July 29, 2008
Powertech Shareholders Elect Synatom Officers to Board and Approve Synatom Warrants
POWERTECH URANIUM CORP. ("Powertech" or the "Company") (TSX: PWE)(FRNAKFURT: P8A) is pleased to announce that at the Company's Annual General Meeting of the shareholders (the "Meeting") held on July 15, 2008, the Company's shareholders approved the re-election of its current directors, being Richard F. Clement, Jr., Wallace M. Mays, Thomas A. Doyle, Douglas E. Eacrett, Greg C. Burnett and Malcolm F. Clay, and the election of Robert Leclere and Gerard Pauluis, the nominees from Societe Belge de Combustibles Nucleaires Synatom SA ("Synatom").
Robert Leclere is the Chief Executive Officer of Synatom, a subsidiary of the SUEZ-Electrabel group, since 2006. Prior to his appointment as CEO of Synatom, Mr. Leclere held various positions within the SUEZ-Electrabel group since 1996 after serving in the cabinets of the Belgian Ministers of Economic Affairs and Energy, and in the Belgian administration. He is also Chairman of the Belgian Nuclear Forum, the association of the Belgian nuclear industry. Mr. Leclere has a Chemical Engineering degree from Universite Catholique De Louvain.
Dr. Gerard Pauluis is the Manager of the Fuel Supply Department of Synatom since 1985. In this position, he is responsible for the supply of the uranium, conversion and enrichment services for seven Belgian nuclear plants. He is also member of the Directorate of Eurodif and Chairman of the Advisory Committee of the Euratom Supply Agency. His first professional assignment, in 1972 was with Atomic Energy of Canada Ltd. modeling heavy water isotopic separation plants. On his return to Europe in 1974, he first worked with Belgonucleaire, participating in the design of the Belgoprocess reprocessing plant and in various technico-economic studies of the nuclear fuel cycle. Dr. Pauluis has a Chemical Engineering degree from Universite Libre De Bruxelles and a Ph.D degree in Chemical Engineering from McGill University.
At the Meeting, the shareholders also approved the terms and exercise a total of 12,000,000 warrants which were issued to Synatom as part of a Cdn. $9 million private placement which closed on June 4, 2008. The warrants are exercisable at Cdn. $2.00 per share for terms not to exceed one year for the first series and two years for the second series, but also tied to milestones for the filing and acceptance of permits at the Company's Dewey Burdock and Centennial projects. If all warrants are exercised, Powertech will receive additional proceeds of Cdn. $24 million.
Richard Clement Jr., President and CEO of Powertech, stated: "We are very pleased to welcome Mr. Leclere and Dr. Pauluis to our board, and we are looking forward to their valuable input and industry knowledge as Powertech works towards achieving its goal of becoming a significant in-situ recovery (ISR) uranium producer in the United States."
About Societe Belge de Combustibles Nucleaires Synatom SA
Synatom is subsidiary of Electrabel (www.electrabel.com), a leading European energy company which has become the largest power company in the Benelux market with a generating capacity of more than 30,000 MW. Electrabel is 100% owned by Suez an international industrial and services group (www.suez.com). Synatom manages the fuel cycle for the Belgian nuclear power plants, including:
- the fuel cycle front-end management, i.e., the supply with enriched uranium of the seven nuclear power units with an annual production of around 45 TWh; and
- the fuel cycle back-end management, i.e., the management of all activities in connection with spent nuclear fuel.
In addition, Synatom manages the reserves for the costs related to spent fuel and the future dismantling of nuclear power plants. Synatom's 2007 turnover amounted to 355.162 million Euros. For more information, please visit http://www.synatom.com.
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 http://www.powertechuranium.com.
POWERTECH URANIUM CORP.
Richard F. Clement Jr., President& CEO
The TSX 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, VP Finance (604) 685-9181 (604) 685-9182 (FAX) Email: [email protected] Website: www.powertechuranium.com
SOURCE: Powertech Uranium Corp.