TORONTO, May 11 /CNW/ - Sprott Power Corp. ("Sprott Power") (TSX: SPZ),
an owner, operator and developer of renewable energy projects,
announced the signing of a non-binding letter of intent to sell its
suite of hydro projects located in north western British Columbia,
which includes the 30 megawatt Anyox Creek Hydroelectric Project and
other nearby hydro development assets.
"Today's announcement is an important step forward in the development of
the Anyox Creek Project," said Jeff Jenner, President and CEO of Sprott
Power. "Our counterparty is prepared to invest the time and efforts
going forward to successfully develop this asset."
The sale is subject to the successful completion of various conditions
and is anticipated to close on or before June 30, 2011.
About Sprott Power Corp.
Sprott Power is a publicly-traded (TSX: SPZ) Canadian-based company
dedicated to the development, owning and operating of renewable energy
projects. Through acquisitions, partnerships and joint ventures, Sprott
Power provides its shareholders with exposure to the renewable power
generation sector. Sprott Power is managed by Sprott Power Consulting
LP, of which Sprott Consulting LP, a business unit of Sprott Inc. (TSX:
SII), is the sole limited partner.
Certain information contained in this press release may constitute
"forward-looking information" which reflect the current expectations of
Sprott Power. This information reflects Sprott Power's current beliefs
with respect to future events and are based on information currently
available to management. Forward-looking information involves
significant known and unknown risks, uncertainties and assumptions.
Many factors could cause actual results, performance or achievements to
be materially different from any future results, performance or
achievements that may be expressed or implied by such forward-looking
information including, without limitation, the risks listed under the
heading "Risk and Uncertainties" in the Management's Discussion and
Analysis of Financial Results dated March 14, 2011. Should one or more
of these risks or uncertainties materialize, or should assumptions
underlying the forward-looking information prove incorrect, actual
results, performance or achievements could vary materially from those
expressed or implied by the forward-looking information contained in
this release. Although forward-looking information contained in this
release is based upon what Sprott Power believes to be reasonable
assumptions, management cannot assure investors that actual results,
performance or achievements will be consistent with this
forward-looking information. The forward-looking information is made as
of the date of this release and Sprott Power does not assume any
obligation to update or revise it to reflect new events or
circumstances, except as required by law.
SOURCE Sprott Power Corp.
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