Sierra Geothermal Power Awarded Knight Inlet Geothermal Parcel
02 April 2010 - 12:00AM
Marketwired
Sierra Geothermal Power Corp. (TSX VENTURE: SRA) ("Sierra") is
pleased to announce that it was the successful bidder in the March
29, 2010, BC Government auction for Crown geothermal rights to an
8,079 hectare parcel of land in the Knight Inlet area of British
Columbia. Most of this parcel is located within the
Da'naxda'xw/Awaetlala Nation's traditional territory, where Sierra
has an exclusive right to explore for geothermal resources pursuant
to a memorandum of understanding signed last year.
As the successful bidder at the auction, Sierra has received a
one-year permit from the BC government granting it the exclusive
right to explore for the Crown's geothermal resources on the parcel
covered by the permit. This permit may be renewed annually for up
to eight years, after which it can be converted to a lease.
Gary Thompson, President and CEO of Sierra, said, "We are
excited to have won the bid for the Knight Inlet lands. We believe
that these lands have excellent potential for development of a
geothermal resource given geothermometry results of 150 to 200
degrees Celsius. The geothermal rights from the Crown coupled with
our earlier memorandum of understanding with the
Da'naxda'xw/Awaetlala Nation provides the ideal combination to move
a project forward. If we find a geothermal resource on this land
that we can develop, we believe that we can provide a benefit to
the residents of the region while bringing a clean and renewable
form of power to BC's electrical grid."
About the Knight Inlet Project
In 2007 the Knight Inlet prospect was identified by Sierra as a
prime area for exploration and possible development of a geothermal
power plant. Significant transmission infrastructure (a dual 230 kV
transmission interconnection) and improved road access are already
under development with run of river power projects in the area.
A geothermal steam zone on the Knight Inlet site sampled by
Sierra measured 82.5 degrees Celsius (third hottest spring in
Canada) at surface and chemical geothermometry returned 150 to 200
degrees Celsius. Sierra conducted an assessment to determine
geothermal energy potential throughout British Columbia during a
flow-through expenditure program. Further studies and data analysis
continued in 2008. In April 2009 Sierra signed a memorandum of
understanding with the Da'naxda'xw/Awaetlala Nation for the
exclusive right to develop geothermal projects on traditional
lands, consisting of about 800,000 hectares (2 million acres) in
the Knight Inlet Area of British Columbia. The potential benefits
to the Da'naxda'xw/Awaetlala Nation could include employment
opportunities through construction and operation of any generation
facilities as well as financial support of educational and lodge
resort development initiatives by way of a revenue sharing
arrangement.
About Sierra Geothermal Power Corp.
Sierra is a Vancouver-based geothermal energy company focused on
the exploration and development of clean, sustainable power in the
Western North America. Sierra has 100% control over its portfolio
of geothermal properties in Nevada, California and British
Columbia. Sierra's projects have a combined total estimated
capacity of almost 400MW. One megawatt (MW) is enough to power 800
homes.
On behalf of the Board of Directors
Gary Thompson, Chief Executive Officer, President and
Director
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release may contain forward-looking statements. All
statements, other than statements of historical fact, included or
incorporated by reference in this news release are forward-looking
statements, including, without limitation, statements regarding
activities, events or developments that Sierra expects or
anticipates may occur in the future. Forward-looking statements can
be identified by the use of forward-looking words such as "may",
"would", "could", "expect", "intend", "plan", "estimate",
"anticipate", "believe" or "continue" or similar words or the
negative thereof. Forward-looking statements in this news release
include statements about Sierra's belief that these lands have
excellent potential for development of a geothermal resource, that
development of a geothermal resource in the region could benefit
the residents of the region, that significant transmission
infrastructure in the area will be completed as planned and that
the potential benefits to the Da'naxda'xw/Awaetlala Nation could
include employment opportunities, educational and lodge resort
development initiatives.
There can be no assurance that the plans, intentions or
expectations upon which these forward-looking statements are based
will occur. Readers are cautioned not to place undue reliance on
these forward-looking statements, which are not a guarantee of
performance and are subject to a number of uncertainties and other
factors that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements.
These factors include general economic and market conditions,
changes in the law, actions of competitors, drill results and other
changes in circumstance, and Sierra's ability to implement business
strategies and pursue its business plan. In addition, all
forward-looking statements involve risks and uncertainties,
including the risks and uncertainties detailed in Sierra's filings
with the applicable Canadian securities commissions, copies of
which are available at www.sedar.com. We urge you to carefully
consider these factors.
All of the forward-looking statements contained in this news
release are expressly qualified in their entirety by this
cautionary statement. The forward-looking statements included in
this news release are made as of the date of this news release and
Sierra undertakes no obligation to publicly update such
forward-looking statements to reflect new information, subsequent
events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider 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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