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| 1/15/2008 9:09:52 AM ET | News Release Index
| | SIERRA GEOTHERMAL POWER AND NEVADA GEOTHERMAL POWER AMEND PUMPERNICKEL PROPERTY OPTION AGREEMENT | | | Vancouver, British Columbia - Sierra Geothermal Power Corp (SGP); (TSX-V: SRA), is pleased to announce that on December 12, 2007 it signed an amendment to its option agreement with Nevada Geothermal Power Inc (NGP) to revise the earn-in schedule for the Pumpernickel geothermal property. The original option agreement was entered into on October 12, 2004 and amended on February 14, 2006. To date, SGP has issued 400,000 shares of stock and forwarded C$1,000,000 to Nevada Geothermal for the Pumpernickel property.
In order to complete the earn-in schedule and acquire a 50% interest in the Pumpernickel property, SGP is required to make remaining cash payments and to issue stock as follows: (a) pay NGP $70,000, (b) incur exploration and development expenditures totaling C$4,000,000 and (c) issue 200,000 common shares of SGP to NGP by December 15, 2008.
The Pumpernickel Property is operated by NGP and is located in Humboldt County, Nevada. Previous work on the Pumpernickel Project has produced reservoir temperature estimates from 150°C (302°F) to 218°C (424°F). Future work will include temperature gradient wells, a full size production test well, transmission studies and feasibility studies. The Pumpernickel site is estimated to contain a 20 – 30 megawatt resource. Thirty megawatts can provide enough electricity to power 24,000 homes.
About Sierra Geothermal Power Corp.
SGP is a Vancouver-based renewable energy company focused on the exploration and development of clean, sustainable geothermal power. Geothermal power plants produce long-term revenues and provide continuous base-load power, often at or above 95% capacity. SGP’s 17 projects comprise a total of 88,000 acres of geothermal land assets in Nevada and California. The company intends to advance the development of its portfolio of projects through a combination of equity and/or joint ventures, while continuing to evaluate additional acquisitions.
About Nevada Geothermal Power Inc.
Nevada Geothermal Power Inc. is a renewable energy company developing geothermal projects in the United States to provide electrical energy that is clean, renewable and sustainable. NGP currently owns a 100% leasehold interest in four properties: Blue Mountain, which is expected to commence power generation late 2009 for up to 35 MW of geothermal power; Pumpernickel; and Black Warrior, all located in Nevada; and Crump Geyser in Oregon.
Not for distribution to United States newswire services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of United States securities law. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Contact information
Gary R. Thompson, P.Geo.
President & CEO
604-683-0332 / 1-800-563-5631
info@sierrageopower.com
Patrick Moodie, BA Economics
Investor Relations
604-683-0332 / 1-800-563-5631
info@sierrageopower.com |
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