north-west of Alice Springs.

The initial core drilling is taking place in the Cockroach East area which is the most accessible area of the Company's Cockroach Dam Prospect, and is one of four areas in the prospect that have been scheduled for drilling.

The four targeted areas have been defined from high uranium radiometric readings in airborne and ground surveys. All of these lie within the geological unit known as the Teapot Granite. The areas to be drilled have also been defined by surface rock chip sampling, with some 186 samples collected to date from the prospect area averaging 439 ppm U3O8.

The most extensive of the four areas, Cockroach Dam Central, covers over 6 km2 and has returned values in rock chip samples of up to 0.536% U3O8, as has been previously reported. Crossland presently believes this is the most promising of the areas, but drilling requires that access is first upgraded. This additional access work is now in progress.

As of July 25, Hole CED2010-1 had reached a depth of 44.8 m. Coring has been continuous since the hole collar, on granite outcrop. The secondary uranium mineral, uranophane, is visible in the host rock in the first few metres of the hole, but below that the rock is apparently unaltered granite with radiometric counts similar to the near surface material.

It is proposed to sample the Teapot Granite with up to five holes in this phase of exploration at Cockroach East. The nominal depth of these holes will be 150 m.

This work is designed to evaluate the grade and variability of uranium content and to provide samples of primary mineralization for initial mineragraphy. A further 10 holes are also planned in the first phase of activity at Cockroach Central, for a total of 1500 m of core drilling.

Crossland and Pancon have a long-stated policy of announcing only elemental uranium assays, not radiometric estimates of uranium content. This means that the core samples now being collected will be subjected to conventional processing procedures before being submitted to an accredited laboratory for analysis. It is expected that the first of the drilling results should start to become available in approximately 4-5 weeks.

Pancon and Crossland will keep the market informed of significant developments.

All technical information in this release has been reviewed by Geoff Eupene, Qualified Person for Crossland and Pancon.

About Pancontinental Uranium Corporation

Pancontinental Uranium Corporation ("Pancon") is a Canadian-based company focused on uranium 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 holds an impressive 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. Pancon is earning a 50% interest in this significant uranium project portfolio through the joint venture 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

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.

Contact:
Contacts:Pancontinental Uranium CorporationRichard MarkPresident and CEO604-986-2020 or 1-866-816-0118Pancontinental Uranium CorporationKeith PateyDirector of Communications604-986-2020 or 1-866-816-0118604-986-2021 (FAX)www.PanconU.com