News
Feb 15, 2011Magma Energy Corp Announces 2011 Second Quarter Results
Magma Energy Corp., a member of the Canadian Geothermal Energy Association, announces:
VANCOUVER, Feb. 14 /CNW/ - Magma Energy Corp. (TSX: MXY) today reported its financial and operating results for the second quarter of 2011 ending December 31, 2010. Highlights of the quarter were:
- Completion of Magma's acquisition of a 98.53% interest in HS Orka.
- Completion of Soda Lake's Phase I expansion, resulting in an increase in annual net output from approximately 60,000 MWh to 84,000 MWh. Magma is now preparing an application for a US Treasury Grant payment of up to 30% of the eligible project costs.
- Completion of slim-hole drilling program at Mariposa, Chile.
Ross Beaty, Chairman and CEO, commented, "In this second quarter of 2011 we boosted our existing production at Soda Lake, made significant progress on our immediate expansion opportunity in Iceland and completed our slim-hole drilling program at Mariposa with strong results. We are in well-advanced discussions with a group of Icelandic pension funds on the sale of a minority interest in HS Orka, as well as with potential partners for our Mariposa project in Chile. We are looking forward to filing our Energy Grant application for Soda Lake Phase 1 and to continuing Phase 2 of our expansion plans there. At the end of the quarter Magma's overall geothermal power production was 190 MW, our geothermal Indicated Resources were 181 MW and Inferred Resources were 990 MW. We are well-positioned to further advance all of these assets during 2011."
