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Magma Energy awarded two geothermal exploration concessions in Peru

Miraflores, province of Arequipa, Peru (source: flickr/ zug55, creative commons)
Alexander Richter 14 Apr 2011

Magma Energy Corp has been awarded two geothermal exploration concessions in Peru, called Crucero and Loriscota.

Canadian Magma Energy Corp. (TSX: MXY) announces in a release today, “that it has been awarded two geothermal exploration concessions in Peru, known as Crucero and Loriscota. These concessions cover 37,400 hectares of land in southern Peru and are underlain by young volcanic rocks with numerous hot springs and other promising indicators of large geothermal systems.

During 2011, Magma will conduct geological, geochemical, and geophysical work to advance each concession´s potential for geothermal power production. Magma expects to receive additional Peruvian geothermal concessions during the year.

Dr. Catherine Hickson, Magma´s Chief Geologist and Vice-President Exploration, said, “I am very pleased we have received these long-awaited concessions and can now begin active fieldwork. Peru has promising geology for world-class geothermal systems and I hope we can replicate in Peru the success we have experienced to date in our Chilean projects.”

Source: Company release via e-mail