Caldera Geothermal increases geothermal acreage in Nevada

Caldera Geothermal increases geothermal acreage in Nevada Caldera Geothermal website snapshot
Alexander Richter 1 Apr 2011

Capricon Business Acquisition provides an update from Caldera Geothermal, announcing it has acquired two key geothermal parcels at the recent BLM geothermal lease auction in REno, Nevada bringing the company's total lease holdings to 28,448 acres.

In an announcement, “Capricorn Business Acquisitions Inc. (“Capricorn”) (TSX VENTURE: CAK.P), a capital pool company, is pleased to convey an update received from Caldera Geothermal Inc. (“Caldera”), with whom Capricorn has signed a binding letter of intent to complete a Qualifying Transaction as disclosed in its press release dated April 8, 2010 and amended as disclosed in its press release dated December 9, 2010. Caldera is pleased to announce the acquisition of two key geothermal lease parcels totalling 8,575 acres at the 2011 Bureau of Land Management geothermal lease auction held in Reno, Nevada on March 22, 2011. These new leases bring Caldera’s total geothermal lease holdings to 28,448 acres. The total cost for the parcels was USD $54,170.

The two parcels expand Caldera’s acreage at its Teels Marsh and Rhodes Marsh properties, which are both “blind” geothermal systems where thermal waters do not reach the surface. Both were identified by subtle surface indicators, including shallow (2m) temperature anomalies. Geoprobe work at Teels Marsh in 2010 confirmed the presence of a geothermal system by finding thermal waters up to 97 degrees C at approx.30m depth below the shallow temperature anomalies. Geochemistry from a thermal well at Rhodes Marsh suggests a approx.150 degrees C reservoir.

Zohrab Mawani, Caldera’s CEO, commented: “We’re extremely pleased to have been so successful at this year’s auction, and in particular the acquisition of the Rhodes Marsh parcel now gives us a significant position over the target and gives Caldera another promising exploration asset.”

Mr. Mawani further added: “Events around the world are a sobering reminder of the need for renewable energy, and despite some of the challenges the industry has faced over the past two years, geothermal’s clean, secure and base load green energy will play an important part in delivering power to homes and businesses around the world. We believe we have picked up two excellent prospective geothermal exploration assets with a strong potential to host power production facilities in the next few years, and at a very low price. Over the medium and long term the value of these resources should become rationalized relative to other energy resources to the benefit of our shareholders and investors in the geothermal industry.”

Source: Company release via Sys-Con