Blue Earth Refineries Inc. Announces Cash Distribution


    


    
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<p><location>HONG KONG</location>, <chron>Dec. 22</chron> /CNW/ -- Blue Earth Refineries Inc. ("Blue Earth")  (Pink Sheets:   BUERF) announced today that its Board of Directors (the "Board") has approved a payment of a special cash distribution in the amount of US$0.41 per share.  The record date for shareholders entitled to receive the payment will be <chron>December 29, 2009</chron>.  The payment date will be <chron>January 7, 2010</chron>.  The distribution is a return of capital and therefore no withholding tax will be payable.</p>
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<p>This distribution will limit Blue Earth from making further cash distributions in the near future unless prices for cobalt stay constant, the existing production levels remain the same and until the delivery of the cobalt has occurred to fulfill the forward derivative obligation.</p>
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<p>With the extreme volatility and uncertainty of the market price of cobalt, the inherent production and delivery risks, the Board views this transaction as a way to help control its uncertain future and create value for its shareholders as of today.</p>
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    About Blue Earth Refineries Inc.

    
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<p>Based in <location>Hong Kong</location>, Blue Earth Refineries Inc. owns a cobalt ore refinery company.</p>
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    CONTACT:
    Rene Randall
    604-408-8538
    rrandall@bmgmt.com






    

For further information: For further information: Rene Randall, +1-604-408-8538, rrandall@bmgmt.com, for Blue Earth Refineries Inc.

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BLUE EARTH REFINERIES INC.

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