MINE - .0119 x .012 - Up on news... Might do well on a pullback...
Minerco Resources, Inc. Signs Definitive Agreement to Acquire 4 Megawatt Hydroelectric Asset in Honduras Marketwire "Press Releases"
HOUSTON, TX -- (MARKET WIRE) -- 01/06/11 -- Minerco Resources, Inc. (OTCBB: MINE), a progressive developer, producer and provider of clean, renewable energy solutions in Latin America , announced today that the Company has signed an agreement for the acquisition by it of a 4 mega-watt, Hydro-Electric Project known as "Iscan" located in the Municipality of Guata, in the Department of Olancho in Honduras , C.A. from Energetica de Occidente S.A. de C.V. ("Enercosa"), a corporation formed and operated under the laws of Honduras .
The Agreement provides for the Company to acquire 100% of the 4 mega-watt Iscan Project . ENERCOSA will receive 1 million restricted shares of MINE in two installments while the Company is responsible for ongoing expenses through final design and continued operations of the Project. The project is estimated to have the potential capacity to gross $2.4 million per year once fully operational and has an estimated internal rate of return of 21%; however such estimates are based upon preliminary results and assume all studies produce anticipated results and that expenses do not exceed their estimated amount and therefore there can be no assurance that the results will be as anticipated..
"We are very excited to acquire the Iscan Project ," said Sam J Messina III, Minerco's CFO. "We believe that the project, once approved, will provide Minerco with substantial, long term revenue base for years to come."
The Iscan Project is a 4 mega-watt run of the river hydro-electric project and is currently in the early Feasibility Stage of development and in the process of completing all studies and obtaining all necessary approvals allowing Minerco to participate in the feasibility, development, design and construction stages of the Project. The Project is expected to start construction in 2012; however there can be no assurance that such date will not be delayed.
For a step by step look at the approval process in Honduras , visit our website at www.minercoresources.com/process.php.
"We are continuing to build a portfolio of clean, renewable projects in Central America . The Iscan Project is a perfect fit to help us develop our 'green' vision," said V. Scott Vanis , Minerco's President and CEO.
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