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Powertech Uranium Corp.: Powertech Submits NRC License Application, Achieves Key Milestones at Dewey-Burdock

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^{Published in Business and Finance on Wednesday, February 25th 2009 at 16:47 GMT, Last Modified on 2009-02-25 16:49:29 by Market Wire}  

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 25, 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 accomplished several key milestones in the licensing and permitting process for its Dewey-Burdock Project. First, and most significantly, on February 25, 2009, it submitted the comprehensive Uranium Recovery License application to the U.S. Nuclear Regulatory Commission (NRC). Second, in a letter received February 19, 2009, the U.S. Environmental Protection Agency - Region 8 (EPA) notified the Company that the "EPA has determined that the contents required for administrative completeness are present in the application." And lastly, the South Dakota Board of Minerals and Environment (BME) approved the Company's Request for Determination of Special, Exceptional, Critical, or Unique Lands and Notice of Intent to Operate.

The NRC is the federal agency that issues the Uranium Recovery License that would allow Powertech to construct and operate the planned Dewey-Burdock in situ uranium project located in Fall River and Custer Counties, South Dakota. The Company anticipates the review and approval process to occupy the remainder of 2009 and a portion of 2010, however, it is not possible to predict precisely if and when the NRC will issue such license. The NRC may request additional information to clarify, modify or supplement information in the application documents.

The EPA, another key federal agency involved in the permitting process, issues the Underground Injection Control (UIC) Permit (see release dated January 15, 2009). According to the notice received from EPA, the technical review may result in a request for additional information, similar to the NRC review process. Also, similar to the NRC process, it is not possible to predict if and when the EPA will issue the UIC Permit.

The approved Request for Determination of Special, Exceptional, Critical or Unique Lands and Notice of Intent to Operate was submitted, as required, a minimum of 60 days prior to submittal of the Large-Scale Mine Application (Mine Application) to the South Dakota Department of Environment and Natural Resources (DENR). With the approval of the "request for determination" by the BME completed, Powertech plans to submit the Mine Application to DENR within the next two to three weeks.

Richard Clement, President of Powertech says, "I am pleased to report these positive milestones for the licensing and permitting of our Dewey-Burdock Project. While much work remains, the constant interaction with the different permitting and licensing authorities puts us in a favorable position to receive a final operating license that will allow full development of the project. We enthusiastically embrace these next phases and our experience in the permitting process gives us great confidence that our permits and licenses will be reviewed in a timely manner."

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 mineral exploration and development company that, through its Denver-based subsidiary Powertech (USA), Inc., 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 [ 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 ability to obtain a license from the NRC, a permit from the EPA and approval from the DENR for the construction and operation of its 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. license and permits, (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 has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.