Sierra Geothermal Power Corp. (SGP) (TSX VENTURE: SRA) provides an
exploration update on its Tier One projects. The update covers
exploration drilling at the Reese River Project, the completion of
an observation well at the Alum Project in the Paymaster District
as well as other Paymaster District advances, and the completion of
an airborne survey at the Barren Hills Project.
In addition, SGP has been informed that Nevada's Bureau of Land
Management has accepted SGP's lease unitization proposals for all
four of SGP's Tier One projects. Lease unitization gives SGP
resource control, during exploration, development and production,
over land that adjoins each of the Tier One projects and that is
not currently under lease by SGP or other developers. The BLM
unitization approval affects a combined 47 square kilometers of
currently unleased adjoining lands, for a total unitized and leased
land position of 154 square kilometers on our Tier One
projects.
"The Reese River exploration program was particularly helpful as
it increased the size of the thermal anomally and will help us to
target future drilling locations," said Gary Thompson, President
and CEO. "We believe that our short term geothermal exploration
program, which is well funded with nearly US$11 million raised
since August 2009 and US$10 million in matching grants, will go a
long way towards attracting prospective joint venture partners and
moving our project to feasibility."
REESE RIVER PROJECT UPDATE
Earlier this month SGP completed a program of 10 shallow
exploration holes with a total of 2,140 meters drilled at Reese
River. While analysis of the drill results remains to be completed,
an initial review confirms that the size of the known thermal
anomaly at Reese River is greater than previously disclosed.
A team of geologists from the University of Nevada, Reno is
working with SGP to build a structural model of the subsurface that
should be completed in early 2010. The structural model, combined
with all of the previous data, will be used for targeting the next
drill locations.
PAYMASTER DISTRICT UPDATE
Paymaster is a district play geothermal opportunity located in
Esmeralda County, Nevada near the California and Nevada border.
SGP's projects within the District consist of three prospects:
Alum, Silver Peak and Pearl, having an estimated combined
probability at the 90% level of generating 110 megawatts of power.
A 110-megawatt geothermal plant provides enough power to supply
88,000 homes. Alum and Silver Peak are Tier One projects while
Pearl is a lower priority Tier Two project.
SGP recently completed drilling the observation well 25-29 at
the Alum project, within SGP's Paymaster district. SGP stopped the
well at 1,010 meters, which was short of the previously disclosed
target depth of 1,830 meters. The highest recorded temperature in
the well was 126 degrees Celsius at 620 meters depth. The drilling
was stopped prior to the planned depth of 1,830 meters because a
temperature reversal was encountered. The drill hole confirms and
constrains the depths to important subsurface horizons and has
provided helpful geologic information. SGP also collected a
complete suite of downhole geophysical logs from the well. SGP is
refining the 3D subsurface model at the Alum project prior to
additional drilling.
In November, SGP completed detailed ground-based magnetotelluric
(MT) surveys and airborne Z-tipper Electromagnetic (ZTEM) surveys
at both Alum and Silver Peak. Preliminary analysis of the MT
datasets reveals the extent and thickness of overlying layers of
conductive sediments as well as the inferred locations of zones of
potential permeability at both Alum and Silver Peak. A radiometric
survey was recently completed at Silver Peak. Data processing and
interpretation of all data sets into 3D subsurface models is
ongoing.
SGP is planning additional exploration work in the Paymaster
District including a 2D seismic survey at Alum, regional
hydrological studies, shallow temperature probe measurements and an
airborne thermal infrared remote-sensing survey at both Alum and
Silver Peak. Further drilling is planned at both Silver Peak and
Alum in January 2010.
As previously disclosed, SGP's $10 million in matching grants
from the US Department of Energy allows SGP to obtain
reimbursements for 50% of the cost of its exploration work,
specifically $5 million of reimbursments for Silver Peak and $5
million of reimbursments for Alum.
BARREN HILLS PROJECT UPDATE
In November 2009, SGP completed an airborne Z-tipper
Electromagnetic (ZTEM) survey covering 100 square kilometers at the
Barren Hills project. This survey is providing information on the
subsurface resistivity variations which is useful for planning
additional surveys and drilling targets. The permitting process
continues to move forward at Barren Hills. SGP anticipates the
receipt of the major project permit, the Environmental Assessment
(EA) for Barren Hills, in Q2 2010.
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 kilometers (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.
On behalf of the Board of Directors,
Gary Thompson, 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 such as, "The Reese River exploration program was
particularly helpful as it increased the size of the thermal
anomaly and will help us to target future drilling locations, we
believe that our short term geothermal exploration program, which
is well funded with nearly US$11 million raised since August 2009
and US$10 million in matching grants, will go a long way towards
attracting prospective joint venture partners and moving our
project to feasibility, SGP anticipates the receipt of the major
permit, the Environmental Assessment (EA) for Barren Hills, in Q2
2010 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 asrdanovic@sierrageopower.com
www.sierrageopower.com
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