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Magma Energy announces the award of 2 exploration concessions in Italy

Lardarello geothermal power plant by Enel, Tuscany/ Italy
Alexander Richter 30 Mar 2011

Canadian geothermal energy firm Magma Energy (soon to be Alterra Power) announces its Italian subsidiary has been awarded two geothermal exploration concessions in Italy, known as Mensano, and Roccastrada close to Lardarello in wester Tuscany.

Canadian Magma Energy Corp. (TSX: MXY) announces in a release today,  “that its Italian subsidiary has been awarded, in a competitive bidding process, two geothermal exploration concessions in Italy, known as PR Mensano (“Mensano”) and PR Roccastrada (“Roccastrada”).

Both Mensano and Roccastrada are in western Tuscany near the town of Larderello, a globally renowned geothermal power production region. The world’s first geothermal power plant started in the region in 1911, and currently the region has 32 operating geothermal power plants with a combined capacity of 790 MW. The 21,256 hectare Mensano concession lies to the east of Larderello, while the 27,190 hectare Roccastrada concession is to the south of the town. Both Mensano and Roccastrada exhibit the area’s typical sedimentary and metamorphic rock formations and overlie a large inferred heat source that powers the major regional geothermal system.

Dr. Catherine Hickson, Magma’s Vice-President Exploration and Chief Geologist, said, “Magma is very pleased to have won these concessions. This is one of the world’s largest geothermal power regions and we are confident there is abundant potential for the discovery of additional resources. Italy also has excellent incentives in place for green energy, with power prices as high as €180/MWh, and I look forward to these concessions forming the basis for a successful long term geothermal exploration and development business for Magma in Tuscany.”

Source: Company release via PR Newswire