West Hawk Announces Clean Energy Gasification Project With Power Ecalene(TM) Fuels
February 28 2008 - 11:43AM
Marketwired
DENVER, COLORADO (TSX VENTURE: WHD)(FRANKFURT: H5N) (the
"Company") is pleased to announce that it has entered into an
agreement with Power Ecalene(TM) Fuels ("PEF") to acquire a 10%
interest of a gasification project in North Carolina. This project
materializes West Hawk's vision of supplying clean and efficient
energy via gasification. This project fits West Hawk's core
business of clean energy gasification and will be a turning point
for the company in terms of being a physical player in the
gasification business.
The project consists of a primary train whereby the syngas will
be liquefied and high quality premium fuels, such as jet fuel and
ethanol fuel, will be developed using PEF's patented process. The
objective is to use coal, biomass and waste as the feedstock to
develop these high quality liquids. The initial cost of the
facility is expected to be under $50 million. The Company is
reviewing several different options to finance this project. This
PEF unit should be operational within a year. It is planned that
the train will use a ChemTech Gasification unit and the system will
be commissioned by Southern Research Institute's C2L Development
Center.
West Hawk will work with Power Ecalene(TM) Fuels, during 2008,
on the development of the syngas to liquids demonstration plant of
this advanced technology. As this work is accomplished, West Hawk
will market and license the technology on a commercial scale, and
earn a marketing and licensing fee as future facilities are
constructed. This agreement also provides West Hawk the right to
develop, construct, and operate this technology at West Hawk's coal
sites and in its own plants within the respective assigned
territories in North America and Asia.
In addition to this site serving commercial opportunities, the
site will serve as a showcase for West Hawk Development and Power
Ecalene(TM) Fuels to market this technology within North America
and Asia and other locations in the world on a case by case basis.
It will also serve as a site for future new technology
development.
"Power Ecalene(TM) Fuels is very excited about the partnership
with West Hawk Development. Together we can bring this innovative
technology to market and change the way the world produces
transportation fuel," said Ryan Hubbart, President of Power
Ecalene(TM) Fuels, Inc.
"The West Hawk team is extremely excited about this opportunity
with Power Ecalene(TM) Fuels, Inc. and excited about this launch
into an advanced gasification project. I am particularly excited
about the opportunity for our coal properties," sated Roger A.
Baer, CFO, West Hawk Development Corporation.
"It has been a real pleasure to work with Gene Jackson, Chairman
PEF, and Ryan Hubbart, President PEF, and their great team of
business and technical professionals over the past several months
to consummate this deal. We look forward to a great relationship
for the future and rewarding all associated shareholders," stated
Dr. Wm. Mark Hart, President and CEO, West Hawk Development
Corporation.
On behalf of the Board of Directors,
Dr. Wm. Mark Hart, President and Chief Executive Officer
About the Company: West Hawk Development Corp. is focused on
providing valuable, high-demand clean energy products from a
variety of sources. Assets include the Figure Four natural gas
property located in the Piceance Basin, Colorado, being developed
under a drilling and development agreement; the Groundhog coal
property located in northwest British Columbia; the Tulita coal
property in the Northwest Territories; and the Ellesmere Island,
Nunavut Territory coal property.
About Power Ecalene Fuels, Inc: PEF is an advanced syngas to
liquids technology with special focus on the premium liquids
spectrum. PEF has developed advanced technology to convert syngas
from different feedstock to high quality fuels like jet fuel and
ethanol. This process is patented by PEF.
Ecalene(TM) is the trade mark name given to a mixture of
alcohols, which may be used as fuel or as a fuel additive.
Cautionary Note: This report contains forward looking
statements, particularly those regarding cash flow, capital
expenditures and investment plans. Resource estimates, unless
specially noted, are considered speculative. The Company has filed
a National Instrument 51-101 Report on the Figure Four property.
The Company has filed National Instrument 43-101 Reports for each
of the Tulita coal property in the Northwest Territories, the
Nunavut Coal property and the Groundhog Coal property. Any and all
other resource or reserve estimates are historical in nature, and
should not be relied upon. By their nature, forward looking
statements involve risk and uncertainties because they relate to
events and depend on factors that will or may occur in the future.
Actual results may vary depending upon exploration activities,
industry production, commodity demand and pricing, currency
exchange rates, and, but not limited to, general economic factors.
Cautionary note to U.S. investors: The U.S. Securities and Exchange
Commission specifically prohibits the use of certain terms, such as
"reserves" unless such figures are based upon actual production or
formation tests and can be shown to be economically and legally
producible under existing economic and operating conditions.
The TSX Venture Exchange has not yet reviewed and does not take
responsibility for the adequacy or accuracy of the content of this
news release.
Contacts: West Hawk Development Corp. Dr. Wm. Mark Hart
President and Chief Executive Officer (303) 357-4720 (303) 357-4726
(FAX) Website: www.westhawkdevelopment.com
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