U.S. Geothermal Acquires Development Rights to Vale Butte Geothermal Resource Area
14 April 2014 - 10:00PM
Marketwired
U.S. Geothermal Acquires Development Rights to Vale Butte
Geothermal Resource Area
BOISE, IDAHO--(Marketwired - Apr 14, 2014) - U.S. Geothermal
Inc. (TSX:GTH)(NYSEMKT:HTM) (the "Company"), a leading renewable
energy company focused on the development, production and sale of
electricity from geothermal energy, announced today that it has
acquired geothermal property for evaluation of a new project at
Vale, Oregon. The site is located 12 miles east of the Neal Hot
Springs geothermal power plant.
The new leases encompass 368 acres of geothermal energy and
surface rights acquired from private landowners, Malheur County,
and the City of Vale. The property is within the Vale Butte
geothermal resource area and provides the opportunity to evaluate
development of a known geothermal resource. A prolific, shallow
reservoir located along the north edge of the leasehold area has
been used for many years in an agricultural drying facility and a
mushroom growing operation.
An extensive database of geophysical and geological information
from previous geothermal exploration in the Vale Butte area was
used in the evaluation of the prospect. Geochemical analysis of
samples taken from shallow, hot wells results in a calculated
geothermometer that indicates a potential reservoir temperature of
311ºF to 320ºF. Past exploration drilling near the site by Trans
Pacific Geothermal and Sandia National Laboratory encountered
temperatures in excess of 300°F in the basement rocks.
The Company is developing a staged geophysical and exploration
drilling program to evaluate the potential for commercial power
production. Fault structures and hydrologic characteristics have
been identified that are similar to the Neal Hot Springs site, and
are wholly contained within the newly acquired lease package.
"We are excited to acquire this collection of properties in the
Vale Butte resource area, which is close to our current operating
facility at Neal Hot Springs. This project adds to our pipeline of
choice development opportunities and continues to build on our
growth strategy for the Company," said Dennis Gilles, Chief
Executive Officer of U.S. Geothermal Inc. "Vale Butte is close to
transmission lines, and is in a great location to serve the Pacific
Northwest energy market."
About U.S. Geothermal Inc.:
U.S. Geothermal Inc. is a leading renewable energy company
focused on the development, production and sale of electricity from
geothermal energy and is operating geothermal power projects at
Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho.
The company recently signed an agreement to acquire an advanced
stage development project at the Geysers in California, and is
currently developing a second phase project at San Emidio Nevada,
as well as at El Ceibillo, an advanced stage, geothermal prospect
located within a 24,710 acre (100sq km) energy rights concession
area in Guatemala, located 8.5 miles (14 km) from Guatemala City,
the largest city in Central America.
The information
provided in this news release may contain forward-looking
statements within the definition of the Safe Harbor provisions of
the US Private Securities Litigation Reform Act of 1995. These
statements are based on U.S. Geothermal Inc.'s current expectations
and beliefs and are subject to a number of risks and uncertainties
that can cause actual results to differ materially from those
described, including but not limited to, the results from the
exploration, production and injection well drilling at El Ceibillo,
San Emidio II and Vale Butte, and completing the acquisition of the
Geysers property. Readers are cautioned to review the risk factors
identified by the company in its filings with Canadian and US
securities agencies. Forward-looking statements are based on
management's expectations, beliefs and opinions on the date the
statements are made. U.S. Geothermal Inc. assumes no obligation to
update forward-looking statements if management's expectations,
beliefs, or opinions, or other factors, should change.
The NYSEMKT and the TSX do not accept responsibility for the
adequacy of this release.
U.S. Geothermal Inc.Saf DhillonInvestor
Relations866-687-7059208-424-1030saf@usgeothermal.comwww.usgeothermal.com
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