Powertech Purchases Historic Uranium Resources in Colorado
Leser des Artikels: 61
CENTENNIAL, COLORADO and VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE)
-- October 03, 2006 -- POWERTECH URANIUM CORP. ("Powertech" or the
"Company") (TSX VENTURE: PWE) (FWB: P8A) is pleased to announce it
has purchased from Anadarko Land Corp., an affiliate of Anadarko
Petroleum Corporation (Anadarko) (NYSE: APC), approximately 5,760
acres of uranium mineral rights in Weld County, Colorado (the
"Centennial Project"). The Centennial Project was discovered and
evaluated by Rocky Mountain Energy Company (RME), a predecessor of
Anadarko. This evaluation consisted of drilling, geologic
interpretation, hydrology studies, assaying and mine planning.
Historic Resources
In ten years of exploration on the Centennial Project, formerly land
granted to Union Pacific Railroad, RME completed over 3,000 drill
holes, totaling approximately one million feet of drilling. This
drilling outlined several uranium deposits, with total estimated
uranium resources of 9,581,000 pounds U3O8. This estimate comes from
several geological reports produced by RME between 1980 and 1984.
These uranium deposits were discovered along 15 miles of
oxidation/reduction boundaries (roll fronts) in two separate sands of
the Fox Hill Formation. These deposits range in depth from 120 feet
to 620 feet have an average grade of 0.07% U3O8. James Bonner, VP
Exploration of Powertech, managed the exploration of this project for
RME when the majority of these resources were delineated. "Our
detailed knowledge of the deposits and the characteristics of the
resource indicate this project meets the company´s development
criteria. This knowledge gave us the confidence to aggressively
pursue this acquisition," says Mr. Bonner.
A qualified person (as that term is defined in National Instrument
43-101) has not done sufficient work to classify the historical
estimate on the Centennial Project as a current mineral resource or
mineral reserve. Powertech is not treating the historical estimate as
a current mineral resource or mineral reserve as defined in National
Instrument 43-101 and the historical estimate should not be relied
upon. Powertech has obtained the entire technical database related to
the one million feet of drilling and intends to perform a NI-43-101
compliant study on the Centennial Project.
Terms of Agreement
As consideration of the purchase of the Anadarko uranium mineral
rights, Powertech will make an initial cash payment of US$1,000,000,
eight installment payments of US$250,000 per annum, and a lump sum
payment of US$1,500,000 upon receipt of all regulatory permits and
licenses allowing production of uranium from the Centennial Project.
Powertech has also agreed to a minimum annual work commitment of
US$200,000 until uranium is produced from the Centennial Project and
to pay a royalty of 5% to 6% of the value of the uranium and
byproduct mined from the Centennial Project.
Richard F. Clement Jr., President/CEO of Powertech, says, "We are
extremely pleased to have reached an agreement with Anadarko.
Opportunities such as this are rare, and we look forward to
initiating activities leading to the further development of this
project."
Powertech Uranium Corp. is a mineral exploration and development
company that holds the Dewey Burdock Uranium Deposit in South Dakota,
and the Dewey Terrace Exploration Project in Wyoming, and the
Centennial Project in Colorado, USA.
POWERTECH URANIUM CORP.
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.
Contacts:
Powertech Uranium Corp.
Thomas A. Doyle
CFO
(604) 685-9181
(604) 685-9182 (FAX)
Email: info@powertechuranium.com
Website: www.powertechuranium.com
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