Mr. Rick Mark reports

PANCON AND ESSENTIAL MINING RESOURCES REVISE PURCHASE PRICE FOR PANCON'S INTEREST IN THE CROSSLAND JOINT VENTURE

Further to Pancontinental Uranium Corp.'s July 15, 2015, news release, the cash compensation to be received from the sale of the company's entire interest (43.72 per cent) in the joint venture with Crossland Strategic Metals Ltd. of Australia has been reduced, and the sale to Essential Mining Resources Pty. Ltd. (EMR) has been closed in escrow, subject to receipt of Pancon shareholder approval. The joint venture comprises the extensive Charley Creek rare earth (REE) project and a number of prospective uranium and REE properties in the northern territory of Australia. The company's interest in the joint venture is held in its wholly owned subsidiary, Panconoz Pty. Ltd.

EMR is a private Australian-based company which is 100 per cent owned by EMMCO Mining Sdn Bhd, a private Malaysian company beneficially held by a consortium of southeast Asian investors.

The cash compensation component of the purchase price was reduced from $2.55-million (Australian) to $1.3-million (Australian), of which a $450,000 (Australian) deposit was paid in March, 2015, and the balance of $850,000 (Australian) is currently held in trust by Pancon's legal counsel, pending receipt of shareholder approval. In addition, the company retains its 1-per-cent gross overriding royalty (GOR) on sales of all production from 100 per cent of the property.

Pancon chief executive officer and president, Rick Mark, states: "We are disappointed that we were not able to close the sale on the original terms, but considering the state of the global economy, poor financial markets for juniors and depressed commodity markets, we are pleased to be in a position to complete the sale. The continued decline in the price of commodities coupled with the economic uncertainties in China, the major market for rare earth elements, resulted in a long and protracted negotiation with EMR. The total cash compensation of $1.3-million (Australian) is slightly over 50 per cent of the original price and we believe this to be a reasonable accommodation, given the difficulties of obtaining financing and the condition of the REE market today. Importantly, we have maintained our 1-per-cent GOR on all production. If the REE market improves and production begins at Charley Creek, Pancon shareholders will benefit from that GOR."

A special meeting of Pancon shareholders is scheduled to be held on Nov. 23, 2015, to approve the amendment to the purchase price with closing to occur on or about Nov. 26, 2015.

We seek Safe Harbor.