News
Jun 16, 2010Magma Energy Update on Chilean and Peruvian Exploration
(All amounts in US dollars and all MW according to the Geothermal Reporting Code) TSX: MXY
VANCOUVER, June 16 /CNW/ - Magma Energy Corp. (TSX: MXY) is pleased to provide an exploration update on our properties in Chile and Peru. In Chile, Magma has an exploitation permit enabling development of a 50 MW geothermal operation on the 4,000 hectare Laguna de Maule (Maule) property. Maule adjoins the 100,000 hectare Pellado property and together these properties encompass the Mariposa Geothermal Reservoir upon which Magma previously reported a 320 MW Inferred Resource.
Mariposa slim hole drilling in 2009 resulted in discovery well, MP-01. Magma recently completed MP-02 to a depth of nearly 900 meters and encountered temperatures and zones of permeability indicating a high quality geothermal resource. Data from MP-01 and MP-02 will be integrated to further develop the Mariposa reservoir model. MP-02 is located at the edge of the Mariposa Reservoir and was drilled first due to road access limitations at the time.
Drilling is about to begin at MP-03, located in the heart of the Mariposa Reservoir, with a target depth of 1,500 meters. An all-season 25 km access road now connects the future drilling pads MP-04 and MP-05 to the current exploration activities. Magma's Icelandic experts have assisted in designing the drilling program for MP-02 through MP-05. The Mariposa development budget is $15 million; costs to date are $8.5 million.
In Peru, a four person exploration team will be performing a field campaign beginning in late June. The work will focus on surface geological and geophysical work, as preparation for a drilling campaign in 2011.
Dr. Catherine Hickson, Magma's Vice President Exploration and Chief Geologist commented, "We are fortunate to have such high quality geothermal land in Latin America coupled with an experienced team to develop projects. Magma is well positioned to become a leading power producer in this area."
Please visit the link, http://www.magmaenergycorp.com/s/Projects.asp, to view our photo and video gallery of Mariposa.
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 two in Iceland.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
This news release contains certain "forward-looking information" within the meaning of Canadian securities laws, which may include, but is not limited to, statements with respect to future events or future performance, management's expectations regarding exploration and development activities at Magma's Latin American properties and estimates of geothermal reservoir size and temperature, geothermal resources, recoverable geothermal energy or energy generation capacities. Such forward-looking information reflects management's current beliefs and is based on information currently available to management.
A number of known and unknown risks, uncertainties and other factors, may cause our actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. The forward-looking information is based upon what management believes to be reasonable assumptions, including, but not limited to, assumptions about: the success and timely completion of planned exploration and expansion programs, the growth rate in net electricity consumption; support and demand for non-hydroelectric renewables; government initiatives to support the development of renewable energy generation; the accuracy of reserve estimation methodology and analysis used to estimate the quantity of potentially recoverable thermal energy; geological, geophysical, geochemical and other conditions at our properties; the reliability of technical data, including extrapolated temperature gradient, geophysical and geochemical surveys and geothermometer calculations; capital expenditure estimates; availability of capital to fund exploration, development and expansion programs; and general economic conditions. Forward-looking information and statements are also based upon the assumption that none of the identified risk factors that could cause actual results to differ materially from the forward-looking information and statements will occur.
There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should not place undue reliance on forward-looking information. Other than as required by applicable securities laws, we assume no obligation to update or revise such forward-looking information to reflect new events or circumstances.
For further information: Alison Thompson, Vice President, Corporate Relations, Magma Energy Corp., Phone: 604.646.1882, Email: .(JavaScript must be enabled to view this email address)
Jun 15, 2010
CanGEA Celebrates Monumental Step in Membership and Hosts Canada’s largest Geothermal Conference
Calgary, AB – June 15, 2010 – The Canadian Geothermal Energy Association (CanGEA) is pleased to announce that with the latest addition of Raser Technologies Inc. and US Geothermal Inc.; CanGEA now represents all the geothermal energy developers listed on the TSX and TSX-V. Together (with existing members Sierra Geothermal Power Corp., Ram Power, Corp., Nevada Geothermal Power Corp. and Magma Energy Corp.) CanGEA represents over $1.1 billion in market capitalization with member projects across four continents. The Association has seen support for geothermal energy at an all time high as membership has more than doubled in recent months to include Google Inc., Ernst & Young and SNC Lavalin Group Inc. CanGEA is pleased with the display of support for the Canadian geothermal energy industry and is proud to represent the industry’s global leaders in geothermal exploration and development.
Recently, the geothermal energy industry has seen substantial interest and activity as evidenced by Schlumberger’s acquisition of member GeothermEx, Inc. and the proposed acquisition between Sierra Geothermal Power Corp. and Ram Power Corp.. The industry is also seeing an influx of traditional energy players from the oil & gas sector taking a serious look at the geothermal energy industry. With its ability to provide renewable heat and power geothermal energy is ideally suited to tackle some of the oil & gas industry’s major challenges – especially in the Alberta Oil Sands. Schlumberger’s latest acquisition lends support to the trend that geothermal energy is fast becoming one of the world’s greatest sources of clean, renewable, base-load energy.
For CanGEA the strong interest in geothermal energy has been palpable. “We’re seeing interest from nearly all corners of the globe with almost half of our members based outside of Canada”, said CanGEA Marketing and Membership Director - Nicole Robson. With an abundance of geothermal resources Canada is one of the last countries to harness geothermal energy - a fact which CanGEA is working to change as Canada is one of the last countries bordering the “Pacific Ring of Fire” yet to develop geothermal energy. While the industry looks to Canada as the next frontier, CanGEA is actively lobbying federal and provincial governments to embrace geothermal power and its many benefits. “Geothermal is a vital source of energy,” says Robson, “not only can it provide emission-free base-load power but it can also provide the level of investment and job creation that Canada needs to bounce back from this economic recession”.
In the meantime, CanGEA is leading the charge to place Canada firmly on the world stage of geothermal power producing nations. The Third Annual CanGEA Geothermal Power Conference and Trade Show, to take place in Vancouver, BC August 8th - 10th will draw hundreds of representatives from geothermal developers, industry service providers, utilities, and renewable supporters to explore the many opportunities emerging in the industry. Like the resource itself, interest for this clean, renewable energy is heating up and steaming to the surface.
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.
For further details contact:
Nicole Robson – .(JavaScript must be enabled to view this email address)
Marketing and Membership Director
The Canadian Geothermal Energy Association
The Canadian Geothermal Energy Association (CanGEA) thanks CNW Group for its continued support of our association
Jun 14, 2010
CanGEA Congratulates B.Bennett on his Appointment to Minister of Energy, Mines & Petroleum Resources
Calgary, AB – June 14, 2010 – The Canadian Geothermal Energy Association (CanGEA) today congratulates Bill Bennett, MLA Kootenay East, on his appointment to Minister of Energy, Mines & Petroleum Resources for the province of British Columbia. Minister Bennett previously served as Minister of Tourism, Culture and the Arts as well as Minister of State for Mining. CanGEA looks forward to building upon the work of outgoing Minister Blair Lekstrom and is grateful for his years of service.
CanGEA would also like to welcome the newly appointed Deputy Minister of Energy, Mines & Petroleum Resources Robin Junger who until recently served as Deputy Minister of Energy and Clean Technology under the Premier’s Office. His work was instrumental in the formation of the recently announced Clean Energy Act which will provide greater ministerial authority to advance clean energy projects in the province. Mr. Junger replaces outgoing Deputy Minister Greg Reimer who is taking a position in the private sector as Executive Vice-President of Transmission and Distribution with BC Hydro.
With such overwhelming changes taking place at the Ministry, CanGEA is eager to build upon recent developments within the province’s geothermal program. After years of intermittent interest in geothermal power the province of British Columbia has renewed its focus and is seeking to embrace geothermal power in its portfolio of clean energy generation assets. In late March of this year the province held their first geothermal tenure auction since 2004 - a significant step in bringing this renewable, base-load power source online for the province. However, the industry was deeply disappointed to learn that the highly anticipated June tenure auction has been postponed to the fall due to delays in the referral process. Undeterred, CanGEA is actively working with the Ministry to make land available for development and expedite the tenure request and referral process.
For more information about BC’s Ministry of Energy, Mines & Petroleum Resources Geothermal Program please visits; http://www.empr.gov.bc.ca/Titles/OGTitles/geothermal/Pages/default.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.
Start the conversation online: Tell Us Your Thoughts
Contact: David Gowland
Policy Director, Canadian Geothermal Energy Association
.(JavaScript must be enabled to view this email address)
Jun 14, 2010
CanGEA responds to article “Interest in Canada’s geothermal energy industry heating up!”
A recent article posted in Power Week Canada reiterated the vast potential for Canada's geothermal resources. In response to this article, and the work of Jacek Majorowicz and Stephen Grasby, CanGEA would like to reaffirm their support for all types of geothermal energy development, including enhanced geothermal systems (EGS). CanGEA Chair & Founder, Alison Thompson, has long been involved in exploring such technologies and was team lead for Canada's first EGS study which examined geothermal potential for cleanly powering the Oil Sands. CanGEA's Third Annual Geothermal Conference and Trade Show (August 9th and 10th) will showcase some of the exciting work being done in EGS and geothermal power for Oil Sands technology. Certainly all available methods of harnessing the vast potential of Canada's geothermal resources should and must be examined to bring this base-load, renewable energy source online to satisfy Canada's clean energy demands.
"To learn more about EGS and Geothermal Power join us at the Third Annual Geothermal Conference and Trade Show in Vancouver, August 9th and 10th.
For more information please see www.cangea.ca/events."
Jun 14, 2010
Magma Energy update on Nevada operations
(All amounts in US dollars unless otherwise stated)
VANCOUVER, June 14 /CNW/ - Magma Energy Corp. (TSX: MXY) is pleased to provide an update on its activities at three of its Nevada projects. At the Soda Lake operation, the Phase 1 Expansion program is on-going with further field optimization activities and new drilling planned to increase the plant output to its nameplate capacity of 23 MW from its current 13.5 MW. Costs remain well under the initial budget of $18.2 million, with $14 million spent as of the last quarter. These costs are expected to be qualified expenditures for the 30% U.S. Treasury Department Energy Grant cost recovery program.
The deep well drilled last year, 41B-33, is midway through a 28 day injection test to determine its potential to contribute to the full field water re-injection strategy. Concurrent with this test, the well's shallow production zone that was encountered during the initial drilling is being evaluated as a future producer to the plant. A new production well, 25A-33, is expected to begin drilling at the end of June to a target depth of 4,000 feet. Drilling pad preparation is underway at the site and a drilling rig has been contracted. Results from the drilling and subsequent testing of 25A-33 are expected in August.
The Phase 2 Soda Lake expansion has also commenced. Phase 2 targets an initial 14 MW online by the end of 2013, bringing the field output to 37 MW. The entire Soda Lake field has a combined Indicated and Proved gross output potential of 61 MW based upon the Geothermal Reporting Code. Seismic permits have been received and a seismic program will begin shortly, with temperature gradient wells expected to be drilled in late summer. Last year, Magma won a $5 million Department of Energy Innovative Exploration and Drilling grant for this work and is receiving funding from the grant as expenses are submitted.
Andrea Zaradic, Magma's Vice President Operations and Development commented, "We are pleased with our Soda Lake field and plant optimization program, new production well targets and potential for further expansion. The team in place brings a wealth of knowledge that is leading to operational gains that will help conclude the Phase 1 Expansion and execute the Phase 2 plan."
Work is also underway at Magma's other Nevada properties. At McCoy, permits for 19 drill pads have been submitted and a magneto-telluric (MT) survey has been designed. A 1,000 foot deep temperature gradient well is planned for September pending permitting. At Desert Queen, Magma recently acquired two additional leases at the May BLM auction, thus improving its land position in the area. Drilling of four temperature gradient wells earlier this year has shown encouraging results.
Please visit the link, http://www.magmaenergycorp.com/s/Projects.asp, to view our photo and video gallery of Soda Lake.
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 two other operating power plants in Iceland.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
This news release contains certain "forward-looking information" within the meaning of Canadian securities laws, which may include, but is not limited to, statements with respect to future events or future performance, management's expectations regarding exploration and development activities at Magma's Nevada properties and estimates of geothermal reservoir size and temperature, geothermal resources, recoverable geothermal energy or energy generation capacities. Such forward-looking information reflects management's current beliefs and is based on information currently available to management.
A number of known and unknown risks, uncertainties and other factors, may cause our actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. The forward-looking information is based upon what management believes to be reasonable assumptions, including, but not limited to, assumptions about: the success and timely completion of planned exploration and expansion programs; the growth rate in net electricity consumption; support and demand for non-hydroelectric renewables; government initiatives to support the development of renewable energy generation; the accuracy of reserve estimation methodology and analysis used to estimate the quantity of potentially recoverable thermal energy; geological, geophysical, geochemical and other conditions at our properties; the reliability of technical data, including extrapolated temperature gradient, geophysical and geochemical surveys and geothermometer calculations; capital expenditure estimates; availability of capital to fund exploration, development and expansion programs; and general economic conditions. Forward-looking information and statements are also based upon the assumption that none of the identified risk factors that could cause actual results to differ materially from the forward-looking information and statements will occur.
There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should not place undue reliance on forward-looking information. Other than as required by applicable securities laws, we assume no obligation to update or revise such forward-looking information to reflect new events or circumstances.
For further information: Alison Thompson, Vice President, Corporate Relations, Magma Energy Corp., Phone: 604.646.1882, Email: .(JavaScript must be enabled to view this email address)
Jun 09, 2010
Register Now - Early Bird Pricing Ends June 11th - CanGEA Geothermal Conference - Agenda Available
CanGEA‘s Third Annual Geothermal Energy Conference and Trade Show
August 8 -10, 2010 Vancouver, British Columbia
Canadian Geothermal Energy Association (CanGEA) invites you to join us, as renewable energy developers, manufacturers, suppliers, utilities, engineers, geoscientists, lenders, insurers, power consumers and investors converge to discuss the latest projects, technologies, products and services and regulations. This three day event provides an excellent opportunity to meet and network with the geothermal industry key players.
Download the 2010 Conference Agenda Here
Book now before all seats have been reserved.
Early Bird Rate is in effect until June 11, 2010
Canada’s Largest Geothermal Energy Conference and Trade Show
