December 10, 2007
Centennial Project - Drilling Update
POWERTECH URANIUM CORP. ("Powertech" or the "Company") is pleased to announce that it has completed field activities and has received chemical analyses from its drilling and coring program on the Centennial Project in Weld County, Colorado. This program was completed in the fall of 2007 and was authorized under a permit from the Colorado Department of Natural Resources' Division of Reclamation Mining and Safety (DRMS).
Powertech completed 20 rotary drill holes within six historic uranium resource areas as were described in its NI 43-101 technical report; Report on the Centennial Project, Weld County, Colorado. This drilling, which totalled 6,350 feet, confirmed the presence and nature of the uranium deposits identified by Rocky Mountain Energy Company in the late 1970's and early 1980's. In addition, 318 feet of core was taken from six of the drill holes - one in each resource area. Core samples were taken to provide data on the chemical and physical nature of the mineralized sands of the Fox Hills Formation. This drilling/coring program was also designed to coordinate with planned hydrologic pumping tests in the resource areas. Several of the drill holes were completed either as pumping wells or observation wells for these hydrologic tests. The pumping tests are scheduled for completion by year end 2007.
All rotary drill holes encountered significant uranium minerlization and were used to establish locations for the six core holes. Mineralized intercepts within these six core holes, as indicated by down-hole radiometric logging include:
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Hole No. Thickness Grade Depth
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IN-1C 29 ft 0.036% eU3O8 456 feet
IN-2C 16.5 ft 0.096% eU3O8 475 feet
CN-3C 21.5 ft 0.083% eU3O8 121 feet
CN-4C 9.0 ft 0.15% eU3O8 98 feet
CN-5C 24.0 ft 0.103% eU3O8 98 feet
CN-6C 4.0 ft 0.09% eU3O8 98 feet
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Analytical results have been received on five core holes from the Centennial Project. These assays included both gamma eU3O8 values and chemical U3O8 values for 1-foot samples throughout the mineralized zones. A comparison of these values provides valuable information on the equilibrium state of the uranium deposits. As shown below, one core hole (IN-2C) was in equilibrium - exhibiting no chemical enrichment or depletion. The other four core holes exhibited significant chemical enrichment of uranium (ranging from 30% - 90% enrichment). This high degree of enrichment indicates the uranium mineralization is highly mobile - an extremely favorable factor for proposed In-Situ Recovery (ISR) mining operations.
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Hole No. Gamma eU3O8 GT Chemical U3O8 GT
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IN-1C 30.0 ft. of 0.038% eU3O8 1.14 29.0 ft of 0.057% U3O8 1.65
IN-2C 16.0 ft. of 0.126% eU3O8 2.02 16.0 ft of 0.125% U3O8 2.00
CN-3C 20.0 ft. of 0.082% eU3O8 1.64 18.0 ft of 0.119% U3O8 2.14
CN-5C 21.0 ft. of 0.087% eU3O8 1.83 21.0 ft of 0.168% U3O8 3.53
CN-6C 4.0 ft. of 0.094% eU3O8 0.38 4.0 ft of 0.123% U3O8 0.49
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GT - Grade Thickness
In addition to chemical assays, these cores were also used to obtain valuable information regarding physical parameters of the Fox Hills host sands. One of the most important geotechnical considerations in ISR mining operations is the permeability of the mineralized sands. High permeability allows oxidizing solutions to readily move through the sands and contact uranium mineralization. Analytical results of mineralized core samples showed exceptionally high horizontal permeability of the mineralized sands - ranging from 800 to 1400 millidarcies. Permeability of the confining clay units, above and below the mineralized sands, was also analyzed. These units showed extremely low vertical permeability - ranging from 8.0 x 10(-8) to 5.0 x 10(-9) centimeters per second. Confining units composed of tight, low-permeability clay units are ideal for maintaining control of solutions during the proposed ISR mining operations.
The results of the analyses from the drilling and coring program, combined with hydrologic information to be gathered in the planned pumping tests, will be incorporated into bench-scale metallurgical testing to estimate ISR mining efficiencies for the Centennial deposits. Results of this testing should be complete by the spring of 2008 and will provide valuable technical input in support of the Company's operational permitting effort. Limited additional drilling is planned for 2008 within the identified resource areas at Centennial due to the high density of the historic drilling and the Company's confidence in historical drill hole control at the project. Future drilling at Centennial will focus on expansion of the already defined resources.
Richard F. Clement Jr., President and CEO, states "The drilling and coring program at Centennial continues to confirm the historical exploration data on the project. The results of this program have also demonstrated that the project is favourable for development of ISR operations. We are extremely pleased with the results of the program and will continue to push forward diligently in our permitting efforts".
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 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 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 planned operations at the Centennial Project. 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 forwardlooking 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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