| ||August 06, 2008|
Dewey-Burdock Project Mine Permit Application Status
| ||POWERTECH URANIUM CORP. ("Powertech" or the "Company") is pleased to announce that activities associated with its mine permit application for the Dewey-Burdock Project, in Fall River and Custer counties, South Dakota, are advancing on schedule.|
A new uranium exploration permit application for 30 additional drill holes was submitted to the South Dakota Department of Environment and Natural Resources (SD DENR). The purpose of this new drill program is to identify an area for the proposed plant site through the drilling of condemnation holes ensuring that the processing facility will not be built over potential ore. Drilling will begin upon issuance of the permit and acceptance of surety bond.
Several major milestones have been completed and are summarized below:
Powertech representatives have met with a number of the permitting authorities, including U.S. EPA and the SD DENR, and are encouraged by their cooperation. Powertech also met with the U.S. NRC in April to provide an update on the status of engineering, radiation safety processes and environmental baseline data collection. The Company participated in the development of new UIC rules by the SD DENR and the South Dakota Board of Water Management. The new rules provide for managing underground injection control permit applications similarly to the U.S. EPA UIC rules. Powertech is pleased with the final rules and remains confident that it will be able to meet the standards and obtain the necessary permits and license.
- Major sections of the Technical Evaluation Report (TER) that will be submitted to the U.S. Nuclear Regulatory Commission (NRC) have been completed and checked for compliance with NRC's acceptance criteria.
- The Unique and Special Lands Designation Permit application has been completed and is being reviewed internally prior to submittal to the SD DENR, scheduled for this August.
- The Underground Injection Control (UIC) permit application is nearing completion and is expected to be submitted to the U.S. EPA, Region 8 office, and the SD DENR in early September.
- Radiation data collection is complete for thermoluminescent detectors (TLDs) and Track-Etch monitors for radon. All air monitoring stations for particulates are operating properly and filters have been collected for analysis as scheduled. Air monitoring will be concluded in August 2008.
- Pertinent sections of the TER and Environmental Report (ER) related to background radiological results, risk assessments and radiation safety control systems are in draft form and being reviewed internally.
- Two 72 hour aquifer pump tests, one in the Dewey area and one in the Burdock area, were conducted and deemed successful. The report is being completed by Powertech's independent contractors RESPEC Consulting & Services and Knight Piesold and Co. Powertech Uranium Corp.
- The NRC-required quarterly groundwater sampling was completed. Monthly samples of the 12 wells installed at the request of the SD DENR will continue through March 2009.
- The final monthly stream samples (four) and the first of two sediment samplings were collected in June 2008. Also, the fourth and last quarterly surface water samples from impoundments in the project area were collected and transmitted for analyses.
- The floodplain analysis report for Beaver Creek and Pass Creek drainages is nearing completion.
- The vegetation and wetland draft reports have been completed and merged into the draft TER and ER documents.
- Summary letters from the contractors surveying the vegetation, soils and wildlife have been received indicating there were no federal or state threatened or endangered species observed on the project area.
- The soils characterization survey and mapping have been completed and the report is being prepared.
- The initial cultural survey of the project area was completed and reviewed by the State Archaeologist. While there were a number of sites identified in the proposed permit area, only a few will require mitigation, such as avoidance or further evaluation. Further evaluation of sites deemed to have an impact on the project has been completed and the Company is awaiting the final report.
- Engineering and design work is well underway and is expected to result in efficient and environmentally sound plans for the Dewey-Burdock Project.
Barbara Filas, President of Knight Piesold and Co., the prime contractor for the completion of the mine permit application activities, states "I am happy to report that the project is progressing on schedule and that the environmental data collected to date suggests that the project area is well suited for the proposed in situ mining operation."
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.G., MSc. is a Qualified Person as defined by National Instrument 43-101.
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
The TSX 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 overall business development objectives and plans. Forwardlooking 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 forwardlooking 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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