Minerco Resources, Inc. Receives Water Contract From Honduran Government for the Chiligatoro Hydro-Electric Project
November 22 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 received the Water
Contract from the Honduran Government for its Chiligatoro
Hydro-Electric Project.
The Chiligatoro Project's Water Contract, approved and granted
by Secretaria de Recursos Naturales y Ambiente ("SERNA"),
Honduras's Natural Resources and Environmental Ministry, assigns
the rights to exclusively exploit the National water rights of the
Chiligatoro and Grande de Manazapa Rivers by the Chiligatoro
Project. The Water Contract is attached to the 30 Year Operations
contract and is renewable with the Operations Contract. The Water
Contract, in conjunction with the Operations Contract, allows the
Chiligatoro Project to be formally submitted to Empresa Nacional de
Energia Electrical (ENEE) for Power Purchase Agreement (PPA) and
National Congress for Final Approval and National Registration.
As previously released, the Intibuca Municipal Environmental
Unit and the local communities and municipalities have formally
approved the Chiligatoro Project. The Environmental Impact Study
has been submitted and is pending approval from SERNA, Honduras's
Natural Resources and Environmental Ministry. The Honduran National
Commission of Energy has approved and SERNA has signed the 30 Year
Operations Contract for the Chiligatoro Project.
For a step by step look at the approval process in Honduras,
visit our website at www.minercoresources.com/process.php.
"SERNA's approval and execution of Chiligatoro's Water Contract
is another milestone in the approval process for our Chiligatoro
Project. We are very confident in the Project's future and look
forward to working closely with the Honduran Government in
completing the remainder of the approval process for our
Chiligatoro Project," 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.
Please contact: Minerco Resources, Inc.
info@minercoresources.com 281-994-4187
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