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Powertech Uranium Corp.: Powertech Uranium Corp.: Corporate Update

^{Published on 2008-12-02 09:26:40 - Market Wire}
 

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 2, 2008) - POWERTECH URANIUM CORP. ("Powertech" or the "Company") (TSX:PWE)(FRANKFURT:P8A) is pleased to announce that significant progress has been made in preparation of the Company's mine permit applications for the Dewey-Burdock Project, in Fall River and Custer counties, South Dakota, and the Centennial Project, in Weld County, Colorado.

Dewey-Burdock Project

All base line studies to support the mine permit applications at Dewey-Burdock have been completed. These include radiation data collection, air monitoring, groundwater sampling, stream sampling, soil sampling, floodplain and vegetation analyses, and archaeology. The Special, Exceptional, Critical, or Unique Lands Designation Permit application has been submitted to the South Dakota Department of Environmental and Natural Resources ("SD DENR") and deemed complete. The draft Technical Evaluation Report to be submitted to the United States Nuclear Regulatory Commission ("NRC") has been received from the Company's contractor and is under internal review. Most sections of the draft Environmental Report, also to be submitted to NRC, have been received from the Company's contractor and are being reviewed internally. The Underground Injection Control ("UIC") permit application is substantially complete and is scheduled for submission to the United States Environmental Protection Agency ("EPA") and the SD DENR in early December 2008 pending finalization of the permit boundary. Engineering and design work is well underway for Dewey-Burdock. The Company is on schedule to complete submissions of its mine permit applications for ISR operations to the EPA, the NRC and the SD DENR by the end of calendar 2008.

A new uranium exploration permit application for 30 additional drill holes was approved by the SD DENR on November 19, 2008. The purpose of the planned drill program is to confirm that the area for the proposed plant site will not be built over potential ore. Drilling is scheduled to commence after acceptance of the required reclamation surety by the SD DENR.

The Company is continuing to consolidate its land position at Dewey-Burdock and is negotiating the acquisition or control of additional surface and mineral rights in the area.

Centennial Project

All baseline studies to support the mine permit application at Centennial are scheduled to be completed in the fourth quarter of calendar 2008. These include radiation data collection, air monitoring, groundwater sampling, surface water sampling, soil sampling, vegetation analyses, and noise surveys. Approximately 80% of the tasks required to complete the Environment Report and the Class III UIC Permit application have been completed. Cultural resource surveys have been completed and review by an independent pier is underway. A positive feasibility study has been completed by an independent contractor on the use of deep disposal injection wells for the project's well land and well field waste streams.

Further to the 2008 Notice of Intent to Drill (the "NOI") for ten additional drill holes, which was approved by Colorado Division of Reclamation, Mining and Safety ("CDRMS") in August 2008, three rotary drill holes and one core hole have been completed. One additional core hole has also been completed which was approved under the 2007 drilling NOI. The three rotary holes were drilled to ensure that no uranium resources exist beneath the proposed central processing plant site. Multi-element and physical parameter analyses were performed on core from the core holes. The results of the physical parameter analyses (permeability, porosity, density, etc.) will be incorporated into hydrogeologic modeling for the project. Multi-element analyses results have been incorporated into ongoing metallurgical testing of the mineralized sands. Two additional drill holes are planned to be completed as monitor wells, but work has not yet begun on these holes.

The decision to incorporate additional technical information from a final pump test has resulted in a revision in the schedule for filing all permit applications for the Centennial Project. The Company now intends to submit the necessary permit applications for ISR operations to the EPA, the Colorado Department of Public Health and Environment, Colorado Department of Natural Resources, and Weld County in the first half of calendar 2009. The revision in schedule will allow the Company to bring several of the final steps in completing the permit application in-house, resulting in significant anticipated cost savings from decreased involvement of consultants and contractors on the project.

A modification to the 2008 NOI was recently submitted and approved by CDRMS for 15 new wells and one core hole, subject to placement of the required financial surety. The modification includes 13 pump test wells that will facilitate the final pump test, which is now scheduled for March 2009.

The Company is continuing to consolidate its land position at Centennial and is negotiating the acquisition or control of additional surface and mineral rights in the area.

This news release has been reviewed and approved by Mr. Clement, President and CEO of Powertech, under whose direction the company's operations are being carried out. Mr. Clement, P.G., MSc. is a Qualified Person as defined by National Instrument 43-101.

About Powertech Uranium Corp.

Powertech Uranium Corp. is a Denver-based mineral exploration and development company that holds the Dewey-Burdock Uranium Deposit in South Dakota, the Centennial Project in Colorado and the Dewey Terrace and Aladdin Projects in Wyoming. The company's key personnel have over 200 years of experience in the uranium industry throughout the United States, and have permitted more than a dozen in-situ operations for production. For more information, please visit [ http://www.powertechuranium.com/ ]

POWERTECH URANIUM CORP.

Richard F. Clement Jr., President & CEO

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's project development and permitting activities at the Dewey Burdock project and the Centennial project. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, and include the statements: (a) that the Company is on schedule to complete submissions of its mine permit applications for ISR operations to the EPA, the NRC and the SD DENR by the end of calendar 2008, (b) that the Company now intends to submit the necessary permit applications for ISR operations to the EPA, the Colorado Department of Public Health and Environment, Colorado Department of Natural Resources, and Weld County in the first half of calendar 2009, and (c) that the Company is continuing to consolidate its land position at Dewey-Burdock and Centennial and is negotiating the acquisition or control of additional surface and mineral rights in those areas. Such statements are based upon certain expectations, estimates and assumptions and are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including:
(1) an extended downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with uranium exploration, including the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and ore densities or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents or other risks of the mining industry, (3) a decrease in the demand for and/or a decrease in the price of uranium, (4) an increase in the operating costs associated with the extraction and processing of the uranium, (5) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems, (6) the risk that the Company does not execute its business plan, (7) inability to retain key employees, (8) inability to finance operations and growth, (9) any negative change in the law, regulatory or political environment which would negatively affect the Company's ability to obtain all necessary environmental and regulatory approvals, (9) an increase in the number of competitors with larger resources, and (10) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the Company's MD&A filed with Canadian security regulators at [ www.sedar.com ].

The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.