VANCOUVER, April 14 /CNW/ - Magma Energy Corp. (TSX: MXY) is pleased to announce that it has been awarded two
geothermal exploration concessions in Peru, known as Crucero and
Loriscota. These concessions cover 37,400 hectares of land in southern
Peru and are underlain by young volcanic rocks with numerous hot
springs and other promising indicators of large geothermal systems.
During 2011, Magma will conduct geological, geochemical, and geophysical
work to advance each concession´s potential for geothermal power
production. Magma expects to receive additional Peruvian geothermal
concessions during the year.
Dr. Catherine Hickson, Magma´s Chief Geologist and Vice-President
Exploration, said, "I am very pleased we have received these
long-awaited concessions and can now begin active fieldwork. Peru has
promising geology for world-class geothermal systems and I hope we can
replicate in Peru the success we have experienced to date in our
About Magma Energy Corp.
Magma Energy Corp. is a global 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, 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.
SOURCE Magma Energy Corp.
For further information:
Anders Kruus, Vice President, Corporate Relations
Magma Energy Corp.