NRC Issues License to Operate Dewey-Burdock Project

GREENWOOD VILLAGE, CO--(Marketwired - Apr 8, 2014) - Powertech Uranium Corp. (TSX: PWE) (FRANKFURT: PSA) ("Powertech" or the "Company") is pleased to announce it has received from the U.S. Nuclear Regulatory Commission (NRC) a Final Source and Byproduct Materials License for its Dewey-Burdock Project in southwestern South Dakota.

The license represents the most comprehensive of three major agency authorizations required to construct and operate the Dewey-Burdock Project. It follows the NRC's January 2014 Final Supplemental Environmental Impact Statement, which concluded, "... there are no environmental impacts that would preclude licensing the facility." The NRC's Safety Evaluation Report, published in March 2013, also recommended license approval. 

Richard Clement, Powertech's President and Chief Executive Officer, said, "The issuance of the NRC's final license is the culmination of eight years of planning and evaluation and confirms again that our plan for in situ recovery mining at Dewey-Burdock is safe and will have minimal environmental impact. The robust nature of NRC's licensing process also greatly facilitates finalization of Powertech's other Dewey-Burdock permits."

"I am very pleased with NRC's decision to issue the final license for the Dewey-Burdock Project," said John Mays, Powertech's Chief Operating Officer. "The NRC and numerous other agencies that participated in the review and analysis necessary to complete licensing components are to be commended for their professionalism. Similarly, we congratulate the Dewey-Burdock team for its success in achieving the Company's foremost permitting objective, the NRC Source and Byproduct Materials License."

Mark Hollenbeck, Powertech's Dewey-Burdock Project Manager, concurred and added, "This license is a significant milestone for the project -- one made possible by not only Powertech's staff, contractors and consultants, but also local residents who have provided their vital support and perseverance throughout the NRC's licensing action. The community anxiously awaits the employment opportunities the project will bring. We thank everyone for their contributions and look forward to completing the remaining permits so construction can begin."