Powertech Uranium Corp.

Powertech Uranium Corp.

May 02, 2007 03:00 ET

Powertech Uranium Corporation Meets With Nuclear Regulatory Commission

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 2, 2007) - POWERTECH URANIUM CORP. ("Powertech" or the "Company") (TSX VENTURE:PWE)(FRANKFURT:P8A) is pleased to announce that, on April 19 & 20, 2007, President and Chief Executive Officer Richard F. Clement, Vice-President Richard E. Blubaugh, and Powertech counsel met with members of the Nuclear Regulatory Commission (NRC) and its Staff to discuss the licensing process for the Company's uranium properties in South Dakota and Wyoming. On the first day, meetings were held with four (4) of NRC's Commissioners (Chairman Dale E. Klein and Commissioners Jeffrey S. Merrifield, Peter B. Lyons, and Gregory B. Jaczko) where the Company was able to brief the Commissioners on its uranium properties, the process by which such uranium could be recovered, and the process for submission of an NRC license application in the future.

On the second day, a meeting was held with members of NRC's licensing staff in which Powertech, its counsel, and members of the public participated. Mr. Clement found these meetings to be extremely insightful: "Our meeting with NRC Staff was to create an open and transparent licensing process for the future. The only way that uranium properties can be licensed in a manner that is efficient and protective of public health and safety is to open a dialogue with the regulators and ensure that the preparation and submission of a license application addresses all the issues." Mr. Clement also added that the participation of the public was an important part of the licensing process: "It is important that all issues, whether raised by regulators or members of the public, are given a forum where they may be expressed and answered."

Mr. Blubaugh believed that these meetings serve as the first step towards licensing: "While Powertech has not yet submitted a license application, an NRC Project Manager has been assigned and preliminary questions regarding the licensing of our properties have been answered. This Pre-licensing Review Meeting is the first step towards initiating the NRC licensing process."

Mr. Clement noted that Powertech intends to maintain an open channel of communications with NRC: "It is our firm intent to actively involve NRC Staff in the licensing process and to provide any assistance they require ensuring that the licensing of Powertech uranium properties are completed in an expeditious and efficient manner."

Powertech anticipates submission of its first license application, for the Dewey-Burdock Project, to the NRC in the first quarter of 2009.

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.


Richard F. Clement Jr., President & CEO

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