SGP Signs MOU With BC First Nation for Geothermal Power Development
Sierra Geothermal Power Corporation SRA 4/22/2009
Vancouver, British Columbia, Apr 22, 2009 — Sierra Geothermal Power Corp. (TSX VENTURE:SRA) (“SGP”) today announced the signing of a memorandum of understanding (“MOU”) on April 17, 2009 with the Da’naxda’xw/Awaetlala Nation to develop geothermal power projects on their traditional lands, covering approximately 800,000 hectares (2 million acres) in the Knight Inlet area of British Columbia, Canada. Under the terms of the MOU, the Da’naxda’xw/Awaetlala Nation has granted SGP the exclusive right to develop geothermal resources within their territory for a ten year period. The MOU may be replaced by a definitive long-term agreement at SGP’s election. The Da’naxda’xw/Awaetlala Nation may benefit from SGP’s activities through the provision of, among other things, employment opportunities through construction and operation of any generation facilities, and financial support of the Da’naxda’xw/Awaetlala Nation’s educational and lodge resort development initiatives by way of a revenue sharing arrangement.”We are elated that the Da’naxda’xw/Awaetlala Nation chose SGP as a trusted partner to develop their natural geothermal resources,” said Gary Thompson, President and CEO of SGP. “We recognize and understand the importance of a working partnership directly with the Da’naxda’xw/Awaetlala Nation and are pleased to have the opportunity to create a mutually beneficial relationship.”
Fred Glendale, Resource Manager for the Da’naxda’xw/Awaetlala Nation, said, “Hereditary Chief William Glendale was very pleased to sign this agreement with SGP. He and the entire Da’naxda’xw/Awaetlala Nation look forward to the opportunities this could bring our people for generations to come.”
SGP conducted a preliminary assessment of the geothermal potential of Western Canada during its 2007 flow-through expenditures program. As a result of this field work and analysis, the Knight Inlet area is on SGP’s short-list of areas in BC that could have the potential to generate power from geothermal resources.
About Sierra Geothermal Power Corp.
Sierra Geothermal Power Corp. (SGP) 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 MW. The company 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 VENTURE: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
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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, the Da’naxda’xw/Awaetlala Nation may benefit from SGP’s activities through the provision of, among other things, employment opportunities through construction and operation of the proposed generation facility, and financial support of the Da’naxda’xw/Awaetlala Nation’s educational and lodge resort development initiatives by way of a revenue sharing arrangement and the Company’s intent to finance the development of its projects through a combination of corporate equity, joint venture partnerships and project debt. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks inherent in our industry, the poor 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.
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Sierra Geothermal Power Corp. Gary Thompson President & CEO (604) 683-0332 / 1-800-563-5631 firstname.lastname@example.org Sierra Geothermal Power Corp. Anthony Srdanovic, BA Investor Relations (604) 642-6179 email@example.com www.sierrageopower.com