Minerco Resources, Inc.: Negotiating Agreement to Acquire Additional Hydroelectric Asset in Honduras
November 15 2010 - 4:30PM
Marketwired
Minerco Resources, Inc. (OTCBB: MINE), a progressive developer,
producer and provider of clean, renewable energy solutions in Latin
America, announced today the company has entered into negotiations
for the acquisition of a 9 mega-watt, Hydro-Electric Project known
as "Rio Toco" located in the Municipality of Intibuca, in the
Department of Intibuca in Honduras, C.A. from ROTA Inversiones S.DE
R. L., a Corporation formed and operated under the laws of
Honduras.
The Rio Toco Project is a 9 mega-watt run of the river
hydro-electric project and is currently in the early Feasibility
Stage of development allowing Minerco to participate in the
feasibility, development, design and construction stages of the
Project. The Preliminary Feasibility Study has been completed and
submitted to the Secretaria de Recursos Naturales y Ambiente
("SERNA"), Honduras's Natural Resources and Environmental
Ministry.
Chiligatoro Update: We are preparing final studies and
documentation for submission to Empresa Nacional de Energia
Electrical (ENEE) for Power Purchase Agreement (PPA) and to
Honduran Congress for final approval of the Chiligatoro Project. As
previously released, the Intibuca Municipal Environmental Unit and
the local communities and municipalities have formally approved the
Chiligatoro Project. The Environmental Impact Study and Water
Contract for the Chiligatoro Project have been submitted to
Secretaria de Recursos Naturales y Ambiente ("SERNA"), Honduras's
Natural Resources and Environmental Ministry. The Chiligatoro
Project's 30 Year Operations Contract has been approved by the
Honduran National Commission of Energy and signed by SERNA.
For a step by step look at the approval process in Honduras,
visit our website at www.minercoresources.com/process.php.
"Based on our ongoing discussions with multiple financial
institutions, we feel the time is right to start creating a
portfolio of viable renewable energy projects within the region,"
said V. Scott Vanis, Minerco's President and CEO.
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.
Please contact: Minerco Resources, Inc.
info@minercoresources.com 281-994-4187
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