2.6.2004: Meldung: Western GeoPower Corp.: Drilling Permits granted and work commences on South Meager Geothermal Projekt Site
VANCOUVER, Canada, June 1, 2004. (TSX Venture Exchange Trading Symbol: WGP - Frankfurt Exchange Trading Symbol: WE6.F) - Western GeoPower Corp., a renewable energy development company, is pleased to announce that the Ministry of Energy and Mines for British Columbia has provided authorization to drill two deep production wells to confirm the commercial viability of the South Meager Geothermal Project, located 170 km north of Vancouver, Canada.
Site preparation and construction of a 2.4 km access road to the drill site has commenced and the drilling of the first well, designated MC-6, is scheduled to begin in July. Drilling to a target depth of 2,500 meters, followed by testing of the well, is expected to take about 10 weeks. On completion of the first well, the rig will be skidded approximately 6 meters to commence drilling a second well, MC-7. Completion of MC-7 is expected during December 2004. The Company has confirmed drilling rig availability and selection of the drilling contractor will be announced within two weeks.
The drilling program is being conducted under the direction of the Company"s independent consultant, California-based GeothermEx, Inc., an international authority in the evaluation of geothermal resources. GeothermEx has been involved in the development of all the producing geothermal fields in the United States and over 750 projects worldwide.
Following a detailed review of the technical data assembled over 20 years of exploration, GeothermEx completed a report in February 2004 which classified South Meager as a "high temperature" geothermal field (average temperature 220-240?C — maximum measured temperature to date of 275?C) and a major geothermal site, with a potential development capacity of 100 MW or more and a most likely capacity of 192 MW.
Work has also commenced on updating and completing baseline environmental studies which had been initiated during earlier drilling. In addition, the Company is conducting a feasibility study of the proposed transmission line. Both studies will be incorporated into a project feasibility study on completion of the two confirmation wells. Having raised $21.6 million in financings since December 2003, the Company has sufficient funds on hand to complete the project feasibility study, which is estimated to cost $14.5 million.
On the successful conclusion of the feasibility study, the Company intends to submit the project to the Environmental Assessment Office (EAO) of the British Columbia government for review in early 2005. Concurrent with EAO review, the Company would negotiate a power sales contract and project financing, with the objective of achieving resolution of all three elements in mid-2005. This would be followed in late 2005 by the commencement of plant construction, leading to commercial generation by mid-2007.
Western GeoPower Corp. is dedicated to the development of its 100% owned, South Meager Geothermal Project, held under a geothermal lease for the commercial production of electricity. The estimated development potential is 200 MW of electricity, which is equivalent to the power consumption of 160,000 households.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Weitere Informationen erhalten Sie bei:
Vice President Corporate Finance - Europe
Tel. +49-7161-92 98 63
Fax +49-7161-92 98 64
Mit freundlichen Grüßen
AXINO News Team
Tel 0711-25 35 92-30
Fax 0711-25 35 92-33