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Magma Awarded $10 Million in Department of Energy Grants for Its Soda Lake and McCoy Properties in Nevada
Stuart Smith (November 2nd, 2009) Writes:
VANCOUVER, BRITISH COLUMBIA, Oct. 30, 2009 (Marketwire) — Magma Energy Corp. (TSX:MXY) is pleased to announce that its US subsidiary, Magma Energy (US) Corp. (”Magma”), has been awarded $10 million in American Recovery and Reinvestment Act funding for two of its Nevada geothermal exploration properties, Soda Lake and McCoy. The grants will reimburse 50 – 80% of Magma’s planned innovative exploration expenditures on those properties over the next 24 months. At Soda Lake, Magma will apply new oil and gas technology to discover geothermal resources, and at McCoy, Magma will validate a combination of innovative exploration technologies in its search for a large geothermal reservoir on the property. The funding is part of $98.1 million allocated by the US Department of Energy under the Recovery Act for innovative geothermal exploration and drilling projects.
Dr. Frank Monastero, Magma’s President, said, “We are very pleased with this financial support through the
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