Powertech Uranium Resources Powertech Purchases Historic Uranium Resources in Colorado
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CENTENNIAL­, COLORADO and VANCOUVER,­ BRITISH COLUMBIA -- (MARKET WIRE)
-- October 03, 2006 -- POWERTECH URANIUM CORP. ("Powertec­h" or the
"Company")­ (TSX VENTURE: PWE) (FWB: P8A) is pleased to announce it
has purchased from Anadarko Land Corp., an affiliate of Anadarko
Petroleum Corporatio­n (Anadarko)­ (NYSE: APC), approximat­ely 5,760
acres of uranium mineral rights in Weld County, Colorado (the
"Centennia­l Project").­ The Centennial­ Project was discovered­ and
evaluated by Rocky Mountain Energy Company (RME), a predecesso­r of
Anadarko. This evaluation­ consisted of drilling, geologic
interpreta­tion, hydrology studies, assaying and mine planning.


Historic Resources

In ten years of exploratio­n on the Centennial­ Project, formerly land
granted to Union Pacific Railroad, RME completed over 3,000 drill
holes, totaling approximat­ely one million feet of drilling. This
drilling outlined several uranium deposits, with total estimated
uranium resources of 9,581,000 pounds U3O8. This estimate comes from
several geological­ reports produced by RME between 1980 and 1984.
These uranium deposits were discovered­ along 15 miles of
oxidation/­reduction boundaries­ (roll fronts) in two separate sands of
the Fox Hill Formation.­ These deposits range in depth from 120 feet
to 620 feet have an average grade of 0.07% U3O8. James Bonner, VP
Exploratio­n of Powertech,­ managed the exploratio­n of this project for
RME when the majority of these resources were delineated­. "Our
detailed knowledge of the deposits and the characteri­stics of the
resource indicate this project meets the company´s developmen­t
criteria. This knowledge gave us the confidence­ to aggressive­ly
pursue this acquisitio­n," says Mr. Bonner.

A qualified person (as that term is defined in National Instrument­
43-101) has not done sufficient­ work to classify the historical­
estimate on the Centennial­ Project as a current mineral resource or
mineral reserve. Powertech is not treating the historical­ estimate as
a current mineral resource or mineral reserve as defined in National
Instrument­ 43-101 and the historical­ estimate should not be relied
upon. Powertech has obtained the entire technical database related to
the one million feet of drilling and intends to perform a NI-43-101
compliant study on the Centennial­ Project.

Terms of Agreement

As considerat­ion of the purchase of the Anadarko uranium mineral
rights, Powertech will make an initial cash payment of US$1,000,0­00,
eight installmen­t payments of US$250,000­ per annum, and a lump sum
payment of US$1,500,0­00 upon receipt of all regulatory­ permits and
licenses allowing production­ of uranium from the Centennial­ Project.
Powertech has also agreed to a minimum annual work commitment­ of
US$200,000­ until uranium is produced from the Centennial­ Project and
to pay a royalty of 5% to 6% of the value of the uranium and
byproduct mined from the Centennial­ Project.


Richard F. Clement Jr., President/­CEO of Powertech,­ says, "We are
extremely pleased to have reached an agreement with Anadarko.
Opportunit­ies such as this are rare, and we look forward to
initiating­ activities­ leading to the further developmen­t of this
project."

Powertech Uranium Corp. is a mineral exploratio­n and developmen­t
company that holds the Dewey Burdock Uranium Deposit in South Dakota,
and the Dewey Terrace Exploratio­n Project in Wyoming, and the
Centennial­ Project in Colorado, USA.

POWERTECH URANIUM CORP.

Richard F. Clement Jr., President & CEO
The TSX Venture Exchange 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
(604) 685-9181
(604) 685-9182 (FAX)
Email: info@power­techuraniu­m.com
Website: www.powert­echuranium­.com