Director Appointed
VANCOUVER , Canada , April 4, 2006: Western GeoPower Corp, a renewable energy development company, announces the appointment of A. Murray Sinclair to the Board of Directors. Mr. Sinclair is the Managing Director of Quest Capital Corp., a merchant bank listed on the TSX, AIM and AMEX Stock Exchanges that provides financial services to small and mid-cap companies operating
Quest Capital’s primary expertise is providing asset-backed bridge loans of up to $35 million to publicly listed companies, generally operating in the mining, oil and gas, manufacturing and real estate sectors. Quest complements its bridge loan business by making equity investments in emerging companies as well as providing corporate financial services.
Western GeoPower is developing its 100% owned South Meager Geothermal Project, held under a geothermal lease for the commercial generation of electricity. The project, located 170 kilometers north of Vancouver, B.C., is the most advanced geothermal project in Canada. The Company’s resource confirmation program at South Meager will be resumed once winter weather conditions improve. Flow testing of three wells (MC-6, MC-7 and MC-8) completed last season will be carried out over the summer months to determine their production capacities. The results will contribute to preparation of a feasibility study for commercial power generation from the high temperature geothermal resource at South Meager.
Western GeoPower is also investigating advanced stage geothermal projects in the United States with a view toward acquiring equity or joint venture interests in the projects. The U.S. is the world’s largest producer of geothermal electricity with 2,800 MW in service. A recent Geothermal Energy Association survey identified 44 projects now underway in the U.S., representing up to 2,000 MW of additional capacity. The Western Governors Association Geothermal Task Force has identified more than 100 sites with near-term development potential of some 13,000 MW of power.
The Company has granted a director 300,000 incentive stock options to purchase capital stock of the Company at a price of $0.28 per share for a period of five years under the stock option plan.
On behalf of Western GeoPower Corp.
“Kenneth MacLeod”
Kenneth MacLeod, President and CEO |
