Alternative Earth Resources finalising move away from geothermal
Screenshot from the Alternative Resources Website
Francisco Rojas
28 Jan 2015
In a recent press release, Alternative Earth Resources Inc states that it has divested from its geothermal projects and is now moving into mineral resource development.
Alternative Earth Resources Inc. today outlined progress in transitioning from geothermal to mineral resource development. The Company has cash or cash equivalents of approximately C$2.4M as a result of divesting itself of all of its former geothermal project assets.
Alternative Earth is currently reviewing several mineral exploration and development projects for potential acquisition. Additionally, the Company will attend AME BC’s Mineral Exploration Roundup conference through the week of January 26, 2015 to assess new project opportunities. Roundup is the largest gathering of mining and exploration companies, geologists, prospectors and other stakeholders in Western Canada held annually in Vancouver, BC.
Alternative Earth currently remains responsible for two geothermal wells at its former New Truckhaven property in California which is optioned to a third party. Well abandonment liabilities are approximately US$200,000; however, these wells are expected to be transferred along the well bonding responsibility to the Optionee, or alternatively, to the underlying geothermal rights owner(s) in the first quarter of 2015. Alternative Earth has previously recovered well bonds from former properties in Oregon and Nevada and would recover a further US$125,000 when the New Truckhaven wells are transferred.
