Sierra Geothermal Awarded US$10 Million of DOE Grants
31 October 2009 - 12:30AM
Marketwired
Sierra Geothermal Power Corp. (TSX VENTURE: SRA) ("SGP") today
announced that its wholly owned US subsidiary, Sierra Geothermal
Power Inc., has been awarded two grants totalling US$10 million by
the US Department of Energy ("DOE"). The grant program,
specifically targeting new investments in geothermal power, was
announced on May 27, 2009 as part of the American Reinvestment and
Recovery Act and gives preference to activities that can rapidly
assist in economic recovery.
The grants have been awarded under the DOE's Geothermal
Technologies Program Funding Opportunity Announcements ("FOAs") and
will contribute US$5 million toward drilling and exploration
activities on each of SGP's Silver Peak and Alum projects within
SGP's Paymaster District, on a 50:50 cost share basis. The grants
will provide a portion of the funding required to move these
projects to feasibility.
Gary R. Thompson, President and CEO, said, "We are extremely
pleased that the DOE has recognised the suitability of our advanced
stage Silver Peak and Alum projects as candidates for these FOA
awards. As both projects are drill-ready we anticipate quickly
utilising this grant funding to bring us closer to our goal of
becoming an independent producer of geothermal power by 2012."
About Sierra Geothermal Power Corp.
Sierra Geothermal Power Corp. is a renewable energy company
focused on the exploration and development of clean, sustainable
geothermal power. It is based in Vancouver, British Columbia and
listed on the TSX Venture Exchange under the symbol SRA. Its
portfolio of geothermal projects located in Nevada and California
exceeds 365 square kilometres (90,000 acres) and has a combined
total estimated capacity of greater than 500 MW. SGP intends to
finance development by utilizing a combination of corporate equity,
joint venture partnerships and project debt, with the support of US
government grants and loan guarantees. To find out more about
Sierra Geothermal Power Corp. (TSX VENTURE: SRA) visit our website
at www.sierrageopower.com.
About the Silver Peak Geothermal Power Project
The Silver Peak geothermal power project is located in Esmeralda
County, Nevada, 240 kilometres (150 miles) northwest of Las Vegas,
and covers 7,233 acres. GeothermEx's independent analysis estimates
a resource capacity of 15-40 MW of power. The Silver Peak property
has two 55 kV transmission lines connecting to the Nevada and
California power grids and a substation located on the lease
itself. Many geothermal features are visible on the property
including geothermal vents, silica sinter deposits and algae mats.
Also present are shallow warm to hot wells with temperatures up to
75 degrees Celsius (167 degrees Fahrenheit) at depths less than 21
metres (70 feet). Chemical geothermometers that have been applied
to the thermal waters suggest that temperatures may reach 200-230
degrees Celsius (400-440 degrees Fahrenheit) at depth.
About the Alum Geothermal Power Project
The Alum geothermal power project is located in Esmeralda
County, Nevada, 240 kilometres (150 miles) northwest of Las Vegas,
and covers 7,198 acres. GeothermEx's 2008 independent report on the
Alum anomaly as a whole provided a ninety percent probability of
generating 73 MW and a fifty percent probability of generating 150
MW. Exploration to date at Alum includes 48 temperature gradient
wells drilled to a maximum depth of 600 metres with bottom-hole
temperatures of 120 degrees Celsius. Recent gravity geophysics and
detailed structural mapping combined with the gradient drilling
data have identified many favorable drilling targets on the Alum
property. Chemical geothermometry analysis of boiling water samples
on the project indicates commercial resource temperatures of 150 to
225 degrees Celsius. A 70 MW geothermal resource can generate
enough power to supply 56,000 homes.
On behalf of the Board of Directors
Gary Thompson, P.Geo, President, Chief Executive Officer and
Director
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release contains forward-looking statements.
Forward-looking statements are projections of events, revenues,
income, future economic performance or management's plans and
objectives for future operations. In some cases you can identify
forward-looking statements by the use of terminology such as "may",
"should", "anticipates", "believes", "expects", "intends",
"forecasts", "plans", "future", "strategy", or words of similar
meaning. Forward-looking statements in this press release include
statements about anticipating quickly utilising this grant funding
to bring us closer to our goal of becoming an independent producer
of geothermal power by 2012, and the Company's intent to finance
the development of its projects through a combination of corporate
equity, joint venture partnerships and project debt with the
support of U.S. government grants and loan guarantees. These
statements are only predictions and involve known and unknown
risks, uncertainties and other factors, including the risks
inherent in our industry, the challenging capital markets and other
risks identified by us in our periodic filings on SEDAR (which can
be viewed at www.sedar.com). Any of these risks could cause our or
our industry's actual results, levels of activity, performance or
achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or
implied by these forward-looking statements.
While these forward-looking statements and any assumptions upon
which they are based are made in good faith and reflect our current
judgment regarding the direction of its business, actual results
will almost always vary, sometimes materially, from any estimates,
predictions, projections, assumptions or other future performance
suggested in this press release. Except as required by applicable
law, including the securities laws of Canada, we do not intend to
update any of the forward-looking statements to conform these
statements to actual results.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Sierra Geothermal Power Corp. Gary Thompson President
& CEO (604) 683-0332 / 1-800-563-5631 info@sierrageopower.com
Sierra Geothermal Power Corp. Anthony Srdanovic Investor Relations
(604) 642-6179 arsdanovic@sierrageopower.com
www.sierrageopower.com
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