|By Marketwired .||
|May 7, 2014 04:22 PM EDT||
GREENWOOD VILLAGE, CO -- (Marketwired) -- 05/07/14 -- Powertech Uranium Corp. (TSX: PWE) (FRANKFURT: PSA) ("Powertech" or the "Company") announces that on April 30th, 2014, the Nuclear Regulatory Commission Atomic Safety and Licensing Board ("ASLB") issued a temporary stay on the license granted to Powertech earlier in the month by the United States Nuclear Regulatory Commission ("NRC"). There have been a number of inquiries about the meaning of the temporary stay and Powertech offers this press release to clarify the significance of the temporary stay.
Powertech has applied to the NRC for a license to conduct uranium in situ recovery operations on its Dewey-Burdock project located in Southwestern South Dakota. After several years of technical review of all the environmental and safety issues associated with the Dewey-Burdock project, the NRC determined that there would be no harmful effects generated through the operations of Powertech on the Dewey-Burdock project. With that determination, the NRC granted Powertech an operating license for in situ uranium recovery on April 8, 2014.
In order to understand all the issues involved at this point in the licensing process, it would be best to describe the overall process and how the current stay of the license fits into the NRC regulations.
When a company applies to the NRC for a license to recover uranium from uranium deposits it prepares two documents, a technical report and an environmental report. The technical report forms the basis of a determination that the company has knowledge of all technical issues involved in the production and processing of radioactive materials. The environmental report discusses the environmental details of the project area and identifies all aspects of the site that could be affected by an in situ recovery operation. These reports are then published on the NRC's web site and it is announced that any member of the public who has an interest in the local area or the process of producing uranium and feels that there are issues that should be considered, may petition the NRC for a hearing. Because the NRC staff has not, at that time, drawn conclusions about the adequacy of the applications, the hearing is postponed until after the NRC has completed its review and issued the license. The hearing that is requested is a formal evidentiary presentation to the ASLB. This hearing has previously been scheduled to take place, based on prior petitions filed, during the week of August 18, 2014 at a site near the proposed operation.
To ensure that all issues are considered during the licensing process and that any concerns the public may have are adequately addressed, the licensing process is designed to provide multiple avenues for people who are opposed to the development of uranium to have an opportunity to have their concerns voiced and considered by the licensing bodies.
One of those avenues is that, within 5 days of the license being granted by the NRC, the NRC's regulations provide that the parties who originally filed in opposition to the development of uranium at Dewey-Burdock are then able to file a request for stay on the granting of the license to the ASLB. Two groups have filed this request. Powertech's attorneys and General Counsel for the NRC subsequently filed arguments refuting the stay request. As a result of these arguments and counter arguments, the ASLB has decided to hear oral arguments during the week of May 12, 2014 to determine whether Powertech's license can continue to be fully active or whether the stay will remain in place until the formal hearing that takes place during the week of August 18, 2014.
This process and these hearings are not abnormal and are simply a product of the licensing regime and process. They are not unique to the Dewey-Burdock project. Both Powertech's attorneys and, we anticipate, the General Counsel for the NRC will vigorously defend the license as it currently stands. Powertech and the NRC believe that all contentions have been fully addressed in the documents that formed the basis for grant of the license.
In addition to the license from the NRC, Powertech has applied for permits from the U.S. Environmental Protection Agency (EPA) and the mining and water boards of the State of South Dakota. The South Dakota technical staffs have recommended that permits be granted and the EPA is currently preparing draft permits for public comment. Before Powertech can begin operations, all these permits are required to be issued. Powertech expects that these permits will be issued by the end of 2014.
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, Savageton and Aladdin Projects in Wyoming. For more information, please visit http://www.powertechuranium.com.
POWERTECH URANIUM CORP.
Per: "Richard F. Clement"
Richard F. Clement Jr.,
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's ability to defend the license issued by the NRC, and the Company's ability to obtain the permits from the EPA and approvals from the State of South Dakota. 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 our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) 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, (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) an extended downturn in general economic conditions in North America and internationally, (10) an increase in the number of competitors with larger resources, and (11) 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.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this News Release.
For further information, please contact:
Chief Operating Officer
Powertech (USA) Inc.
Dewey-Burdock Project Manager
Powertech (USA) Inc.
Email: Email Contact
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
Nov. 24, 2015 05:30 PM EST Reads: 124
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
Nov. 24, 2015 04:30 PM EST Reads: 280
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company Logz.io. In the past, he was co-founder of social-trading platform Currensee, which...
Nov. 24, 2015 03:45 PM EST
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true ...
Nov. 24, 2015 03:30 PM EST Reads: 458
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Nov. 24, 2015 03:30 PM EST Reads: 132
There are over 120 breakout sessions in all, with Keynotes, General Sessions, and Power Panels adding to three days of incredibly rich presentations and content. Join @ThingsExpo conference chair Roger Strukhoff (@IoT2040), June 7-9, 2016 in New York City, for three days of intense 'Internet of Things' discussion and focus, including Big Data's indespensable role in IoT, Smart Grids and Industrial Internet of Things, Wearables and Consumer IoT, as well as (new) IoT's use in Vertical Markets.
Nov. 24, 2015 03:30 PM EST Reads: 506
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facin...
Nov. 24, 2015 03:00 PM EST Reads: 402
Container technology is shaping the future of DevOps and it’s also changing the way organizations think about application development. With the rise of mobile applications in the enterprise, businesses are abandoning year-long development cycles and embracing technologies that enable rapid development and continuous deployment of apps. In his session at DevOps Summit, Kurt Collins, Developer Evangelist at Built.io, examined how Docker has evolved into a highly effective tool for application del...
Nov. 24, 2015 03:00 PM EST Reads: 281
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Nov. 24, 2015 02:15 PM EST Reads: 256
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Nov. 24, 2015 02:00 PM EST Reads: 415
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Y...
Nov. 24, 2015 01:45 PM EST Reads: 404
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Nov. 24, 2015 01:45 PM EST Reads: 332
Internet of @ThingsExpo, taking place June 7-9, 2016 at Javits Center, New York City and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
Nov. 24, 2015 01:30 PM EST Reads: 485
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Nov. 24, 2015 01:30 PM EST
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
Nov. 24, 2015 01:30 PM EST Reads: 479