Press release from Marketwire
Powertech Completes NI 43-101 Report on the Aladdin Project
Monday, June 25, 2012
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 25, 2012) - POWERTECH URANIUM CORP. ("Powertech" or the "Company") (TSX:PWE)(FRANKFURT:P8A) is pleased to announce the completion of a National Instrument 43-101 ("NI 43-101") compliant technical report (the "Report") for the Aladdin Project, located in Crook County, Wyoming. This 10,831 acre project is located along the Wyoming/South Dakota border on the northwestern flank of the Black Hills Uplift, within sandstones of the Lower Cretaceous-age Inyan Kara Group. The Report was authored by Jerry D. Bush, P.G., an independent professional geologist with uranium exploration experience in the Black Hills region. The purpose of the Report was to classify total project uranium resources through the strict application of CIM Definition Standards for Mineral Resources and Mineral Reserves, as well as to estimate the overall uranium resource potential for the project area.
The Report describes the results of the Company's confirmation drilling program and continued evaluation of historic exploration drilling data from Teton Exploration Company. The resource classification effort was based on detailed GT (Grade of mineralized intercept (%) x Thickness (ft)) contour mapping within six sandstone units of the Fall River Formation and seven individual mineralized units within the Chilson Member of the Lakota Formation. Using a 0.20 GT cut-off, Powertech has identified 1,038,023 pounds of Indicated Resources, contained in 466,232 tons averaging 0.111% U3O8. At the same cut-off, an additional 101,255 pounds of Inferred Resources were identified, contained in 42,611 tons averaging 0.119% U3O8.
The above-described classified resources are located in areas of close-spaced historic drilling. However, in over 80% of the project area, the density of exploration drilling is light. In these lightly explored areas, there is sufficient drill hole control for subsurface geochemical mapping and thirteen mineralized trends were identified. In the Report, a range of (i) mineralized trend lengths, (ii) widths of mineralization and (iii) grades of mineralization were used to obtain an estimate of additional potential pounds of uranium within the project . At a GT cut-off of 0.20, a range of this potential was determined to be 5.0 to 11.0 million pounds of uranium, averaging 0.11% - 0.12% U 3 O 8. The grade and quantity of this potential is conceptual in nature. There has been insufficient exploration within the portions of the Aladdin Project that contain this potential to define a mineral resource. It is uncertain if further exploration in the areas of this potential will result in the delineation of mineral resources.
The Aladdin property is 90 miles northwest of the Company's Dewey-Burdock Project, which is in its final South Dakota state and federal ISR mine permitting phase. Uranium resources at the Aladdin Project have been developed within the same host rocks that contain the Dewey Burdock deposit.
Richard Clement, President and CEO of Powertech, stated, "We are extremely pleased with the results of the independent review of our Aladdin Project. Internally we have been aware of the high grade intercepts encountered by Teton from the data that we acquired. This is the first attempt to quantify the historical resources combined with our exploration drilling into a fully vetted report. The potential of upwards of 10 million pounds makes the Aladdin Project a favorable prospect for future ISR exploration and development. Powertech's focus has been in lower Cretaceous sediments surrounding the Black Hills of South Dakota and Wyoming. We believe that this project, in addition to our flagship Dewey Burdock Project and the Dewey Terrace Project in Weston/Niobrara Wyoming, outlines some of the most favorable areas for the development of a new uranium district."
The Report, entitled "Technical Report on the Aladdin Uranium Project, Crook County, Wyoming" and dated effective June 21, 2012, will be filed and available shortly on the SEDAR website at www.sedar.com, and on the Company's website at www.powertechuranium.com. Jerry Bush, the author of the Report, is a Qualified Person and independent of Powertech as defined in NI 43-101. Powertech holds a 100% interest in the private and state mining leases that comprise the Aladdin Project.
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 NI 43-101.
POWERTECH URANIUM CORP.
Richard F. Clement Jr., President& CEO
Disclaimer for Forward-Looking Information
Certain statements in this release, including statements with respect to potential resources and exploration plans at the Aladdin Project, are forward-looking statements, which reflect the expectations of management. 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 the Company's actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) an extended downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with uranium exploration, including the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and ore densities or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents or other risks of the mining industry, (3) a decrease in the demand for and/or a decrease in the price of uranium, (4) an increase in the operating costs associated with the extraction and processing of the uranium, (5) 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, (6) the risk that the Company does not execute its business plan, (7) inability to retain key employees, (8) inability to finance operations and growth, (9) any negative change in the law, regulatory or political environment which would negatively affect the Company's ability to obtain all necessary environmental and regulatory approvals. license and permits, (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 at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Thomas A. Doyle Powertech Uranium Corp. CFO, VP Finance (604) 685-9181 (604) 685-9182 (FAX) email@example.com www.powertechuranium.com
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