VANCOUVER, Sept. 24, 2013 /PRNewswire/ - Alternative
Earth Resources Inc. ("Alternative Earth" or "the Company") (TSX-V:
AER) reports that it has completed its restructuring process
and greatly reduced its overhead over the past six months.
The Company retains a superior property
portfolio of four advanced projects prospective for geothermal
development and electricity production in the Western United States. Alternative Earth seeks
to further strengthen its cash reserves by joint venturing or
selling projects.
The Company's projects are as follows:
New Truckhaven Project - Imperial Valley -
California
Alternative Earth holds a dominant lease
position in the North Truckhaven Geothermal Area in the Imperial
Valley, California located on the
west side of the Salton Sea. Imperial Valley, one of the
world's premier geothermal areas, has approximately 500 MW of
electrical geothermal power on-line and development potential for
more than 2,000 MW of generation capacity according to
the Imperial Valley Economic Development Corp.
Production and injection drilling targets have
been identified and the Company is seeking a development partner
for a 30 MW binary geothermal power plant. The New Truckhaven
Project is readily accessible by Highway 86 and is in close
proximity to transmission lines. Test data from a historic
production test well feet indicates a potentially commercial
resource with measured temperatures of 375°F (190°C) between 3000
and 5200 feet in layered, high-porosity, sandy sedimentary units.
A recent report for Alternative Earth by Mannvit hf.
(June 6, 2012) of Reykjavik, Iceland outlines a probable
resource of approximately 53 MW within the upper sand unit.
Pumpernickel Geothermal Project -
Humboldt County - Nevada
The Pumpernickel Project encompasses 11 square
miles of contiguous geothermal leases located in north-central
Nevada. An early test well to 3070
feet intersected 275°F (135°C) geothermal fluid at shallow depth in
the range-front fault known as the Pumpernickel Fault.
Geothermometry of hot spring and well fluids indicate hotter
temperatures deeper in the geothermal system.
Three initial development test wells are
permitted with site selection based on the locations of hot springs
along the Pumpernickel Fault, the orientation of known and
interpreted faults, as well as seismic, resistivity, magnetic and
gravity survey data. Engineering studies and a Large Generator
Interconnection Agreement (LGIA) with NV Energy for grid connection
at the Golconda substation 12
miles north of the project are completed. A State water
license for power plant cooling operations has been granted.
A market for additional geothermal and other
clean energy in Nevada is being
coordinated by the Nevada Public Utilities Commission to replace
lost power from coal plant closures directed by the State of Nevada. Renewal power from
Pumpernickel will also gain access to markets in Southern California via the One Nevada
Transmission Line currently under construction and scheduled for
completion in late 2013.
North Valley Project - Washoe and Churchill Counties - Nevada
Alternative Earth's leaseholds cover an
unusually large and intense thermal anomaly outlined in 20
widespread temperature-gradient holes drilled in the first rush of
geothermal exploration in Nevada.
There are no surface hot springs or fumaroles but the thermal
anomaly is interpreted to be caused by an as yet undiscovered
"blind" geothermal reservoir presenting an opportunity to discover
a geothermal system similar to, but potentially larger than
Alternative Earth's earlier discovery of the Blue Mountain geothermal resource, now under
production 90 miles to the northeast of North Valley.
Crump Geyser Geothermal Project -
Lake County - Oregon (Joint venture)
Alternative Earth and Ormat Nevada Inc.
("Ormat") are equal partners in Crump Geothermal Company LLC (CGC),
formed to develop of the Crump Geyser project in 2011. The project
is located 48 km (30 miles) east of Lakeview, Oregon and consists 35 square miles
(22,590 acres) of geothermal leases covering private and State
lands. A resource report by GeothermEx estimates a 40 MW (net)
inferred resource.
A large-diameter development test well and two
deep slim wells have been completed indicating 265°F thermal
water at shallow depths along a fault system on the western edge of
the Warner Valley Rift. An MT survey and an additional exploratory
slim well, funded by Ormat and the Department of Energy (DOE) under
a cost-sharing agreement, is planned to explore in the valley
adjacent to past drilling.
Market Conditions Improving
Market conditions are improving for baseload
(but flexible) geothermal power developers in California and Nevada. Positive factors include:
- Construction is underway of the One Nevada Transmission Line
which will connect northern Nevada
geothermal resources to the southern California power market.
- 1100 MW of base load coal generation in Nevada to be phased out and replaced by gas
fired turbines and clean energy.
- Permanent closure of the 1100MW San Onofre Nuclear Generating
Station (SONGS) in southern California owned by Southern California Edison
and San Diego Gas & Electric.
The significant loss base load coal and nuclear
power generation capacity in California and Nevada is to be replaced by new gas fired
turbine plants and renewable power.
About Alternative Earth Resources Inc.:
Alternative Earth Resources Inc. is an experienced renewable energy
developer focusing on the development of CLEAN electrical power
from high temperature geothermal resources in the United States. The Company owns geothermal
leaseholds comprising the New Truckhaven property in Imperial
Valley, California; the
Pumpernickel and North Valley properties in northern Nevada; and a 50% interest in the Crump Geyser
property which it owns with Ormat Nevada Inc. in Lake County, Oregon. These properties, at
different stages of exploration and development, cover aggregate
inferred resources totaling approximately 200 MW.
This Press Release contains certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. We have tried,
whenever possible, to identify these forward-looking statements
using words such as "anticipates," "believes," "estimates,"
"expects," "plans," "intends," "potential" and similar
expressions. These statements reflect our current belief and
are based upon currently available information. Accordingly,
such forward-looking statements involve known and unknown risks,
uncertainties and other factors which could cause the Company's
actual results, performance or achievements to differ materially
from those expressed in or implied by such statements. We
undertake no obligation to update or advise in the event of any
change, addition, or alteration to the information catered in this
Press Release including such forward-looking statements.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Alternative Earth Resources Inc.
Brian D. Fairbank, P. Eng. President
& CEO
Telephone: 604-688-1553
Toll Free: 866-688-0808
Email: bfairbank@alternative-earth.com
Investor Inquiries:
Telephone: 604-688-1553
Toll Free: 866-688-0808
Email: info@alternative-earth.com
SOURCE Alternative Earth Resources Inc.