VANCOUVER, Jan. 27, 2015 /CNW/ - Alternative Earth
Resources Inc. ("Alternative Earth" or "the Company") (TSX.V:
AER) today outlined progress in transitioning from geothermal
to mineral resource development. The Company has cash or cash
equivalents of approximately C$2.4M
as a result of divesting itself of all of its former geothermal
project assets.
Alternative Earth is currently reviewing several mineral
exploration and development projects for potential acquisition.
Additionally, the Company will attend AME BC's Mineral Exploration
Roundup conference through the week of January 26, 2015 to assess new project
opportunities. Roundup is the largest gathering of mining and
exploration companies, geologists, prospectors and other
stakeholders in Western Canada
held annually in Vancouver,
BC.
Alternative Earth currently remains responsible for two
geothermal wells at its former New Truckhaven property in
California which is optioned to a
third party. Well abandonment liabilities are approximately
US$200,000; however, these wells are
expected to be transferred along the well bonding responsibility to
the Optionee, or alternatively, to the underlying geothermal rights
owner(s) in the first quarter of 2015. Alternative Earth has
previously recovered well bonds from former properties in
Oregon and Nevada and would recover a further
US$125,000 when the New Truckhaven
wells are transferred.
This Press Release contains certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. We have tried, whenever possible, to
identify these forward-looking statements using words such as
"anticipates," "believes," "estimates," "expects," "plans,"
"intends," "potential" and similar expressions. These
statements reflect our current belief and are based upon currently
available information. Accordingly, such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which could cause the Company's actual results, performance
or achievements to differ materially from those expressed in or
implied by such statements. We undertake no obligation to
update or advise in the event of any change, addition, or
alteration to the information catered in this Press Release
including such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Alternative Earth Resources Inc.