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October 27, 2009 Magma Wins Two Concessions In Nicaragua |
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| Vancouver, B.C., Canada, October 27, 2009 -- Magma Energy Corp. (TSX:MXY) is pleased to announce that Magma Energy Corp. and Ram Power Corp.'s wholly owned subsidiary, Polaris Geothermal Inc. ("PGI"), have jointly won an international bid for two geothermal concessions known as "Volcán Mombacho" and "Caldera de Apoyo" in Nicaragua. Future exploration of the concessions will be made pursuant to a joint venture agreement, where PGI will be the operator, with each company contributing equally to project costs. The Caldera de Apoyo concession is 10 km south of Masaya and 10 km west of the colonial town of Granada. The Volcán Mombacho concession is located 10 km south of Granada. The total area for these exploration concessions is 100 km2 per concession. The requirements of the concession are approximately US $50 million to be spent by the joint venture to define the potential of these resources. Exploration is programmed to start on both concessions during the first quarter of 2010 for completion within 27 months. Preliminary studies indicate reservoir temperatures reaching above 220°C. |
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