Pancon and Essential Mining Resources Extend Closing Date of the Sale of the Crossland JV Interest
TORONTO, ONTARIO--(Marketwired - July 15, 2015) -
NOT FOR DISSEMINATION INTO THE USA
Pancontinental Uranium Corp. (TSX VENTURE:PUC) ("Pancon" or the "Company") reports that further to its news releases of January 15, February 20, April 1 and April 21, 2015, closing of the sale of the Company's entire interest (43.72%) in the Joint Venture with Crossland Strategic Metals Ltd. ("Crossland"), of Australia, to Essential Mining Resources PTY Ltd. ("EMR") has been extended and is now expected to occur on or about August 14, 2015. The extension was necessary to provide sufficient time to obtain the pre-requisite approvals pursuant to the Mineral Titles Act of the Northern Territory of Australia.
The parties to the definitive purchase and sale agreement (the "PSA") for the extensive Charley Creek rare earth element (REE) project as well as a number of prospective uranium and REE properties in the Northern Territory, of Australia, are Pancon, EMR and Crossland. EMR is a private Australian-based company which is 100%-owned by EMMCO Mining Sdn Bhd ("EMMCO"), a private Malaysian company beneficially held by a consortium of South East Asian investors.
The PSA provides for the following consideration to Pancon:
- Cash payments of AUD $2,550,000, which includes a deposit of AUD $450,000 (paid); and,
- A Gross Overriding Royalty of one percent (1%) on sales of all production from 100% of the property.
About Pancontinental Uranium Corporation
Pancontinental Uranium Corp. is a Canadian-based company that has been focused on rare earth elements (REE) and uranium discovery and development. Through a joint venture with Crossland, the combined management and operating team has unparalleled experience from exploration, through development to operations. Pancon and Crossland hold an impressive REE and uranium exploration portfolio with projects in prolific, mining friendly districts in NT, Australia. Exploration has primarily occurred on two projects, known as Charley Creek and Chilling.
ON BEHALF OF THE BOARD OF DIRECTORS
Rick Mark
President & CEO
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.
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.
Contact
Rick Mark
President and CEO
(416) 293-8437
(416) 293-3957