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Two Key Deposits with 11.4 Million Pounds U3O8 Centennial covers 7,320 acres of uranium mineral rights in Weld County, Colorado. The property has undergone approximately 1 million feet of drilling in 3,000 holes. An updated (June 2009) NI 43-101 compliant technical report outlined two key uranium deposits with total inferred resources of 11,465,500 pounds of U3O8. The purpose of this update was to support additional scientific and technical information developed on the Centennial Project since publishing of the original technical report on March 28, 2007. Acquisitions Increase Resource to 12.8 Million Pounds In July 2009 Powertech acquired an additional 3,585 acres, including 2,145 acres of additional mineral rights, adjoining the property's northern boundary. This acquisition helped consolidate the company's land position within the planned project boundary and added additional uranium resources. Historic drilling within this ground, conducted by Mobil Oil in the late 1970's, delineated an additional uranium resource, at a 0.20 GT cut-off, of 1,356,700 pounds of U3O8 contained in 921,760 tons averaging 0.074% U3O8. James Bonner, a Qualified Person as defined by NI 43-101, has reviewed the results of this historic drilling and determined that these resources meet the classification of "inferred resources" as defined in the CIM Standards on Mineral Resources and Reserves. Using a 0.20 cut-off, the newly-optioned ground increased Centennial's total inferred resources to 12,822,200 pounds of U3O8, contained in 7,036,953 tons averaging 0.091% U3O8. Recent Work Over the past year, Powertech has completed a significant amount of work focused primarily on preparing the project for in situ (ISR) leach permitting and feasibility. This work has included drilling, recovery tests, water well tests and environmental studies. At the request of the Colorado Division of Reclamation, Mining and Safety (CDRMS), the Company prepared and submitted an updated Site Characterization Plan in April 2009. What's Next Powertech is now scheduled to submit the necessary permit applications for ISR operations to the EPA, the Colorado Department of Public Health and Environment, Colorado Department of Natural Resources and Weld County by the end of 2009. Also, in accordance with recommendations of the latest technical report, we expect to have an analysis of the property performed by a qualified person to reclassify appropriate portions of the property's inferred resources to measured and indicated resources. We may then proceed with an independent preliminary feasibility study. Community Relations, Weld County Members of the Weld County community and interested parties seeking information on the Centennial Project may call the project information line at 303-865-7738 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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