News
Apr 30, 2010G4G Resources announces lifting of trading halt
Vancouver, B.C., April 29, 2010 - G4G Resources Ltd. (“G4G”) (TSX-V: GXG) today announced that the TSX Venture Exchange has advised that it will lift the halt on trading of G4G’s common shares such that trading in the common shares will re-commence at the market opening on Friday, April 30, 2010.
About G4G Resources Ltd.
G4G Resources Ltd. is a Canadian-based mineral exploration and development company focused on a number of resource projects.
Forward-Looking Statement
This document may contain or refer to forward-looking information based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances. For a detailed list of risks and uncertainties, as it relates to G4G Resources Ltd., please refer to the Company's 2008 Annual Report filed with SEDAR on April 23, 2009.
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Neither the 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.
For more information, please contact:
Basil Botha
G4G Resources Ltd.
President and CEO
Tel: (604) 602-9868
Email: .(JavaScript must be enabled to view this email address)
Website: www.g4gresources.com
Apr 29, 2010
CanGEA Hosts Networking Reception at World Geothermal Congress
Calgary, AB – April 29, 2010 – The Canadian Geothermal Energy Association (CanGEA) in partnership with Foreign Affairs and International Trade Canada hosted the Canadian Geothermal Networking Reception in Bali, Indonesia as part of the 2010 World Geothermal Congress. The event brought together more than 100 delegates of different disciplines from around the world to learn about the Canadian geothermal industry highlighting Canadian companies Magma Energy Corp., Nevada Geothermal Power, Borealis GeoPower, Sierra Geothermal Power and CanGEA. On behalf of the Association we would like to thank all of those who attended and also extend a special thanks to the Department of Foreign Affairs and International Trade for their generous support and hard work.
The World Geothermal Congress takes place every five years and was last held in Turkey in 2005. This year’s event comprised of over 2,000 delegates representing the full spectrum of the geothermal industry, including developers, service companies, academics, and government officials. For more information on the World Geothermal Congress please click here.
CanGEA Chair, Alison Thompson, delivered the Canadian Country Update at the Congress highlighting the recent growth in the industry and the challenges that lie ahead in bringing geothermal power online in Canada.CanGEA continues to advance the geothermal industry both within Canada and abroad. Through participation in international conference such as the World Geothermal Congress and active policy reform CanGEA has made real progress in fostering the development of the Canadian geothermal industry. As the leading authority in geothermal education and awareness in Canada, CanGEA is well positioned to represent the needs and ambitions of its members in bringing the industry forward. For more information on joining CanGEA please see our website at www.cangea.ca.
About CanGEA: CanGEA is a national industry association that believes we can provide competitively priced, emissions free, renewable, base-load energy to Canadians and to U.S. export markets. CanGEA works on behalf of our members to facilitate the growth of geothermal power projects and promote publicly listed companies on the Canadian Exchanges.
Apr 22, 2010
G4G announces revised terms of agreement to acquire interest in geothermal properties in Argentina
G4G ANNOUNCES REVISED TERMS OF AGREEMENT TO ACQUIRE INTEREST IN
GEOTHERMAL PROPERTIES IN ARGENTINA
Vancouver, British Colombia, April 21, 2010: G4G Resources Ltd (“G4G” or the “Company”) (TSX-V: GXG), announces that it has entered into an amending agreement that revises the terms under which it would acquire an interest in three separate geothermal areas in Argentina. G4G had previously announced on February 16, 2010 that it had entered into an assignment agreement relating to the proposed acquisition with Grupo Minero Aconcagua S.A. (“Aconcagua”), a private company registered in Argentina and Andean Geothermal Power Corporation, a private company registered in Texas, United States of America (“Andean” and, together with Aconcagua, the “Seller”). Pursuant to the amended assignment agreement (the “Agreement”), the Company will assume the Seller’s obligations under an exploration contract with an option to purchase (the “Exploration and Option Agreement”) originally entered into between Aconcagua and Geotermia Andina S.A., an Argentinean energy company “Geotermia Andina”). Aconcagua later assigned its interest in the Exploration and Option Agreement to Andean.
The Exploration and Option Agreement to be assigned to G4G pursuant to the Agreement will provide G4G with geothermal rights to the Valle del Cura (which includes the Despoblados project), Tuzgle and Tocomar projects located in the San Juan, Jujuy and Salta provinces of Argentina, respectively. These projects are in close proximity to roads and/or power lines. The Despoblados project is approximately 8 kilometres from Barrick Gold Corporation’s Veladero mine and 20 kilometres from its proposed Pasqua-Lama mine. The Tuzgle property is in close proximity to an existing power grid, and to current and potential lithium operations, which require large amounts of power to process lithium and potash. A technical report on the Despoblados project is being separately announced and filed by G4G on SEDAR.
In assuming the Seller’s obligations under the Exploration and Option Agreement, G4G would be required to make remaining payments to Geotermia Andina totaling US$3,860,000 in respect of the Valle del Cura projects and US$6,290,000 in respect of the Tuzgle-Tocomar projects in accordance with the following schedule:
Read more here
Technical Report available here
Apr 21, 2010
CanGEA Comments on BC Hydro Site C Project Developments
CANADIAN GEOTHERMAL ENERGY ASSOCATION (CANGEA) COMMENTS ON B.C. HYDRO SITE C PROJECT DEVELOPMENTS
Calgary, AB – April 20, 2010 – Recently the Government of British Columbia announced its plans to move forward with the 900 megawatt Site C Clean Energy Project on the Peace River; despite concerns from critics regarding the project and its environmental impacts. CanGEA is pleased to see the province expand its base-load power generation capacity but stresses that geothermal power should be considered as it is an attractive alternative to hydro, both in the short and long term. As BC Hydro forecasts that B.C.’s electricity needs will grow by 20 to 40 per cent over the next 20 years, geothermal energy can help address those needs.
“The province has a real need for new base-load power sources, especially as intermittent renewable energy sources make up a larger percentage of the generation capacity” said David Gowland, Policy Director at CanGEA. Traditionally base-load power has been supplied by large scale hydro facilities, but geothermal power is better suited to fill this role as it operates at capacities equal to or higher than hydro with very little surface disturbance. “Where large scale hydro plants have long lead times and the potential for negative environmental impacts, geothermal power can be developed relatively quickly to generate renewable base-load power as well as provide residential and commercial heating” said Gowland.
While there is currently no geothermal electricity generation in the province, there is optimism that the recent geothermal permit auction has sparked the industry and reignited the push to embrace new sources of base-load power. In fact, the Canadian geothermal industry has seen strong interest from developers and also investors. This year alone CanGEA has welcomed 15 new members so far including geothermal developers and service companies both nationally and internationally. Unlike other nations whose governments have provided large incentives for geothermal resource development, the Canadian market place has not seen strong financial support from the government resulting in the Canadian industry lagging behind that of the US and Mexico with very similar geology
All politics aside, one thing is certain; the demand for clean, renewable power is sure to increase, whether it is consumed within the province or exported to our neighbours to the south. And while no single energy source can meet this demand, it is clear that a diversified energy portfolio with complementary generation from renewable sources like hydro, geothermal, wind, solar, and tidal power will be best suited to effectively balance environmental concerns and satisfy the power demands of the future.
About CanGEA: CanGEA is a national industry association that believes we can provide competitively priced, emissions free, renewable, base-load energy to Canadians and to U.S. export markets. CanGEA works on behalf of our members to facilitate the growth of geothermal power projects and promote publicly listed companies on the Canadian Exchanges.
Visit us at http://www.cangea.ca.
Contact: David Gowland
Policy Director, Canadian Geothermal Energy Association
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Apr 15, 2010
Senator Harry Reid Visits NGP’s Blue Mountain Geothermal Plant
Vancouver, B.C. (April 15, 2010), Nevada Geothermal Power Inc. (NGP) (TSX.V: NGP, OTCBB: NGLPF) is pleased to announce the recent visit of The Honorable Senator Harry Reid, Majority Leader of the U.S. Senate, to NGP’s Blue Mountain geothermal plant. The Senator, a strong advocate of the geothermal industry in Nevada, toured the 49.5 megawatt, Faulkner 1 facility with Max Walenciak, NGP’s Vice President of Operations and Development. During the visit, NGP presented Senator Reid with a letter expressing the company’s appreciation and commending the Senator’s consistent and sustained support of the geothermal industry.
“One of the reasons I worked so hard to pass the Recovery Act is because of companies like NGP and its Blue Mountain geothermal plant. This project is exactly the type of initiative we need to ensure Nevada creates good-paying jobs and moves our economy forward. With so many natural resources like wind, solar and geothermal, Nevada is poised to lead the nation in clean energy jobs and development,” said Reid.
“We feel privileged to have had the opportunity to host Senator Reid at our Blue Mountain geothermal plant,” stated Brian Fairbank, NGP’s President and CEO. “Mr. Reid has been a leader in supporting the development of the geothermal industry in Nevada. The Senator’s decision to visit our Blue Mountain facility is a testament of the success that can be achieved when supportive government policy intersects with private enterprise. In this manner, we can continue to make steady progress towards a cleaner energy future for the United States and greater energy independence.”
About Nevada Geothermal Power Inc.:
Nevada Geothermal Power Inc. is an emerging renewable energy producer and developer focused on producing clean, efficient and sustainable geothermal electric power from high temperature geothermal resources, in the United States. NGP currently owns a 100% leasehold interest in four properties: Blue Mountain, Pumpernickel, Black Warrior, all of which are ideally situated in Nevada, and Crump Geyser, Oregon. These properties are at different levels of exploration and development. NGP estimates a potential of between 150 M W and 300 MW from its current leaseholds.
Nevada Geothermal Power Inc.
Brian D. Fairbank, P. Eng.
President & CEO
http://www.nevadageothermal.com
Investor Inquiries:
Paul Mitchell
Nevada Geothermal Power Inc.
Telephone: 604-688-1553 X118
Direct Line: 604-638-8784
Toll Free: 866-688-0808 X118
Email: .(JavaScript must be enabled to view this email address)
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “potential” and similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company’s actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition, or alteration to the information catered in this Press Release including such forward-looking statements.
Neither the 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.
Apr 07, 2010
Ram Power to Enter Agreement with Imperial Irrigation District
RENO, NEVADA- (April 6, 2010) – Ram Power, Corp. (TSX:RPG) (“Ram Power”) announced today that its subsidiary Ram Power, Inc. has signed a term sheet with the Imperial Irrigation District (“IID”) for a public-private partnership to develop one or more 49.9 MW geothermal projects on IID owned lands in the Imperial Valley, California (the “Project”). Under the terms of the contemplated transaction, the Project will be owned and developed by Ram Power’s to-be-formed subsidiary that will enter into a market based power purchase agreement with IID to sell 49.9 MW of power (the “PPA”). The PPA will provide for an option (but not an obligation) for IID to pre pay a portion of Project’s output upon the Project reaching commercial operation. A portion of the output of the Project may be purchased by other members of the Southern California Public Power Authority. IID will also have the option to acquire an ownership interest in the Project after 7 or 10 years from commercial operation, depending on tax incentives utilized by the Project.
The term sheet, which was approved by IID’s board of directors, is the culmination of IID’s Request for Proposal No. 703 initiated in 2009. Ram Power’s proposal was selected from several competing offers by other geothermal developers. The term sheet will be used as the basis for the PPA, the geothermal lease and other associated agreements between Ram Power and IID. The prepaid option in the PPA allows IID to provide the equivalent of debt financing to the Project at IID’s low bond financing interest rate.
In making the announcement, Dan Schochet, Ram Power’s Executive Vice President said, “This Project, which is structured to benefit from various federal incentives, represents the first step for Ram Power to join in a true public-private joint venture to utilize the strengths of IID as a publically owned utility along with the experience of Ram Power to develop the vast amount of base load, cost effective geothermal energy resources in the Imperial Valley.” Schochet went on to say that, “This Project, as well as others planned to follow, will provide significant benefits to the residents of the Imperial Valley by creating high paying jobs and contributing to the overall economic development of the region.”
About Ram Power, Corp.
Ram Power is a renewable energy company based in Reno, Nevada, engaged in the business of acquiring, exploring, developing, and operating geothermal properties and has interest in geothermal projects in the United States, Canada, and Latin America.
To view this article in its entirety click here
Apr 07, 2010
CanGEA featured on Alberta Primetime - Interview available online
CanGEA Chair and Founder, Alison Thompson and member Ian Tharp, Dundee Securities, are featured in a Geothermal segment on Alberta Primetime.
To view the story online please click here
Apr 01, 2010
Magma Energy Completes Purchase Of A Further 2.16% Interest In Icelandic Geothermal Energy Producer
CanGEA member Magma Energy Corp. announced that it has now closed a previously announced agreement to acquire from Geysir Green Energy a 2.16% stake in HS Orka, a large producing geothermal company in Iceland. Magma Energy also reports that it has contributed new equity to HS Orka in order to finance its continuing development and expansion. Magma Energy has contributed approximately $8.0 million and Geysir has contributed approximately $12 million for a total contribution of $20 million. Magma Energy now holds a 43.2% direct interest in HS Orka.
Vancouver, B.C., Canada, April 1, 2010 - Magma Energy Corp. (TSX:MXY) Magma Energy Corp. reports that it has now closed a previously announced agreement to acquire from Geysir Green Energy a 2.16% stake in HS Orka, a large producing geothermal company in Iceland, for 625 million Icelandic Kronur (“ISK”) (approximately $5 million).
Magma Energy also reports that it has contributed new equity to HS Orka in order to finance its continuing development and expansion. Magma Energy has contributed approximately $8.0 million and Geysir has contributed approximately $12 million for a total contribution of $20 million. Magma Energy now holds a 43.2% direct interest in HS Orka.
HS Orka is the largest privately owned energy company in Iceland. Installed geothermal power capacity is 175 megawatts (“MW”) from the Svartsengi and Reykjanes power plants. In addition, HS Orka generates 150 MW of thermal energy for district heating. Expansions are planned that will increase HS Orka’s geothermal power production to 405 MW by 2015. Much of the power is sold under US dollar contracts to a large aluminum smelter that is one of the world’s lowest cost aluminum producers.
About Magma Energy Corp.
Magma Energy Corp. is a geothermal power company which operates, develops, explores and acquires geothermal energy projects. We have an extensive portfolio of properties throughout the western United States, Iceland and Latin America, including one operating power plant in Nevada and an interest in two other operating power plants in Iceland.
About Iceland’s Geothermal Industry and Geysir Green Energy
Iceland has one of the world’s largest and best developed geothermal industries, supported by substantial geothermal resources and a highly skilled domestic workforce. Geothermal energy accounts for 23% of Iceland’s electricity demand and powers many of Iceland’s homes and businesses, including Iceland’s large aluminum industry.
Geysir Green Energy is a private geothermal development company with a majority stake in HS Orka, a 100% interest in geothermal drilling company, Iceland Drilling, and significant geothermal assets elsewhere in the world.
To view this article in its entirety click here
Apr 01, 2010
SGP Awarded Knight Inlet Geothermal Parcel
Vancouver, British Columbia - Sierra Geothermal Power Corp. [TSX-V: 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. http://www.sierrageopower.com
Apr 01, 2010
CanGEA Responds to B.C Geothermal Permit Auction Results
CALGARY, March 31 /CNW/ – The Canadian Geothermal Energy Association (CanGEA) is pleased to congratulate CanGEA member Sierra Geothermal Power Corp. (SGP) on their successful bid for the Knight Inlet parcel in British Columbia’s geothermal exploration permit auction.
“We are excited to have won the bid for the Knight Inlet lands. These lands have excellent potential for development of a geothermal resource”, said Gary Thompson, President and CEO of SGP. “The geothermal rights from the Crown coupled with our Da’naxda’xw/Awaetlala Nation agreement is the ideal combination to move a project forward.”
The March 29 auction is the first of three proposed for the year by BC’s Ministry of Energy, Mines & Petroleum Resources, and the first since 2004. Other parcels at Lakelse Lake, Mount Cayley and Sloquet Creek will be auctioned later in the year. The province has also extended the deadline for tenure request submissions to May 5, 2010 and hopes to have additional titles available for auctions in June and September of this year.
“British Columbia has significant geothermal energy potential and continues towards advancing geothermal energy generation in this province,” said Minister Blair Lekstrom. “We will put this resource to work for our economy, generating new jobs and new wealth for rural B.C. communities, while lowering greenhouse gas emissions.”
CanGEA has been active in lobbying the BC government to expedite the land tenure process. “In the western United States there are literally hundreds of geothermal land sales each year,” notes CanGEA Policy Director David Gowland. “BC has a long way to go but this is an important first step. We now look forward to the introduction of a BC Clean Energy Act - expected in the current legislative session - which will further support development of geothermal and other renewable energy resources in British Columbia.”
“We are particularly pleased that Sierra Geothermal, a BC-based company and one of CanGEA’s founding members, has taken the lead in this respect,” said Gowland. “This permit acquisition builds upon the memorandum of understanding signed between Sierra and the Da’naxda’xw/Awaetlala Nation in 2009 with respect to developments in the Band’s traditional territory in the Knight Inlet area some 250 kilometers north-west of Vancouver.”
Results of the Knight Inlet auction are posted on the Ministry website at http://www.empr.gov.bc.ca/Titles/OGTitles/SaleResults/2010Results/Pages/March2010-Geothermal.aspx
About CanGEA
CanGEA is a national industry association that believes we can provide competitively priced, emissions free, renewable, base-load energy to Canadians and to U.S. export markets. CanGEA works on behalf of our members to facilitate the growth of geothermal power projects and promote publicly listed companies on the Canadian Exchanges.Visit us at http://www.cangea.ca.
Contact: David Gowland
Policy Director, Canadian Geothermal Energy Association
.(JavaScript must be enabled to view this email address)
Thank you to our media partner CNW for sponsoring this CanGEA press releases, to view this article in its entirety click here
