(Source: MARKETWIRE)
U.S. Geothermal Inc. ("U.S. Geothermal") (TSX: GTH)(NYSE Amex: HTM),
a renewable energy company focused on the development, production and
sale of electricity from geothermal energy, announced today that it
has received the Conditional Use Permit from the Malheur County
Planning Commission for construction of its proposed 22 net megawatt
power plant at Neal Hot Springs in eastern Oregon. The Conditional
Use Permit received unanimous approval at a September 24, 2009
Planning Commission meeting and was issued on October 28, 2009.
Daniel Kunz, U.S. Geothermal's President and CEO said, "Approval of
the Conditional Use Permit is a key project milestone. We appreciate
the continued support from Malheur County and the State of Oregon as
we advance toward construction of the Neal Hot Springs geothermal
power plant." U.S. Geothermal anticipates receipt of a term sheet for
a project loan from the U.S. Department of Energy for the Neal Hot
Springs project which is currently undergoing due diligence review.
Work also continues on a draft power purchase agreement that is
projected to be completed soon. The $106 million project is expected
to qualify for about $27 million under the ITC cash grant program and
is currently planned to be online by the fourth quarter of 2011.
About U.S. Geothermal:
U.S. Geothermal, a renewable energy development company with
operating geothermal power plants at Raft River, Idaho and San
Emidio, Nevada, is proceeding with a temperature gradient drilling
program and has recently completed development drilling of a second
full scale production well at Neal Hot Springs toward development of
its third operating geothermal power plant.
Please visit our Website at: www.usgeothermal.com
The information provided in this news release may contain
forward-looking statements within the definition of the Safe Harbor
provisions of the US Private Securities Litigation Reform Act of
1995. These statements are based on U.S. Geothermal Inc.'s current
expectations and beliefs and are subject to a number of risks and
uncertainties that can cause actual results to differ materially from
those described. Readers are cautioned to review the risk factors
identified by the company in its filings with Canadian and US
securities agencies. Forward-looking statements are based on
management's expectations, beliefs and opinions on the date the
statements are made. U.S. Geothermal Inc. assumes no obligation to
update forward-looking statements if management's expectations,
beliefs, or opinions, or other factors, should change.
The NYSE Amex and the TSX do not accept responsibility for the
adequacy of this release.
Contacts:
U.S. Geothermal Inc.
Saf Dhillon
Investor Relations
866-687-7059
208-424-1030 (FAX)
saf@usgeothermal.com
www.usgeothermal.com
SOURCE: U.S. Geothermal Inc.
A service of YellowBrix, Inc.
