Powertech Uranium Corp.

Powertech Uranium Corp.

October 30, 2007 09:48 ET

Powertech Uranium Corp.: Centennial Project- Mine Permiting Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 30, 2007) - POWERTECH URANIUM CORP. (TSX VENTURE:PWE) (FRANKFURT:P8A) ("Powertech" or the "Company") is pleased to announce that activities associated with its mine permit application for the Centennial Project, in Weld County, Colorado are advancing on schedule. Several major milestones have been completed to date, including:

- A network of 49 groundwater wells has been completed in the project area. Some of these wells are being used to perform aquifer tests through October and November 2007. This testing will characterize the hydrology of the mineral bearing sands, as well as the stratigraphic units above and below the mineralized sands. Based on the results of these tests, aquifer process and restoration studies are scheduled to be initiated by November 15, 2007. Water samples from these wells have been collected and will also be analyzed to provide quarterly baseline water quality data for the project. Included in this network of groundwater wells are 26 historical groundwater observation wells completed in the 1980's. The State Engineer complimented Powertech on its proactive measures to retrofit these wells into the current groundwater monitoring program.

- The program of domestic well sampling is progressing as planned. Historical analyses show that water used for domestic purposes have high nitrate and iron mineral content. To date, no registered domestic water wells have been found to be completed within the mineralized sand units.

- A conceptual three dimensional geologic site model has been completed. This modeling demonstrates that the proposed in-situ recovery ("ISR") operation is isolated from existing registered domestic wells.

- A surface water monitoring program consisting of 13 stations is in its third month of operation and representative surface water impoundments have been sampled.

- Terrestrial ecological surveys are underway and are scheduled to be completed by December 31, 2007.

- Cultural resource studies continue. No significant findings have been reported to date.

- Reclamation and radiological profile soil studies have been completed.

- The first of three radon flux samples have been obtained.

- Gamma radiation transect surveys are underway.

- High volume particulate samplers, as well as a meteorological tower, are ready for installation pending approval from Weld County.

- A coring program was completed in July and August 2007. Samples of mineralized core have been sent to Energy Labs in Casper, Wyoming for uranium and metals analyses.

- Geotechnical analyses of core samples indicate the mineralized sands exhibit high horizontal permeabilities, while extremely low vertical permeabilities are found within confining clay units above and below the mineralized sands - ideal conditions for ISR operations. Other mineralized core samples have been set aside for column leach testing, which is scheduled to begin in late November 2007. The data from the column studies will be used to design production wells fields and to support the aquifer restoration plan.

- The preparation of an application to the EPA for an Underground Injection Control permit has been initiated.

George M. L. Robinson of R Squared, Inc., the prime contractor for the completion of the mine permit and license application activities, states "We are on schedule to complete our mine permit applications for submission in 2008. The federal, state and county regulatory agencies have been engaged and no significant obstacles have been identified. The landowners have been cooperative in the development of the baseline studies. State of the art instrumentation and advanced analytical methods are being applied to demonstrate and document that the project will not adversely impact human health or the environment."

This news release has been reviewed and approved by Mr. Richard F. 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 an aggregate of 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/


Richard F. Clement Jr., President & CEO

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's Centennial Project mine permitting and licensing activities and schedule. 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

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