Powertech Uranium Corp.

Powertech Uranium Corp.

August 12, 2008 08:30 ET

Powertech Uranium Corp.: Mine Permit Application Status-Centennial Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 12, 2008) - POWERTECH URANIUM CORP. (TSX: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.

A new 'Notice of Intent' (NOI) for ten additional drill holes was submitted to the Colorado Division of Reclamation, Mining and Safety (CDRMS). Four holes will be drilled as core holes to demonstrate and confirm the physical parameters of the mineralized sands in the upper Fox Hills formation, the confining units, and overlying and underlying aquifers. Two of the drill holes are to be completed as monitor wells. The remaining four drill holes are 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. This new technical information will be incorporated, along with previously collected data, in the permit applications. Drilling is expected to begin upon approval of the NOI and placement of the surety.

Several major milestones have been completed and are summarized below:

- The meteorological station and air sampling stations are being maintained in accordance with the Sampling Analysis Plan. Sampling of the background air particulates continues as does the data collection from the meteorological tower through November 2008.

- The fifth of eight samples has been collected from the network of groundwater wells in the project area. The remaining samples will be collected through October 2008. Water samples from these wells will be analyzed to provide quarterly baseline water quality data for the project. Included in this network of groundwater wells are several historical groundwater observation wells completed in the 1980's.

- To assist in the characterization of baseline radiation in the project area, 55 surface soil samples (0-15 cm) were taken in the month of June and submitted to the laboratory for testing and 19 soil profiles were taken to a depth of 100 cm.

- Thirteen surface water samples were obtained during the second quarter of 2008 from the established surface water sampling stations and, two samples were collected from surface impoundments in the project area. Sampling will continue through October 2008.

- A required noise survey was conducted during June 2008.

- Vegetative sampling was completed in June 2008. The report is being drafted.

- The wildlife survey was completed in June 2008 and is being reviewed.

- The cultural resource survey has been completed and is being reviewed.

- The Underground Injection Control Permit (UIC) application is nearly complete, pending completion of related management activities and receipt of additional data.

- Several sections of the environmental report (ER) are in draft form:

1. Aquifer pumping tests

2. Baseline Radiation

3. Regional Surface Water Hydrology

4. Air Quality Assurance Report

Additionally, numerous maps and figures have been completed and are being reviewed for final approval and inclusion in the ER and permit applications.

George M. L. Robinson of R Squared, Inc., the prime contractor for the completion of the mine permit application activities, states, "I am pleased with the team's success in staying on schedule as we transition into the permit drafting phase of the project. The work to date clearly indicates that in situ mining is definitely appropriate for the area."

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/.


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 development and permitting activities 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 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 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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