VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 1, 2010) - Powertech Uranium Corp. ("Powertech" or the "Company") (TSX:PWE)(FRANKFURT:P8A) is pleased to announce the results of an Updated National Instrument 43-101 Technical Report (the "Report") for the Dewey-Burdock Project, located in Custer and Fall River Counties, South Dakota. The Report was authored by Jerry D. Bush, P.G., a Qualified Person and independent professional geologist with uranium exploration experience in the Black Hills region. The purpose of the Report was to classify total project uranium resources as Inferred Resources and Indicated Resources through the strict application of CIM Definition Standards for Mineral Resources and Mineral Reserves.
The Report describes the results of the Company's confirmation drilling programs and continued evaluation of historic exploration drilling data from the Tennessee Valley Authority. Additionally, the classification effort was based on detailed GT (Grade of mineralized intercept (%) x Thickness (ft)) contour mapping within three sandstone units of the Fall River Formation and seven individual mineralized units within the Lakota Formation. Using a 0.20 GT cut-off, Powertech has identified 11,568,821 pounds of uranium resources within the property boundaries. 6,684,285 pounds of this total have been classified as Indicated Resources and are contained in 1,561,560 tons averaging 0.214% U3O8. 4,884,536 pounds are categorized as Inferred Resources and are within 1,597,957 tons averaging 0.153% U3O8.
This evaluation also applied a 0.50 GT cut-off to these resources, yielding a total of 11,209,785 pounds U3O8. At this higher cut-off, 6,684,285 of this total were classified as Indicated Resources, contained in 1,561,560 tons averaging 0.214% U3O8 and 4,525,500 pounds were classified as Inferred Resources, within 1,259,438 tons averaging 0.179% U3O8.
The author believes that the classified resources represent one of the highest-grade uranium deposits in the U.S. and recommends that an independent economic evaluation to assess the viability of an in-situ recovery (ISR) mining operation at the Dewey-Burdock Project should be undertaken.
The Report is expected to be filed and available shortly on the SEDAR website at www.sedar.com, and on the Company's website at www.powertechuranium.com.
This news release has been reviewed and approved by Mr. Richard 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 www.powertechuranium.com.
|POWERTECH URANIUM CORP.
Per: "Richard F. Clement"
Richard F. Clement, Jr.
President & CEO
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