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Wed, January 21, 2009Tue, January 20, 2009Mon, January 19, 2009Fri, January 16, 2009Thu, January 15, 2009Wed, January 14, 2009Tue, January 13, 2009Mon, January 12, 2009Sun, January 11, 2009Fri, January 9, 2009Powertech Uranium Corp.: Powertech Submits UIC Permit Application at Dewey-Burdock
Published in Business and Finance on Thursday, January 15th 2009 at 6:49 GMT, Last Modified on 2009-01-15 06:51:34 by Market Wire
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2009) - POWERTECH URANIUM CORP. ("Powertech" or the "Company") (TSX:PWE)(FRANKFURT:P8A) is pleased to announce that, through its wholly owned subsidiary Powertech (USA) Inc., it has submitted its first major permit application for the Dewey-Burdock Project to the United States Environmental Protection Agency ("EPA"). The EPA issues one of three major permits that will allow development of the Company's Dewey-Burdock Project in the Edgemont Uranium District of southwestern South Dakota. The application filed with the EPA is for an Underground Injection Control Permit. The Company has completed preparation of the other two major applications for submission to the US Nuclear Regulatory Commission ("NRC") and the South Dakota Department of Environmental and Natural Resources ("DENR"). The application for the license to be issued under the Atomic Energy Act by the NRC is currently being reviewed and refined by legal counsel and technical reviewers since it is the broadest in scope and the most complex of all the applications. The reviews are expected to result in an application that will minimize regulatory review delays and requests for additional information from the NRC staff. The completed NRC application will be incorporated into the Large-Scale Mining Permit application to be submitted to the DENR. The Company anticipates that both applications will be submitted within the next three to four weeks. Subsequently, a Plan of Operation will be filed with the US Bureau of Land Management to address the recently added claims acquired from Neutron Energy Inc. (January 13, 2009; "Powertech Acquires Additional Land at Dewey-Burdock.")
Powertech began the process of acquiring background environmental data at Dewey-Burdock approximately 18 months ago. This analysis covered all the major baseline conditions to thoroughly characterize the project area, including the geology, hydrology, biology of flora and fauna, ambient atmospheric conditions, background radiometrics, cultural resources and socio-economics of the project area as several of the major disciplines studied. This body of work formed the foundation for the preparation of the application.
In situ uranium mining in the United States is governed under the Safe Drinking Water Act ("SDWA") by the EPA. When the US recognized that a number of industries operate with wells that inject fluids into the subsurface, it created, through the SDWA, regulations that recognize the value of, and allow in situ production of underground uranium deposits. With the authority of the SDWA, the legislature established the "Underground Injection Control Program" or UIC. This UIC program was designed to allow identified ore bodies that were capable of production via the in situ process to be developed by the isolation of the operating area and creating a regional monitoring system that assures that no pollution of water supplies would ensue from the mining process.
The submission by the Company of an in situ uranium application directly to the EPA is unique in the US. Previous applicants worked within uranium districts of states who have taken primacy (responsibility) for the UIC permitting process. Since South Dakota has had no history of in situ uranium mining, the state never undertook the role of primacy for this type of mining. During the process of preparing the application the Company had numerous opportunities to interact with Region 8 of the EPA. While EPA Region 8 is the responsible regional office for Wyoming, South Dakota, Nebraska and Colorado, only Wyoming and Nebraska have elected to gain primacy for in situ uranium mining. Therefore, the Company applies directly to the EPA for its UIC permit. In Wyoming and Nebraska, the companies apply for their UIC permits directly to state agencies who in turn request concurrence from the EPA. Therefore, the EPA has extensive experience in reviewing in situ permits but only after the states have reviewed the applications. The Company believes that the process in South Dakota will be more efficient than applying through two levels of agencies before the UIC permit and aquifer exemption are granted.
Richard Clement, President and CEO of Powertech, states: "The submission of the UIC application for Dewey Burdock is a significant milestone and is the culmination of one and a half years of detailed data gathering and data analysis. We are pleased with the work accomplished by Knight Piesold, Respec and their subcontractors. The many disciplines that were contracted to compile the required environmental and engineering data worked together seamlessly, and we expect that the results of this extensive study will be the rapid processing of the applications yielding receipt of permits in a timely fashion."
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/ ].
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. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements 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. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. 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.
