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RENO, NV, Oct. 27 /CNW/ - Ram Power, Corp. (TSX: RPG) ("Ram"), and its wholly owned subsidiary, Polaris Geothermal Inc ("PGI"), announced that they jointly won an international bid for two geothermal concessions in Nicaragua with Magma Energy Corp ("Magma"). PGI and Magma bid for the concessions under a to-be-formed joint venture. The two concessions are known as "Volcan Mombacho" and "Caldera de Apoyo". Future exploration of the concessions will be made pursuant to a joint venture agreement with PGI acting as the managing partner and each company contributing equally to project costs.
The Caldera de Apoyo concession is 10 km south of Masaya and 10 km west of the colonial town of Granada. The Volcan Mombacho concession is located 10 km south of Granada. The total area for these exploration concessions is 100 square km per concession. The requirements of the concession are approximately US $50 million to be spent by the joint venture to define the potential of these resources. Exploration is programmed to start on both concessions during the first quarter of 2010 for completion within 27 months. Preliminary studies indicate reservoir temperatures reaching above 220 degrees C.
Tom Ogryzlo, Senior V.P. Latin America Operations for Ram Power, Corp. said, "We are pleased with the award of these two concessions, which will enable us to make significant impact on changing the energy matrix in the country. We look forward to working with our new joint venture partner, Magma Energy."
About Ram Power, Corp.
Ram is a renewable energy company based in Reno, Nevada engaged in the business of acquiring, exploring, developing and operating geothermal properties and has an interest in geothermal projects primarily in California, Nicaragua and Nevada. Its subsidiary, Polaris Geothermal Inc., is focused on developing projects in Latin America and the Caribbean and is currently operating one concession at San Jacinto - Tizate in Nicaragua.
This press release contains "forward-looking information" within the meaning of applicable securities laws including information regarding the business of Ram. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by this information. The statements in this press release are made as of the date of this release. Ram, undertakes no obligation to update forward looking information, other than as required by law, or comment on analyses, expectations or statements made by third-parties in respect of Ram, or its financial or operating results or its securities.
SOURCE Polaris Infrastructure Inc.
For further information: For further information: Alejandro Arguello, Vice President, Corporate Development, Polaris Geothermal Inc., Phone: (505) 278-0515, Email: email@example.com; Tami Gardner, Administrator, Public Relations, Ram Power, Corp, Phone (775) 398-3715, Email: tgardner@ram- power.com