ESR Esrey Resources Ltd

ERA Carbon Offsets Ltd. (TSX VENTURE:ESR), is pleased to announce completion of
its October 20, 2011 Annual General Meeting ("AGM") at which the shareholders
re-elected Dr. Robert Falls, Duncan J. Manson, Bart Simmons, Graham Harris,
Holger Mayer and Frederic Jacquemont to the Board of Directors. All proposed
resolutions were passed. Participants were provided with overviews on company
operations, which are shared below.


African REDD Operations Update 

ERA is developing a 300,000 hectare REDD+ project on the west side of
Mai-NdombeLake in the Democratic Republic of Congo (the "DRC"). After entering
into a Carbon Rights Agreement with the Minister of Environment, Conservation
and Tourism in March 2011, ERA next entered into a contract for the country's
first ever Conservation Concession on July 30, 2011. This contract provides that
ERA will manage the concession area for 25 years and benefit from the carbon
offsets generated by the project during that time. Current modeling indicates
that the project may generate between 1.5 million and 3.0 million tonnes of
carbon offsets per year for the next 25 years. Field crews are currently working
in the project area to quantify the carbon intensity of the concession. Local
leaders support the project which will provide long term socio-economic and
environmental benefits for the region, including construction of four new
schools which is underway in the concession area at the moment. ERA is now
developing the Project Design Document (PDD) to be submitted for validation to
the Climate, Community and Biodiversity Alliance Standard (CCBS) later this
year, with necessary field work getting underway in early November, 2011. ERA is
developing a Verified Carbon Standard (VCS) methodology for use in the project
area in conjunction with independent third party VCS forestry and REDD experts.
The company is also in discussions with international funds and others
interested in becoming financiers and/or anchor buyers of the carbon offsets
expected from the DRC project. Validation of the project to the CCBS standard is
expected by mid-2012, with VCS validation and verification to follow later in
the year. ERA expects to begin selling carbon offsets from the project upon CCBA
validation in 2012. The company is also exploring other African forest based
carbon projects and related opportunities which could produce carbon offsets for
both the voluntary market and for trading under the European Union Emissions
Trading System and/or emerging compliance markets. 


North American Pre-Compliance Update - AB32 Expected To Go Live January 1, 2013 

During 2011 ERA positioned itself to take advantage of policy developments
leading to the creation of North American carbon offset trading markets, most
notably in jurisdictions that are part of the Western Climate Initiative (WCI).
In August 2006, California led the way by passing into law its AB-32 legislation
to address greenhouse gas emissions. On October 20, 2011 the California Air
Resource Board (ARB) released the rules which will apply when California's
carbon emissions cap and trade system begins operation on January 1, 2013. In
addition, the ARB recently published the "Compliance Offset Protocol (for) U.S.
Forest Projects" which provides the framework for forest project developers,
like ERA, to develop carbon offset projects which will be fungible into
California's trading system. These are significant developments as California
will soon have the first North American "cap and trade" market, which is
expected to include the world's largest market for forestry based carbon
offsets. Initial estimates are that AB-32 may require up to 225 million tonnes
of carbon offsets to meet compliance demand during its first 3 compliance
periods, between 2013 and 2020. The market is expected to be in short supply and
trading in pre-compliance carbon offsets has already begun as emitters and
investors are beginning to establish inventories of carbon offsets in advance of
the California system "going live" in 2013. Additional information on
California's AB-32 legislation can be found in the link provided here:
(http://www.arb.ca.gov/newsrel/2011/cap_trade_overview.pdf). 


ERA is presently expanding its expertise to include all aspects of the new ARB
forestry protocol. ERA is also developing a pipeline of carbon offset projects
expected to be eligible for trading under California's new emissions trading
scheme. Specifically, resources are being directed towards strategic
partnerships and origination opportunities, which could deliver multi-year
streams of carbon offsets eligible for sale under the California system and,
potentially, under the WCI should additional jurisdictions come on board. ERA is
also exploring opportunities in other WCI jurisdictions such as British Columbia
and Quebec, which are developing their own provincial emissions trading policies
and are expected to align under the WCI banner in the next few years. 


Current Voluntary Projects and Sales Update 

During 2011 ERA celebrated both the completion of its award winning Denman
Island Land Conservation project,and an Improved Forest Management project on
55,000 hectares of land owned by the Nature Conservancy of Canada known as
"Darkwoods", and continued to implement its Community Ecosystem Restoration
Program (CERP) in the Lower Mainland of British Columbia. The Darkwoods project
is the largest verified forestry carbon offset project undertaken in North
America to date. All carbon offset tonnes developed from the DenmanIsland and
CERP projects have been sold, as have carbon offset tonnes contracted to ERA
from the Darkwoods project. 


Duncan J. Manson, CEO of ERA commented, "We are encouraged by the progress we
see in the development of international and regional carbon markets, despite the
challenging economic environments in many jurisdictions. The pending
implementation of the California cap and trade market is expected to open
significant opportunities for the company both as a developer of qualifying
forestry based carbon offset projects and as a provider of expertise in the
field. The development of REDD carbon offset projects in Africa and elsewhere is
another massive opportunity which the company is presently pursuing and will
continue to pursue in the future. Our portfolio approach to developing projects
and investing in developing compliance markets as well as the voluntary carbon
market has enabled ERA to deliver high quality projects that meet customer
needs, which is expected to continue as ERA grows and attracts motivated buyers
and financial partners in the future."


About ERA Carbon Offsets Ltd. 

A pioneer in forest restoration and conservation carbon offset projects; ERA has
delivered over one million tonnes of carbon offsets to the voluntary market. The
company's Community Ecosystem Restoration Program ("CERP") began in 2005 in
British Columbia, Canada, and its activities have grown to include forest carbon
projects in Canada, Africa, New Zealand and the United States. ERA's clients and
product users include Air Canada, Catalyst Paper, Rolling Stone Magazine, HSE -
Entega, The Forest Carbon Group AG, and Shell Canada Limited. ERA's carbon
offset products are validated and verified to ISO-14064, CCBA, PFSI-VER, CAR and
VCS standards.  


On behalf of the Board of Directors, 

ERA CARBON OFFSETS LTD. 

Duncan J. Manson, Chief Executive Officer

Additional information on ERA can be found on the corporate website
www.eracarbonoffsets.com or by contacting investor@eracarbonoffsets.com.


FORWARD LOOKING STATEMENTS: This document includes forward-looking statements as
well as historical information. Forward-looking statements include, but are not
limited to, the continued advancement of the company's general business
development, research development and the company's development of forest-based
carbon offsets. When used in this document, the words "anticipate", "believe",
"estimate", "expect", "intent", "may", "project", "plan", "should" and similar
expressions may identify forward-looking statements. Although ERA Carbon Offsets
Ltd. believes that their expectations reflected in these forward looking
statements are reasonable, such statements involve risks and uncertainties and
no assurance can be given that actual results will be consistent with these
forward-looking statements. Important factors that could cause actual results to
differ from these forward-looking statements include fluctuations in the
marketplace for the sale of carbon credits, the inability to implement corporate
strategies, the ability to obtain financing and other risks disclosed in our
filings made with Canadian Securities Regulators.

Esrey Resources (TSXV:ESR)
Historical Stock Chart
From May 2024 to Jun 2024

Esrey Resources (TSXV:ESR)
Historical Stock Chart
From Jun 2023 to Jun 2024