Western Biomass, Tsilhqot'in spearhead joint venture
VANCOUVER, Aug. 19, 2009 /CNW/ - Run of River Power Inc. ("ROR Power" or
"the Company") (TSX-V: ROR) today announced its First Nation partners, the
Tsilhqot'in National Government ("TNG"), has been awarded approximately
$340,000 in federal funding to develop a bioenergy joint venture proposed for
"Supporting this project is a no-brainer," said Dick Harris, Member of
Parliament for Cariboo-Prince George. "Not only will it help to dispose of
dead pine trees, but it's also a great economic development project to provide
funding for (Tsilhqot'in) communities."
Mr. Harris made the announcement at a ceremony in Williams Lake, BC,
where he said the award aims to assist in the development of the Tsilhqot'in
Power Project. The Project is being advanced by Tsilhqot'in Power Corporation,
a joint venture equally held by TNG and Western Biomass Power Corporation, a
wholly owned subsidiary of ROR Power.
The Project's design calls for electricity production via steam-powered
turbines, with fuel consisting of timber damaged by the mountain pine beetle.
The plant is to have a rated capacity of 60 megawatts, generating 420 gigawatt
hours of electricity per year.
"The production and sale of electricity is a key component of the First
Nations' objective of becoming self sufficient," said Joe Alphonse, a TNG
Chief. The funding will improve the viability and competitiveness of the joint
venture's bioenergy proposal to BC Hydro in the upcoming second phase of the
utility's Bioenergy Call, he added.
"The Tsilhqot'in Power Project will play an important role in improving
the economic prospects of communities that are reliant on the forest
industry," said Jako Krushnisky, President and CEO of ROR Power. "Bioenergy
development is also a key component of ROR Power's business development plan
and we're very excited about TNG receiving the funding to advance the
The funding is provided by Western Economic Diversification Canada under
the Community Economic Diversification Initiative, a component of the federal
Mountain Pine Beetle Program.
About Run of River Power Inc.
ROR Power develops renewable, sustainable energy through its portfolio of
run-of-river and biomass projects in British Columbia (BC). The Company
operates an Eco Logo(C) certified hydroelectric power generation station at
Brandywine Creek, near Whistler, BC that generates cash flow under a 20-year
contract with BC Hydro. ROR Power is well positioned for profitable growth
through the company's high-quality power generation initiatives. ROR Power's
total development potential, in excess of 740 MW, represents a significant
opportunity to help BC meet its rising demand for clean, sustainable power and
achieve energy self sufficiency by 2016.
About Tsilhqot'in Power Corporation
Tsilhqot'in Power Corporation equally owned and managed by TNG and
Western Biomass Power Corp., a wholly owned subsidiary of ROR Power. TNG was
established in 1989 to re-establish a strong aboriginal political structure
and assert aboriginal rights and title to the lands the First Nations call
Tsilhqot'in. TNG now represents five Tsilhqot'in or Chilcotin Plateau
communities. TNG is the legal corporate entity that has entered into a joint
venture with Western Biomass on behalf of the Tsilhqot'in communities.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Statements in this release which describe Run of River Power Inc.'s
intentions, expectations or predictions, or which relate to matters that are
not historical facts are forward-looking statements. These forward-looking
statements involve unknown risks and uncertainties which may cause the actual
results, performances or achievements of Run of River Power Inc. to be
materially different from any future results, performances or achievements
expressed in or implied by such forward-looking statements. Run of River Power
Inc. may update or revise any forward-looking statements, whether as a result
of new information, future events or changing market and business conditions
and will update such forward-looking statements as required pursuant to
applicable securities laws.
For further information:
For further information: Jako Krushnisky, President and CEO, Tel: (604)
946-9232, firstname.lastname@example.org; Vick Dusik, Chief Financial Officer, Tel:
(604) 946-9232, email@example.com