Business & Finance
Business and Finance
Business and Finance
Fri, May 8, 2009
Thu, May 7, 2009 Powertech Uranium Corp.: Powertech to Submit Updated Technical Reports
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 7, 2009) - As a result of a review by the British Columbia Securities Commission, Powertech Uranium Corp. ("Powertech" or the "Company") (TSX:PWE)(FRANKFURT:P8A) is issuing the following news release to clarify its technical disclosure with respect to its Dewey-Burdock and Centennial properties (the "Properties").
The Company is updating the technical reports with respect to the Properties disclosed in its 2008 Annual Information Form so as to present current information about the Properties in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Specifically, the Company will update its technical reports to more fully describe drilling programs and exploration work, including permitting, that it has undertaken on the Properties, as have been previously disclosed by the Company in prior press releases. There have been no material changes with respect to the Properties or their respective resource estimates that have not been previously disclosed. The Company will file the updated technical reports on SEDAR when completed.
With respect to its press release dated January 13, 2009, Powertech Acquires Additional Land at Dewey-Burdock, the Company confirms that the reference to "approximately 800,000 pounds of U3O8 resources" refers to historical inferred mineral resources estimated by Robert Smith in the 1990s (from exploration and drilling data gathered by Tennessee Valley Authority (TVA) in the 1980s) with an average grade of 0.17 percent U3O8. The historical estimate used the classification "inferred resource", the same category as defined in NI 43-101. As previously disclosed, a qualified person (as that term is defined in NI 43-101) has not done sufficient work to classify the historical estimates discussed above as current mineral resources or mineral reserves. Powertech is not treating the historical estimates as current mineral resources or mineral reserves as defined in NI 43-101 and the historical estimates should not be relied upon.
The Company also wishes to clarify that, to date, the Company has not yet undertaken a preliminary feasibility study or a material preliminary assessment (as defined in NI 43-101) of the Dewey-Burdock or Centennial properties. The resources on the Properties are classified as historical inferred mineral resources. Inferred mineral resources are, by definition, considered too geologically speculative to have economic considerations applied to them, and because of the historical nature of the data, the degree of confidence is less than for a current estimate. The Company wishes to clarify that any reference or inference to economic viability by the Company in media and other disclosure on its website has stemmed from scoping reviews undertaken by highly experienced personnel and professionals within the Company with expertise in the area of uranium production but there has been no review of such internal determinations by an independent qualified person. The Company will disclose current mineral resource estimates and results of any material economic analysis when such information becomes available.
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 NI 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
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
