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| | August 08, 2007
Aladdin Project- Drilling Update
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| | POWERTECH URANIUM CORP. ("Powertech" or the "Company") is pleased to announce that it has begun exploration drilling on its Aladdin Project in Crook County, Wyoming. This 60- hole program is being conducted under a State of Wyoming, Department of Environmental Quality (DEQ)-approved Notice of Intent to Conduct Uranium Exploration by Drilling.
The Aladdin Project consists of 13,590 acres of mining leases in a historic uranium exploration/mining area along the northwest flank of the Black Hills Uplift. In this area, uranium mineralization has been encountered in the same sandstones that contain uranium deposits in Powertech's Dewey Burdock and Dewey Terrace projects along the southern flank of the Black Hills Uplift in South Dakota and Wyoming respectively. Prior to commencing this drilling program, the Company acquired and evaluated the historic Teton Exploration data base covering the area. The extensive data base included drill hole maps, resource calculation sheets and 589 drill hole logs totaling 220,000 feet of drilling on the Aladdin property. Previous drilling from three key historical drill holes yielded 10 feet of 0.47% U3O8, 6 feet of 0.695% of U3O8 and 6 feet of 0.504% of U3O8.
Based on the site geology and a review of Teton's historic drill hole data, Powertech's objectives for this drilling program are twofold. Firstly, a portion of the program will be directed toward wide-spaced stratigraphic drilling within the 25-square mile project area to assess the distribution of host sands and the geochemistry of these units. This information will be used to evaluate the potential of the overall project area and assist, if necessary, in the consolidation of total land holdings. Secondly, drilling will also be completed within historic uranium resource areas identified by Teton Exploration. This drilling will be used to confirm and expand these mineralized areas and provide the basis for the preparation of a National Instrument ("NI") 43- 101 compliant report on uranium resources within the Aladdin Project.
One drill rig is currently active on the Aladdin Project with a second drill rig to be added shortly. It is expected that the two drilling rigs will be active through the month of September.
Richard Clement, President and CEO of Powertech comments "We are excited to be commencing our drill program at Aladdin. The data that we acquired from the original Teton exploration program has been very helpful in identifying mineralized trends within our leases. Powertech Uranium Corp. News Release Page 2
We expect that the exploration and confirmation drilling program that is underway will quantify the mineralization at Aladdin and may define a new resource base. This drilling program, combined with our recent and ongoing activity on the Dewey-Burdock and Centennial projects, will serve us well in advancing our plans toward acquiring several of the most favorable projects in the U.S. We will continue to expand our acquisition of highly prospective projects with our aim to achieve production as soon as possible."
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.Geo., MSc. is a Qualified Person as defined by National Instrument 43-101.
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.,
President& CEO
For further information, please contact:
Thomas A. Doyle, CFO, VP Finance
Phone: (604) 685-9181
Email: info@powertechuranium.com
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) Aladdin drilling program and results, (3) the preparation of technical reports, and (4) deployment of drill rigs.. 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 forward-looking 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. |
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