Agoracom: Small Cap Investment - Nevada Geothermal Power - NR expansion Edna Geo project Nevada

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NR expansion Edna Geo project Nevada

posted on Jun 06, 2010 12:13PM

Acquires Edna Geothermal Project at Nevada Lease Auction

Vancouver, B.C. (May 14, 2010), Nevada Geothermal Power Inc. (NGP), (TSX.V: NGP, OTCBB: NGLPF) announced today that it was the successful bidder in the May 11, 2010 Nevada State Bureau of Land Management lease sale on a 12 square mile (7,072 acre) parcel of land in the Pumpernickel Valley, Humboldt County Nevada.

The new Edna Geothermal Project is accessible by road and is located a few miles northeast of NGP's Pumpernickel Valley Geothermal Project, two miles south of the Interstate Highway 80, and nine miles west of the Valmy coal-fired power plant owned by NV Energy and Idaho Power. An existing 125 KV power transmission line crosses the northern part of the Edna leases.

The Edna geothermal prospect was identified by NGP in 2009. Field exploration and other research indicated a favorable geological and structural setting, significant evidence of past and present hydrothermal activity associated with extensional faulting, and a thermal anomaly significantly larger than previously recognized. Geochemistry analysis of geothermal brine collected from an undocumented hot well located within the newly acquired lease area suggests parent geothermal reservoir temperatures of 385°F - 397°F (196°C - 203°C). Temperature measurements within the same well to a depth of 1130 feet (345 meters) demonstrated a thermal gradient of 7F°/100 feet (128°C/km), indicating that commercial reservoir temperatures may occur within 5000 feet (1500 meters) of surface.

Brian Fairbank, President and CEO said, "This new acquisition solidifies NGP's land holdings within the Pumpernickel Valley. We are excited about the potential to develop the Edna Geothermal Project in tandem with the Company's more advanced Pumpernickel Valley Geothermal Project. NGP anticipates that significant cost savings can be realized at Edna since the Company already plans to have crews and drills in the vicinity through the next several years".

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