Minerco Resources, Inc. Negotiating 30-Year Operations Contract With Honduran Government
June 21 2010 - 9:00AM
Marketwired
Minerco Resources, Inc. (OTCBB: MINE), a progressive developer,
producer and provider of clean, renewable energy solutions in Latin
America, announced today the company is currently negotiating the
terms of the 30-Year Operations Contract with Secretaria de
Recursos Naturales y Ambiente ("SERNA"), Honduras's Natural
Resources and Environmental Ministry, for its Chiligatoro
Hydro-Electric Project.
As previously released, the National Commission of Energy
("NCE") approved the Chiligatoro 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 NCE Approval defined an initial capacity of 5.2 mega-watts
per hour, which equates to 45,552 mega-watts per year, and a term
of 30 years for a total of 1.37 million mega-watts over the term of
the agreement. The company is also negotiating for a "First Right
of Refusal" for renewal and allowances for all generation, sales
and transmission of energy from the Chiligatoro Project.
Additionally, the Approval's "Transmission Clause" provides Minerco
with the ability to charge transmission fees from other operators
through the Minerco owned transmission lines.
Energy sales rates are defined by National Decree and are based
on season and peak hours. All electricity sales are paid in US
Dollars for the life of the Contract. Electricity prices currently
range from US$93 to US$109 per mega-watt hour of energy delivered.
SERNA and Empresa Nacional de Energia Electrica, Honduras National
Electric Company ("ENEE") will further define energy sales (rates)
and stipulations in the Operations Contract which is being
negotiated by Minerco. Based on the current Marginal Energy rates
and Honduran Clean Energy incentives as defined by National Decree,
Minerco expects receive a sales mega-watt-hour rate at the higher
end of the range.
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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