Powertech Announces PEA Results

Powertech Uranium Corp. (TSX:PWE,FWB:P8A) announced it has received the results of a revised preliminary economic assessment for its Dewey-Burdock project in South Dakota, United States.

As quoted in the press release:

The purpose of the revised PEA was to provide an updated analysis of the economic viability of the Dewey-Burdock Project based on significant development work performed by the Company’s engineers and consultants over the past two years. Most significantly, the Company’s team and consultants have modified the mine planning sequence for the project and redesigned the well fields based on further detailed hydrologic studies. The Company has also obtained revised and much more favourable property tax incentives from the applicable tax authorities. As a result this development work, the project demonstrates significantly more favorable economics.

Powertech’s President and CEO, Richard Clement said:

It has taken many months of cooperation with the consulting teams and regulatory personnel to reach this advanced level of pre-development. The PEA demonstrates that Dewey-Burdock is one of the best undeveloped uranium deposits in the U.S. Powertech expects to begin development operations upon receipt of all licenses and permits. At this time our best estimate is that construction could begin by midyear 2013. Dewey-Burdock is a new ISR uranium district that has all the earmarks of becoming a new large production center around which many other uranium deposits will be developed.

Click here to read the Powertech Uranium Corp. (TSX:PWE) press release.