Powertech Uranium Corp.

Powertech Uranium Corp.

December 18, 2006 03:01 ET

Powertech to Acquire Wyoming Data Base

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 18, 2006) - POWERTECH URANIUM CORP. ("Powertech" or the "Company")(TSX VENTURE:PWE)(FRANKFURT:P8A) is pleased to announce that it has entered into an agreement with Energy Metals Corporation ("EMC") to acquire certain historical data from within EMC's data base, covering Powertech's Aladdin Project and Dewey Terrace Project, both in the state of Wyoming.

This historical data base was compiled by Teton Exploration during the late 1970's and is believed to have discovered significant uranium mineralization on both the Aladdin and Dewey Terrace Projects. The data package for Aladdin covers 12 Townships and consists of 589 blue line drill hole logs, representing approximately 220,000 feet logged, complete summary listings of holes, Teton "Drill Hole Record" sheets, base maps, cross sections, and Teton internal reports. The data package for Dewey Terrace consists of 298 blue line drill hole logs, representing approximately 208,500 feet logged, complete summary listings of holes, Teton "Drill Hole Record" sheets, base maps, cross sections, and Teton internal reports. Powertech will be correlating and evaluating this data, and the results of the Company's interpretation will be reported when available.

Powertech has agreed to pay $1,000,000 to EMC in consideration for the data, payable in cash or common shares, at Powertech's option as follows:

- $300,000 on signing this Agreement (the "First Payment");

- $300,000 on or before March 1, 2007 (the "Second Payment"); and

- $400,000 on or before July 1, 2007 (the "Third Payment")

The First Payment will be satisfied by way of the issuance of 139,534 shares of capital stock in the Company. In consideration of the Second and Third Payments, Powertech may issue shares to EMC at a share price which is the greater of the five day volume weighted average price ("VWAP") prior to the date on which the payment is made and $1.83 per share.

"We are extremely pleased that our relationship with EMC has made this data base available to us," says Richard Clement, President and CEO of Powertech. "We are aware that these drill holes are located in strategic positions on our properties and will greatly assist in our evaluation of these projects. With current exploration costs what they are, this data would be in excess of five million dollars to duplicate. We look forward to sharing additional opportunities with EMC as we believe these efforts will strengthen both companies."

Powertech Uranium Corp. is a 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, USA.


Per: "Richard F. Clement"
Richard F. Clement Jr., President& CEO

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

Contact Information