Pancontinental Uranium Enters Into Uranium Joint Venture in Burkina Faso

TORONTO, ONTARIO, Jun 23 (MARKET WIRE) --
Pancontinental Uranium Corporation ("Pancon" or the "Company")(TSX
VENTURE: PUC) is pleased to announce that its subsidiary,
Crosscontinental Uranium Limited ("Crosscontinental"), has signed a Joint
Venture Agreement (the "Agreement") with Southern Cross Exploration NL
("Southern Cross") and Longreach Oil Limited ("Longreach Oil") on the
Oursi uranium project in Burkina Faso, West Africa. Crosscontinental is a
private Canadian company equally owned by Pancon and Crossland Uranium
Mines Limited ("Crossland"), established to explore for uranium outside
of Australia.

The Oursi project consists of two permits granted for uranium exploration
in northeastern Burkina Faso held by Southern Cross (and Longreach Oil
indirectly), namely "Tin Dioulaf" and "Agalsa" (collectively, the
"Permits").

Crosscontinental will be the manager and operator of the Joint Venture.

Essential terms of the Agreement are summarized as follows:

- Crosscontinental can earn up to a 35% interest in the Permits by
spending AUD$150,000 which includes reimbursement of some acquisition
costs and the completion of a detailed airborne geophysical survey within
the first nine months of the Agreement. These are the minimum commitment
requirements before Crosscontinental can withdraw from the Joint Venture.
If Crosscontinental does not meet the minimum commitment requirements,
then it will have no interest in the Permits.

- Crosscontinental can increase its interest to 50% upon the completion
of spending a further AUD$400,000 within the first three years of the
Agreement.

- If Crosscontinental increases its interest to 50%, Southern Cross and
Longreach Oil can elect separately to participate in further expenditures
with their respective 37.5% and 12.5% interests ("Participating
Interest"). Crosscontinental's interest can increase to 80% if Southern
Cross and Longreach Oil elect separately to reduce their respective
interests to 15% and 5% ("Non-participating Interest"). Each scenario is
free carried to the definition of a JORC-compliant Resource, completion
of a favourable bankable feasibility study and a Decision to Mine.

- At the Decision to Mine, Southern Cross and Longreach Oil can elect
separately to either participate in further expenditure in proportion to
its Participating or Non-participating Interest or convert its interest
to an NSR (1.5% for Southern Cross and 0.5% for Longreach Oil).

The Oursi project tenements cover a combined area of 500 square
kilometres and include a 50 kilometre strike length of an unconformity
structure that is considered to be prospective for uranium deposits. A
known uranium mineralization occurrence is located 50 kilometres along
strike and west of the Oursi tenements. It is intended that the project
will be operated by Crosscontinental Burkina Sarl, a wholly-owned
subsidiary of Crosscontinental. Initial aerial inspection of the title
has been completed. There is no existing detailed airborne radiometric
survey coverage over the area and Crosscontinental is currently seeking a
contractor to undertake a survey covering the tenements. This survey is
expected to commence as soon as a suitable contractor has been engaged,
necessary approvals are in place and weather permits.

Burkina Faso is a West African republic that has favourable settings for
certain types of uranium deposits and has not been intensively explored
in the past. Crosscontinental has applied for additional permits in
prospective areas.

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.

For additional information, please visit our website at
www.PanconU.com.

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.

-0-