Sierra Geothermal Drills Deep at Silver Peak
January 20 2010 - 8:00AM
Marketwired
Sierra Geothermal Power Corp. (TSX VENTURE: SRA) ("SGP") today
provides an update on the exploration drilling program at its 100%
owned Silver Peak project.
Today, SGP commenced drilling of a core-slim-well at its Silver
Peak project. Well 38-11 is being drilled to a maximum depth of
2,133 metres or 7,000 feet and targets multiple zones of high
geologic interest. Well 38-11 will be the first deep well test at
Silver Peak. This well follows SGP's recent shallow temperature
gradient drilling and geophysical surveys. Well 38-11 is funded on
a 50:50 cost share basis by the U.S. Department of Energy's
Geothermal Technologies Program grant which was awarded to SGP in
2009.
SGP has contracted Major Drilling Group International Inc. to
drill the well with an LF230 mounted core drill rig. Drilling is
supervised by senior geologist Mr. John Deymonaz. Core samples are
being collected from the top of competent bedrock to the bottom of
the hole to provide geological information on subsurface rock
types, faults, and fractures. This information will be integrated
into SGP's 3D geologic model for Silver Peak. The primary objective
of the well is to test temperature and permeability in the
subsurface. A secondary objective is to compare core drilling rates
to conventional and coil-tube rig drilling rates.
"This a great step forward in the advancement of the Silver Peak
project. Our plan here is to drill a coil tube slim well next and,
pending results, drill the first production assessment well. If
successful, we can then continue drilling production wells to
feasibility, execute a Power Purchase Agreement and secure plant
permits," said President and CEO Gary Thompson.
About Silver Peak
The Silver Peak geothermal power project is part of SGP's
Paymaster district and located in Esmeralda County, Nevada, 240
kilometres (150 miles) northwest of Las Vegas, and covers 7,873
acres. GeothermEx's independent analysis estimates a resource
capacity of 15-40 MW of power. The Silver Peak property has two 55
kV transmission lines connecting to the Nevada and California power
grids and a substation located on the lease itself. Many geothermal
features are visible on the property. The recent shallow drilling
measured a maximum temperature of 88 degrees Celsius or 190 degrees
Fahrenheit at a depth of 140 meters or 459 feet. Chemical
geothermometers that have been applied to the thermal waters
suggest that temperatures may reach 200-230 degrees Celsius
(400-440 degrees Fahrenheit) at depth.
About Sierra Geothermal Power Corp.
Sierra Geothermal Power Corp. is a renewable energy company
focused on the exploration and development of clean, sustainable
geothermal power. It is based in Vancouver, British Columbia and
listed on the TSX Venture Exchange under the symbol SRA. Its
portfolio of geothermal projects located in Nevada and California
exceeds 365 square kilometres (90,000 acres) and has a combined
total estimated capacity of greater than 500 MW. SGP intends to
finance development by utilizing a combination of corporate equity,
joint venture partnerships and project debt, with the support of US
government grants and loan guarantees. To find out more about
Sierra Geothermal Power Corp. (TSX-V: SRA) visit our website at
www.sierrageopower.com.
On behalf of the Board of Directors
Gary Thompson, P.Geo, President, Chief Executive Officer and
Director
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release contains forward-looking statements.
Forward-looking statements are projections of events, revenues,
income, future economic performance or management's plans and
objectives for future operations. In some cases you can identify
forward-looking statements by the use of terminology such as "may",
"should", "anticipates", "believes", "expects", "intends",
"forecasts", "plans", "future", "strategy", or words of similar
meaning. Forward-looking statements in this press release include
statements about Well 38-11 being the first deep well test at
Silver Peak, plan is to drill a coil tube slim well next and,
pending results, drill the first production assessment well, If
successful, we can then continue drilling production wells to
feasibility, execute a Power Purchase Agreement and secure plant
permits, and the Company's intent to finance the development of its
projects through a combination of corporate equity, joint venture
partnerships and project debt with the support of U.S. government
grants and loan guarantees. These statements are only predictions
and involve known and unknown risks, uncertainties and other
factors, including the risks inherent in our industry, the
challenging capital markets and other risks identified by us in our
periodic filings on SEDAR (which can be viewed at www.sedar.com).
Any of these risks could cause our or our industry's actual
results, levels of activity, performance or achievements to be
materially different from any future results, levels of activity,
performance or achievements expressed or implied by these
forward-looking statements.
While these forward-looking statements and any assumptions upon
which they are based are made in good faith and reflect our current
judgment regarding the direction of its business, actual results
will almost always vary, sometimes materially, from any estimates,
predictions, projections, assumptions or other future performance
suggested in this press release. Except as required by applicable
law, including the securities laws of Canada, we do not intend to
update any of the forward-looking statements to conform these
statements to actual results.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Sierra Geothermal Power Corp. Gary Thompson President
& CEO (604) 683-0332 / 1-800-563-5631 info@sierrageopower.com
Sierra Geothermal Power Corp. Anthony Srdanovic Investor Relations
(604) 642-6179 asrdanovic@sierrageopower.com
www.sierrageopower.com
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