Minerco Resources, Inc. Receives Approval From Honduran National Commission of Energy for the Chiligatoro Hydro-Electric Project
June 01 2010 - 9:00AM
Marketwired
Minerco Resources, Inc. (OTCBB: MINED), a progressive developer,
producer and provider of clean, renewable energy solutions in Latin
America, announced today the company's Chiligatoro Hydro-Electric
Project has been approved by the Honduran National Commission of
Energy. This approval allows Secretaria de Recursos Naturales y
Ambiente ("SERNA"), Honduras's Natural Resources and Environmental
Ministry, to sign and approve the Project for submission to the
National Congress.
The Chiligatoro Approval by the National Commission of Energy
authorizes the construction of the Chiligatoro Hydro-Electric
Project with an initial capacity of 5.2 mega-watts with
consideration for increased capacity based on final plant design
and SERNA approval. Minerco expects to receive increased capacity
approval after submission of the Final Design.
The Approval recommends and defines a term of 30 years, provides
for a "First Right of Refusal" for renewal and allows for all
generation, sales and transmission of energy from the Chiligatoro
Project. Energy sales (rates) are defined by National Decree and
are based on season and peak hours. Electricity prices currently
range from US$93 to US$109 per mega-watt hour of energy delivered.
In addition, The Approval's "Transmission Clause" allows Minerco to
charge transmission fees from other operators through the Minerco
owned transmission lines.
"The approval by the National Commission of Energy of our
Chiligatoro Project is a critical milestone in making the Company's
new vision to develop clean, renewable energy in Honduras, and the
region a reality. We have extreme confidence in our operations
moving forward and look forward to working closely with the
Honduran Government in the remainder of the approval process," said
V. Scott Vanis, President and CEO of Minerco.
Safe Harbor Statement
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Act of 1934 that are based upon current
expectations or beliefs, as well as a number of assumptions about
future events. Although we believe that the expectations and
assumptions upon which they are based are reasonable, we can give
no assurance that such expectations and assumptions will prove to
have been correct. Some of these uncertainties include, without
limitation, the company's ability to perform under existing
contracts or to procure future contracts. The reader is cautioned
not to put undue reliance on these forward-looking statements, as
these statements are subject to numerous factors and uncertainties,
including without limitation, successful implementation of our
business strategy and competition, any of which may cause actual
results to differ materially from those described in the
statements. We undertake no obligation and do not intend to update,
revise or otherwise publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of any unanticipated
events. Although we believe that our expectations are based on
reasonable assumptions, we can give no assurance that our
expectations will materialize. Many factors could cause actual
results to differ materially from our forward-looking statements.
C. Jones Consulting, Inc. is being compensated $4000.00/month to
handle Investor Relations.
Please contact: C. Jones Consulting, Inc.
cjones@cjonesconsulting.com
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