Updates for the Casita Project
RENO, NV--(Marketwire - February 23, 2012) - Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, is pleased to announce the following update for the Casita Project ("Casita") in Nicaragua.
The Company is developing Casita under the terms of the exploration license as recently amended in January 2012 which calls for the Company to drill exploration wells to prove the viability of the resource by January 2013. As disclosed, in July 2011 the Company commenced drilling of a slim hole to a depth of 842 meters with a total loss of circulation. A temperature survey conducted in the well indicated temperature readings exceeding 230° Celsius (446° Fahrenheit) and the well flowed hot, dry steam. The temperature results obtained and the permeability found indicate that the location has the characteristics of a viable commercial resource.
In the fourth quarter 2011, the Company's resource consultant, Sinclair Knight Merz ("SKM"), reviewed the geoscientific data from the slim hole. The indicated resource within the concession for Casita is estimated at 85 MWe (gross), over 20 years at a P90 probability, according to the SKM probabilistic stored heat estimate, the well sampling results and the direct measurements of the slim hole well. Based upon these positive results the Company has decided to approach the Nicaraguan Ministry of Energy and Mines for the granting of an immediate exploitation (i.e. production) concession for Casita in this first quarter of 2012.
"We are very satisfied with the success of our first slim hole at Casita as confirmed by SKM," said Shuman Moore, CEO of Ram Power. "We expect that these excellent temperature and permeability results will be instrumental in helping secure our production concession for the Casita Project."
It's all happened before and it will all happen again. Might as well profit from it.
