Canadian uranium digger Powertech isn't looking too rosy for investors. After several months in which its stock price has tumbled nearly 80%, Powertech apparently can't even afford to continue leasing an old house in Wellington, Colorado, as a local office.
Perhaps to reassure South Dakota State Representative Lance Russell that the uranium lease near Custer that he helped his mom finagle will still be worth something, Powertech tells the press that they will focus now on digging for that special glow in the Black Hills. If Powertech can't afford an old house in Colorado, it will be interesting to see where they come up with the cash for actual mining equipment to operate regularly and safely in the Black Hills. Regulators and investors, cast your wary eyes on Powertech.