Business & Finance
Business and Finance
Business and Finance
Tue, June 23, 2009
Mon, June 22, 2009 Powertech Uranium Corp.: Powertech Announces Significant Increases in Inferred Uranium Resources at Dewey-Burdock and Centennia
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 22, 2009) - Powertech Uranium Corp. ("Powertech" or the "Company") (TSX:PWE)(FRANKFURT:P8A) is pleased to announce a 42% increase in inferred uranium resources at its Dewey-Burdock Project in Custer and Fall River Counties, South Dakota and an 18% increase in inferred uranium resources at its Centennial Project in Weld County, Colorado.
In the Company's original technical report for the Dewey-Burdock Project, it identified 7.6 million pounds of inferred uranium resources within the project, contained in 1,807,000 tons, averaging 0.21% U308. As a result of property acquisitions and continued evaluation of the historic close-spaced drilling undertaken by the Tennessee Valley Authority within the project boundaries, Powertech has revised total inferred resources within the Dewey-Burdock Project upward to 10.8 million pounds, contained in 2,992,836 tons, averaging 0.182% U308.
Powertech's original Centennial Project technical report identified 9.7 million pounds of inferred uranium resources, contained in 5,175,800 tons, averaging 0.094% within the project. This resource estimate was calculated at mineralized cutoffs of 0.02% U308, with a cutoff grade thickness ("GT") factor of 0.2. Through acquisition of additional property and the continued evaluation of historic close-spaced drilling within the project boundaries conducted by Rocky Mountain Energy Company, Powertech has revised the total inferred resources within the Centennial Project upward to 11.5 million pounds. These calculations used a 0.2 GT cutoff, as described above, and resulted in the delineation of 6,115,193 tons at the same average grade of 0.094% U308. Applying a higher 0.5 GT cutoff to the same deposits, Powertech measured 7.7 million pounds of inferred resources, contained in 3,369,455 tons, averaging 0.114% U308.
Updated technical reports entitled "Updated Technical Report on the Dewey-Burdock Uranium Project Custer and Fall River Counties South Dakota", dated June 17, 2009, and "Updated Technical Report on the Centennial Uranium Project, Weld County, Colorado", dated June 15, 2009 (the "Technical Reports"), were prepared for the Company by James Bonner, a Certified Professional Geologist (Wyoming PG No. 906) and the Vice-President of Exploration for Powertech. Complete versions of the Technical Reports will be filed on SEDAR at [ www.sedar.com ].
This news release has been reviewed and approved by Richard 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.
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.
