Pancontinental Uranium Releases Initial Results From Charley Creek, Northern Territory, Outcrop Chip Samples; Air Core

TORONTO, ONTARIO, Aug 27 (MARKET WIRE) --
Pancontinental Uranium Corporation ("Pancon" or the "Company") (TSX
VENTURE: PUC) is pleased to announce initial assay results from the
Charley Creek project in the Northern Territory of Australia from outcrop
chip samples collected in June, 2008.

These samples were collected following up on radiometric anomalies
delineated in the January, 2008 airborne radiometric survey. The airborne
survey results indicated that high uranium radioactivity occurs over
extensive areas of the Teapot Granite.

The follow-up chip sample results are summarized in the following table:

------------------------------- ---------------------------
Sample ID Uranium (ppm) Sample ID Uranium (ppm)
------------------------------- ---------------------------

------------------------------- ---------------------------
315651 120 315670 273
------------------------------- ---------------------------
315652 49.9 315671 191
------------------------------- ---------------------------
315653 46.6 315672 438
------------------------------- ---------------------------
315654 316 315673 640
------------------------------- ---------------------------
315655 520 315674 350
------------------------------- ---------------------------
315656 13.9 315675 274
------------------------------- ---------------------------
315657 310 315676 450
------------------------------- ---------------------------
315658 161 315677 83.7
------------------------------- ---------------------------
315659 560 315678 258
------------------------------- ---------------------------
315660 820 315679 174.5
------------------------------- ---------------------------
315661 123 315680 580
------------------------------- ---------------------------
315662 680 315681 1660
------------------------------- ---------------------------
315663 500 315682 21.9
------------------------------- ---------------------------
315664 720 315683 79.9
------------------------------- ---------------------------
315665 90.8 315684 165.5
------------------------------- ---------------------------
315666 196 315685 2530
------------------------------- ---------------------------
315667 139.5 315686 2210
------------------------------- ---------------------------
315668 710 315687 680
------------------------------- ---------------------------
315669 388
-------------------------------

The rock chip results reported represent all samples collected to date
in the follow-up. These confirm that uranium values of sub economic and
economic tenor are present in outcrop in association with the surface
radiometrics. The prospecting work indicates that the elevated uranium
values are associated with a particular phase of the Teapot Granite. In
outcrop, this contains widespread visible secondary uranium minerals on
fracture surfaces. There is the possibility that the values reported
above are enhanced by surface enrichment, and it will be possible to
evaluate this when drilling is undertaken.

The association with a particular granite phase which outcrops over an
area of several square kilometres raises the potential of a large
deposit. The ground spectrometer survey will continue over anomalous
areas identified from airborne work, in parallel with prospecting.
Application will now be made to drill-test the outcropping
mineralization. Assuming the necessary permitting procedures are
completed, this work is scheduled for early 2009, during the wet season
in the north of Australia. The area has been designated the Cockroach Dam
prospect, after a nearby watering point on the pastoral property that
hosts the anomalies.

In addition, the results of multi-element analysis for 1185 samples
collected from the May 2008 air core drilling into the shallow
sedimentary basin at Charley Creek, have now been received. These are
being reviewed and compiled along with down hole lithology and
radiometrics, and results will be used to delineate targets for the next
phase of air core drilling.

The chip sample results can also be viewed on a property image at the
following link: http://media3.marketwire.com/docs/Charley0827.pdf and can
also be viewed on the Pancon website. The image shows the results in
parts per million ("ppm") uranium plotted over the uranium radiometric
results from the airborne survey, where yellow areas indicate uranium
equivalent values of greater than 15 ppm calculated from that survey. The
sample locations are marked with pink dots.

Results from the Kalabity auger drilling program, completed in March
2008, were received on August 14, and evaluation of these has begun.

The current focus of field work is on the joint venture's Chilling
Project in the Northern Territory.

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 four Australian projects which include Chilling, Charley
Creek, Kalabity and Crossland Creek. 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 international subsidiary company,
Crosscontinental Uranium Limited, and immediate plans include formulating
an exploration program in Burkina Faso.

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.

Shares Outstanding: 49,806,492

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.

THE TSX VENTURE EXCHANGE HAS NOT
REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY
OF THIS RELEASE.

Contacts:
Pancontinental Uranium Corporation
Richard Mark
President and CEO
(604) 986-2020 or 1-866-816-0118
(604) 986-2021 (FAX)

Pancontinental Uranium Corporation
Ashleigh Meyer
Manager, Investor Relations
(416) 867-8073
Email: info@PanconU.com
Website: www.PanconU.com

Copyright 2008, Market Wire, All rights reserved.

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