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SRA Stria Lithium Inc

0.09
0.00 (0.00%)
24 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Stria Lithium Inc TSXV:SRA TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.09 0.07 0.09 0 01:00:00

Sierra Geothermal Drills Deep at Alum

25/02/2010 1:30pm

Marketwired Canada


Sierra Geothermal Power Corp. (TSX VENTURE:SRA) ("SGP") today provides an update
on the exploration drilling program at its 100% owned Alum project. The Alum
project is part of SGP's Paymaster District geothermal area.


SGP has commenced drilling a second deep observation well at its Alum project.
This well, called 26-19, follows last year's drilling of deep observation well
25-29. The purpose of well 26-19 is to expand our knowledge of the Alum
geothermal resource by exploring for temperature and permeability to depths of
several thousand feet. Well 26-19 will utilize cutting-edge coiled-tube drilling
technology in an effort to make deep drilling faster and more cost-effective.
Coiled-tube drilling has found great success in the oil and gas industry but has
never been used at a geothermal well.


Well 26-19 is eligible for reimbursement on a 50:50 cost share basis through the
U.S. Department of Energy's (DoE) Geothermal Technologies Program grant which
was awarded to SGP in 2009.


SGP has contracted Xtreme Coil Drilling Corp. to drill the well with XTC 200 Rig
# 4. The geological information obtained from Well 26-19 will be integrated into
SGP's 3D geologic model for Alum. The primary objective of the well is to test
temperature and permeability in the subsurface. A secondary objective is to
compare coil-tube drilling rates to conventional and core drilling rates in a
geothermal field.


"We are excited to be working with Xtreme to demonstrate coiled-tube drilling
and would like to thank the DoE for their support of the project. This well is
intended to move the Alum project towards feasibility, potentially allowing us
to start production well drilling, the next milestone in the plan to bankable
feasibility," said President and CEO Gary Thompson.


About Alum Project

The Alum geothermal power project is part of SGP's Paymaster district and
located near the Nevada-California border in Esmeralda County, Nevada, 240
kilometres (150 miles) northwest of Las Vegas, and covers 7,198 acres. There is
a 55 kV line that runs within a few hundred meters of the lease boundary.
GeothermEx's independent analysis of the Alum heat anomaly estimates a resource
capacity of 73-150 megawatts of power with a 20 year plant life. Chemical
geothermometry analysis has indicated reservoir temperatures up to 225 degrees
Celsius may be present. The maximum recorded bottom-hole temperature is 129
degrees Celsius at a depth of 610 meters. The lands containing the Alum heat
anomaly have been unitized by the Bureau of Land Management with SGP the
designated unit operator.


About The Paymaster District

SGP recognized the area as a district geothermal opportunity many years ago. The
projects within the Paymaster District consist of three prospects: Alum, Silver
Peak and Pearl, having a combined probability at the 90% level of generating
over 100 megawatts of power. A 100 megawatt geothermal plant provides enough
power to supply 80,000 homes.


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 megawatts. 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
26-19 will utilize cutting-edge coiled-tube drilling technology in an effort to
make deep drilling faster and more cost-effective, well 26-19 being a deep well
intended to move the Alum project towards feasibility potentially allowing us to
start production well drilling, the next milestone in the plan to bankable
feasibility, 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.


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