Sierra Geothermal Power to develop project in British Columbia, Canada
Alexander Richter
22 Apr 2009
Sierra Geothermal Power Corp. signed a memorandum of understanding ("MOU") with the Da'naxda'xw/Awaetlala Nation to develop geothermal power projects on their traditional lands, covering approximately 800,000 hectares (2 million acres) in the Knight Inlet area of British Columbia, Canada.
Announced by the company Sierra Geothermal Power Corp. (TSX-V:SGP) signed a memorandum of understanding (“MOU”) with the Da’naxda’xw/Awaetlala Nation to develop geothermal power projects on their traditional lands, covering approximately 800,000 hectares (2 million acres) in the Knight Inlet area of British Columbia, Canada.
In another statement, the company proposes re-pricing and extension of warrants, see >here<.
Under the terms of the MOU, the Da’naxda’xw/Awaetlala Nation has granted SGP the exclusive right to develop geothermal resources within their territory for a ten year period. The MOU may be replaced by a definitive long-term agreement at SGP’s election.
The Da’naxda’xw/Awaetlala Nation may benefit from SGP’s activities through the provision of, among other things, employment opportunities through construction and operation of any generation facilities, and financial support of the Da’naxda’xw/Awaetlala Nation’s educational and lodge resort development initiatives by way of a revenue sharing arrangement.
“We are elated that the Da’naxda’xw/Awaetlala Nation chose SGP as a trusted partner to develop their natural geothermal resources,” said Gary Thompson, President and CEO of SGP. “We recognize and understand the importance of a working partnership directly with the Da’naxda’xw/Awaetlala Nation and are pleased to have the opportunity to create a mutually beneficial relationship.”
Fred Glendale, Resource Manager for the Da’naxda’xw/Awaetlala Nation, said, “Hereditary Chief William Glendale was very pleased to sign this agreement with SGP. He and the entire Da’naxda’xw/Awaetlala Nation look forward to the opportunities this could bring our people for generations to come.”
SGP conducted a preliminary assessment of the geothermal potential of Western Canada during its 2007 flow-through expenditures program. As a result of this field work and analysis, the Knight Inlet area is on SGP’s short-list of areas in BC that could have the potential to generate power from geothermal resources.”
Source: Company announcement via Marketwire
