Pancontinental/Crossland’s Exploration Budget to Exceed A$3 Million in 2010

Pancontinental Uranium and JV partner, Crossland Uranium have approved a record exploration budget for the current calendar year.

Pancon Director and Crossland Director and CEO, Mr. Geoff Eupene, said today the partners had budgeted for a total spend of A$3.3 million on their joint venture projects during 2010.

Mr. Geoff Eupene, Pancon and Crossland Director and CEO says:

“This is our highest annual exploration budget since the Pancon/Crossland JV was established in 2007.” 

“Of this new budget, A$2.76million, or 82%, will be spent on projects in Australia’s Northern Territory, with the JV’s flagship projects – Chilling (NT Top End) and Charley Creek (north-west of Alice Springs) receiving the bulk of this expenditure. Our extensive surface and airborne activities in these project areas over the past three years have identified a number of very promising targets and we plan to drill a minimum of six of these targets this year. We will also be drilling the Tabita Prospect on the Kalabity Project in South Australia.”

“During 2010, the increased exploration budget will see Pancontinental achieve its required spending of A$8 million to earn a 50% interest in the Joint Venture Projects. After that, Pancon and Crossland will share funding of Joint Venture Projects on a 50:50 basis.” 

For complete press release, click here.

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