| ||July 31, 2007|
Centennial Project - Operations Update
| ||POWERTECH URANIUM CORP. ("Powertech" or the "Company"), is pleased to announce that its wholly owned subsidiary, Powertech (USA) Inc., has 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, and that Powertech is proceeding with its program to drill 16 rotary holes, six core holes, and additional monitor wells on its Centennial Project, located in Weld County, Colorado.|
The rotary drill holes associated with the coring program will be used to site the core holes and to confirm results of historic drilling conducted on the project by Rocky Mountain Energy Company in the late 1970's and early 1980's. Powertech recently filed a National Instrument 43- 101 compliant Technical Report on the Centennial Project which calculated a total Inferred Resource of 9,730,490 pounds of uranium, with an average grade of 0.094% U3O8, based upon this historic drilling. Confirmation drilling is expected to increase the confidence level of many of these 43-101 compliant resources such that they may be upgraded from an Inferred category to an Indicated or Measured category.
The Company plans to complete the core holes in six separate resource areas to provide data on the chemical and physical characteristics of the mineralized Fox Hills Sandstone, as well as the overlying and underlying confining sequences. The six core holes and one additional hole will be completed as monitor wells. Chemical laboratory analyses will be performed on the core to assess the leachability of the uranium, to test for associated metals and to examine the overall geochemistry of the host sandstone. The Company plans to incorporate the results of this testing into engineering and technical studies on in-situ recovery operations and permit applications for the project.
Hydrological pump tests are scheduled for the areas where this coring program is being completed. Laboratory analyses of the core will provide physical characteristics (e.g., density, permeability, porosity, etc.) of the mineralized sandstones and confining units, to be integrated into the hydrologic testing program. This will help to ensure the results of the hydrologic testing are as complete and accurate as possible.
Concurrent with the drilling program is the implementation of other environmental baseline studies. Baseline studies are underway for air quality, meteorology, surface water quality, vegetation, soils, wildlife, background radiation, and socio-economics.
This drilling program includes the installation of seven new monitor wells, which along with the 23 monitor wells approved in the initial Notice of Intent, and more than 20 existing wells, will provide the baseline data for the groundwater in the project area. This data will be critical to the environmental report and permit applications for the Centennial Project.
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 the facts on the Centennial Project. The meeting, which took place at the Nunn Town Hall Thursday, July 19th, was attended by 300 - 400 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.
About Powertech Uranium Corp.
Powertech Uranium Corp. is a Denver-based mineral exploration and development company that 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 http://www.powertechuranium.com/
POWERTECH URANIUM CORP.
Per: "Richard F. Clement"
Richard F. Clement Jr.,
For further information, please contact:
Thomas A. Doyle, CFO, VP Finance
Phone: (604) 685-9181
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's: (1) operations update, (2) drilling and coring program and results, (3) laboratory analysis, (4) preparation of engineering and technical studies, (5) hydrological testing program, and (6) environmental baseline studies. 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) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with uranium exploration, (3) a decreased demand for uranium, (4) 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; (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, (8) inability to obtain all necessary environmental and regulatory approvals, (9) an increase in the number of competitors with larger resources, and (10) other factors beyond the Company's control. These forwardlooking 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.
You can view the Next News Release Archive item: Wed Aug 8, 2007, Aladdin Project- Drilling Update
You can view the Previous News Release Archive item: Mon Jul 9, 2007, Powertech Selects Permitting Consultant For Dewey-Burdock Project
You can return to the main News Release Archive page, or press the Back button on your browser.