Polaris Geothermal Announces Inauguration Date for the San Jacinto Power Plant.TORONTO -- Polaris Geothermal Inc. ("Polaris Geothermal" or the "Company"), (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:GEO) an emerging renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. generator, announced that the official inauguration ceremony for the San Jacinto-Tizate Geothermal Power Geothermal power Thermal or electrical power produced from the thermal energy contained in the Earth (geothermal energy). Use of geothermal energy is based thermodynamically on the temperature difference between a mass of subsurface rock and water and a mass Plant will be on June 20, 2005. The inauguration will be held at the plant site in Nicaragua, and attended by senior government officials including members of the energy, economics, and foreign investment ministries. The inauguration ceremony will be presided over by Enrique Bolanos Geyer, President of the Republic of Nicaragua. The inauguration will acknowledge the successful completion of the initial 10 MW phase of development of the San Jacinto San Jacinto, river, c.130 mi (210 km) long, rising in SE Texas as the West Fork and flowing S to Galveston Bay. Its chief tributary is Buffalo Bayou, and both the bayou and the lower river are used for the Houston ship channel. Tizate resource. As previously announced, Polaris Geothermal expects to begin reliability testing of the generating unit during the week of June 13, 2005. During the reliability testing period, the Company can sell all power produced. Polaris Geothermal has in-place a 20-year power purchase agreement for 66 MW, which is expected to generate in excess of $US25 million in annual cash flow once the 66 MW is attained. Beyond the 66 MW, Polaris Geothermal can sell additional power produced in the open market. Sinclair Knight Merz, world leading independent geo-scientific consultants, have assigned a 90 percent probability that the entire resource contains energy sufficient to support production of 200 MW of power over a 20-year period. Polaris Geothermal is a renewable energy resource company focused on the development of geothermal projects. Polaris Geothermal Inc. has 34,365,701 Class A common shares issued and outstanding. FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release includes certain forward-looking statements. All statements regarding potential estimated capacity, reserves and future plans and objectives of Polaris Geothermal, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from these forward-looking statements include: the ability to extract sufficient geothermal fluid of usable quality from the resource, in a cost-effective manner, and other factors disclosed under the heading "Risk Factors" in Polaris Geothermal's Management Information Circular Information Circular A document sent to shareholders outlining important matters to be discussed at the annual shareholders' meeting. Notes: Sent along with a proxy, the information circular may cover matters such as the election of the Board of Directors, possible revised, for filing purposes July 7, 2004 and elsewhere in Polaris documents filed from time to time with regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. does not accept responsibility for the adequacy or accuracy of this release. Polaris Geothermal Inc. (TSX VENTURE:GEO) |
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