News
May 05, 2010Magma Energy Issued Maule Exploitation Permit In Chile
Vancouver, B.C., Canada, May 5, 2010 - Magma Energy Corp. (TSX:MXY) announces that it has been issued an exploitation permit enabling development of a 50 MW geothermal operation on the 4,000 hectare Laguna de Maule (Maule) property, 300 km south of Santiago, by the Government of Chile. 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.
Magma is currently drilling the second of five slim holes wells into the Mariposa Reservoir. The first well drilled in 2009 discovered temperatures greater than 200°C at a depth of approximately 650 meters. The 2010 slim hole program, plus related work, commenced in March and is expected to conclude by December at a cost of US$15 million. The target depth of each of the four slim holes is 1,500 meters. Drilling results will provide sufficient information for Magma to complete more detailed evaluation of the planned Phase 1 50 MW geothermal power plant. Mariposa is within 25 km of two planned hydro power plants and associated transmission lines.
Dr. Catherine Hickson, Magma's Vice President Exploration and Chief Geologist, said, "This geothermal exploitation permit will enable us to proceed directly to construction of our operating plant once we complete our drilling program and studies on detailed capital and operating costs and environmental impacts. I look forward to seeing continuing positive results at Maule in the months ahead."
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 operating power plants in Iceland.
About the resource estimate:
The resource estimate has been prepared in accordance with The Canadian Geothermal Code for Public Reporting (the "Code") 2010 Edition, published by the Canadian Geothermal Energy Association. The report was prepared by Philip James White who is responsible for its content. Dr. White, a Senior Geologist with SKM, is a "Qualified Person" under the Code, a member of the Society of Economic Geologists and is independent of Magma.
For further information please contact:
Alison Thompson, Vice President, Corporate Relations
Magma Energy Corp.
Phone: 604.646.1882
Email:athompson@magmaenergycorp.com
Sep 05, 2008
AltaRock Energy acquires Geothermal Land Rights in Deal with Timber Giant Weyerhaeuser
First funding from Google for EGS applications, now a historic geothermal land deal with Timber company powerhouse Weyerhaeuser. Looks like 2008 is a good year for CanGEA Gold member Altarock Energy,
Congratulations.
AltaRock Press Release
SAUSALITO, Calif., Sept. 2 CA-AltaRock-Energy
SAUSALITO, Calif., Sept. 2 /PRNewswire/—AltaRock Energy Inc. announced today it had finalized agreements with Weyerhaeuser Company (NYSE: WY) and the Weyerhaeuser Company Foundation allowing it to explore the potential for developing geothermal projects in California, Oregon, and Washington.
The geothermal rights, totaling nearly 667,000 acres, include approximately 25,400 acres in Northern California, 378,500 acres in south-central and western Oregon, and 263,000 acres in western Washington. AltaRock will be granted an exclusive option by Weyerhaeuser to assess the geothermal potential and can convert up to 40 percent of the acreage rights to geothermal development leases within two years.
AltaRock CEO Don O’Shei said, “We’re pleased to be working with Weyerhaeuser. AltaRock is confident in its ability to put this land to an environmentally friendly use that benefits both companies and the region. These geothermal rights will provide us with a pipeline of development projects to showcase our innovative technology, and generate jobs and clean, renewable energy.”
Weyerhaeuser said the agreements support its strategy of finding innovative ways to release the full potential of its land holdings. The agreements will further AltaRock’s goal to develop EGS in a cost-effective manner in order to provide baseload renewable energy to U.S. power markets, and to meet the renewable portfolio standard needs of utilities in states such as Washington, Oregon, California and Nevada.
Source of the press release:
http://www.earthtimes.org/articles/show/altarock-energy-finalizes-deal-with,522672.shtml
Sep 04, 2008
Google Invests over $10 million into Geothermal: Great News for CanGEA member, Altarock
Wonderful News for the geothermal industry, as search engine giant Google.org has invested over $10 million into the industry. Southern Methodist University will receive $489,000 to continue with their exceptional heat mapping program, innovative drilling technology leader Potter Drilling will receive $4 million and CanGEA gold members AltaRock will receive $6 million for their work in Enhanced geothermal Systems.
Scientific America covers the whole story
For $1 billion over the next 40 years, the U.S. could develop 100 gigawatts (a gigawatt equals one billion watts) of electricity generation that emits no air pollution and pumps out power to the grid even more reliably than coal-fired power plants, according to scientists at the Massachusetts Institute of Technology. Now Google.org—the charitable wing of the search engine giant—has chipped in nearly $11 million for this renewable resource: so-called geothermal power, or tapping the Earth’s heat to make electricity.
http://www.sciam.com/article.cfm?id=google-invests-in-geothermal&sc=rss
This funding makes Google the biggest investor/financial supporter of geothermal energy in the US, outspending the US government for this amazing renewable energy resource. Very impressive Google and thank you!
Aug 31, 2008
Australia, US and Iceland sign Geothermal Pact
REYKJAVIK, Iceland, Aug. 28 (UPI)—The United States, Australia and Iceland signed the charter of an agreement Thursday to promote geothermal technologies, the U.S. Energy Department said.
“The International Partnership for Geothermal Technology will help promote energy security and address global climate change”, Katharine Fredriksen, the Energy Department’s acting assistant secretary for policy and international affairs, said Thursday in a news release issued from Reykjavik, Iceland, where the agreement was signed.
http://www.upi.com/Top_News/2008/08/28/US_inks_geothermal_pact_with_two_nations/UPI-81651219944497/
Jan 14, 2008
New Graduate School Focusing on Geothermal Energy
Reykjavik Energy Graduate School of Sustainable Systems (REYST) was officially launched December 3rd 2007 at Reykjavik Energy headquarters in Reykjavik, Iceland.
Sustainable use of energy resources is the basis for future economic growth and well being. To promote research and organized education in this field, Reykjavik Energy, in collaboration with Reykjavik University and the University of Iceland, has founded REYST – an interdisciplinary school in higher education for engineers and scientists in order to create leading experts in management, design and research in the field of sustainable energy.
REYST offers an international graduate program based on the three pillars of engineering, earth science and business. The program is characterized by its focus on sustainable energy use, especially geothermal energy, practical experience in the field and ready access to on-site work with experts on various subjects. The international graduate program is open for students holding a BS degree in engineering, earth sciences and business.
REYST is located in Reykjavik, Iceland and the language of instruction is English. An 18-months MSc programme will start in August 2008 and deadline for application is March 15th.
Further information is available at http://www.reyst.is.
