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Powertech attracts European investor Print

By Coloradoan staff
Fort Collins Coloradoan
June 10, 2008

The company that hopes to mine uranium from beneath the prairie between Wellington and Nunn has received financial boost from a European investor.

Powertech Uranium Corp. has sold 6 million shares in the company to the Société Belge de Combustibles Nucléaires Synatom SA, or Synatom, according to a Powertech press release.

Synatom manages the fuel cycle for Belgium's nuclear power plants. It is a subsidiary of Electrabel, a European energy company, which is owned by Suez, an international industrial and services group that works in energy, water and waste management.

The deal, which closed June 5, will raise $9 million (Canadian) for Powertech in working capital as it seeks permits for projects in Weld County and South Dakota.

The Centennial project in Weld County is proposed by Powertech (USA), a subsidiary of the Canadian company. The company hopes to employ an in-situ leaching process, which uses treated water to dissolve and extract uranium ore from beneath the surface.

If the permits come through, the company would receive another $24 million (Canadian), according to a Powertech press release.

Synatom would have the right to purchase uranium produced at the sites based on its ownership in Powertech.

Synatom could end up owning 33.9 percent of Powertech, according to the company.

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