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Two Key Deposits with 9.7 Million Pounds U3O8 Centennial covers 5,760 acres of uranium mineral rights in Weld County, Colorado. The property has undergone approximately 1 million feet of drilling in 3,000 holes. A recently-completed NI 43-101 compliant technical report outlined two key uranium deposits with total inferred resources of 9,730,490 pounds U3O8. The primary purpose of this Report was to establish a resource base for the project under current standards of review.
The South Zone of the Project exists at depths of 80 to 120 feet. The North Zone exists at depths of 350 to 600 feet. Significant Additional Potential * In addition to the calculated 9,730,490 pounds of U3O8 for the Centennial Project, the authors stated that there is a geological potential of an additional 3 to 5 million pounds of U3O8. These additional potential resources are within the project area and are based upon identified mineralized trends that have only been partially explored to date. Other Potential Resources in Gravel * It is significant to note that the Report also identified a resource of 7.9 million cubic yards of gravel that overlies the South Zone of the uranium resource. The Company and its environmental engineering consultant, R Squared Inc., are currently conducting an economic assessment of this resource for potential development. * Please note there has been insufficient exploration to define a mineral resource relating to this potential and it is uncertain if further exploration will result in the discovery of a mineral resource. Mine Permitting Underway The mine permitting process, managed by environmental consultants R Squared Incorporated of Centennial, Colorado, is moving ahead quickly (please see our October 30, 2007 news release for details). As part of the permitting process, we have completed 49 groundwater wells and associated aquifer tests. This work has also included surface water monitoring, 3-D geologic site modeling, terrestrial ecological surveys and cultural resource studies. R Squared reports no significant obstacles to the permitting process have been identified to date. What's Next The recent NI 43-101 report recommended additional work to verify the quality of Centennial's deposits for ISR mining as well as for potential surface or shallow ISR mining. The proposed phased evaluation program would include:
Drilling Program Approved and Launched In July, 2007, Powertech received approval from the Colorado Department of Natural Resources, Division of Reclamation, Mining and Safety (DRMS), for its second Notice of Intent to Conduct Prospecting Operations at Centennial. The company subsequently began its program to drill 16 rotary holes, six core holes and additional monitor wells. For details, see Powertech's news release dated July 31, 2007. Community Relations, Weld County On Thursday, July 19th, Powertech Powertech hosted an open-house information meeting to give members of the public the opportunity to personally meet the Powertech team, ask questions and learn more about the Centennial Project. The meeting, which took place at the Nunn Town Hall, was attended by over 300 people and was considered a very positive event for Powertech. Members of the Weld County community and interested parties seeking information on the Centennial Project may call the newly-launched information line at 303-898-4240 or toll free 1-877-798-4240. Messages left will receive a response within 24 hours, Monday-Friday between 8 a.m. and 5 p.m. MDT. Link to NI 43-101 Technical Report Photo Gallery | | ||||||||||||||||||||||||||||||||||||||
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