| ||June 05, 2008|
Powertech Closes Strategic Investment by Synatom
| ||POWERTECH URANIUM CORP. ("Powertech" or the "Company") (Vancouver, B.C.) is pleased to announce that it has closed the private placement transaction with Société Belge de Combustibles Nucléaires Synatom SA ("Synatom") as disclosed in the Company's news release dated June 3, 2008. Pursuant to the private placement, the Company has issued 6,000,000 shares to Synatom and has received proceeds of Cdn. $9 million. The Company also issued a total of 12,000,000 warrants in two series exercisable at Cdn. $2.00 per share for terms not to exceed one year for the first series and two years for the second series, but also tied to milestones for the filing and acceptance of permits at its Dewey Burdock and Centennial projects. If all warrants are exercised, Powertech will receive additional proceeds of Cdn. $24 million and total proceeds of Cdn. $33 million from the private placement transaction with Synatom. The exercise of the warrants by Synatom is subject to shareholder approval being obtained for the terms and conditions of the warrants.|
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. 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
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