Vancouver, British Columbia, October 28, 2009 — Magma Energy Corp. and Ram Power Corp.'s unit, Polaris Geothermal Inc., have jointly won an international bid for two geothermal concessions known as Volcan 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 south of Masaya and west of the colonial town of Granada. The Volcán Mombacho concession is located south of Granada.
The requirements of the concession are about 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 degrees Celsius.
Magma Energy Corp. is a geothermal power company that is actively engaged in operating, developing, exploring and acquiring geothermal energy projects.
