Mr. Rick Mark reports

PANCON CLOSES SALE OF ITS CROSSLAND JV INTEREST TO ESSENTIAL MINING RESOURCES

Further to its Oct. 7, 2015, news release, the sale of Pancontinental Uranium Corp.'s entire interest (43.72 per cent) in the joint venture with Crossland Strategic Metals Ltd. of Australia to Essential Mining Resources Pty Ltd. has closed. To facilitate closing, the company's shareholders approved the reduction in the purchase price on Nov. 23, 2015. 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 was 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.

For its interest, Pancon received cash of $1.3-million (Australian), of which the final payment of $850,000 (Australian) was received on closing, and retained a 1-per-cent gross overriding royalty on sales of all production from 100 per cent of the property. Pancon has received conditional TSX Venture Exchange approval for the transaction, with final TSX-V approval pending.

Pancon chief executive officer and president Rick Mark stated: "We would like to thank our shareholders for their support in ratifying the deal to sell our interest in the joint venture with Crossland. We are hopeful that EMR will move aggressively to put the Charley Creek project into production, thus beginning the benefit of the 1-per-cent gross overriding royalty on sales of all production. The board will now set upon the task of finding a strong, financeable business opportunity with a view of enhancing shareholder value."

We seek Safe Harbor.