Nevada Geothermal Power Inc.
TSX VENTURE : NGP
OTC Bulletin Board : NGLPF

Nevada Geothermal Power Inc.

October 05, 2007 14:37 ET

Nevada Geothermal Power Inc. Acquires Assets and Employees from Fairbank Engineering Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 5, 2007) - Nevada Geothermal Power Inc. (NGP) (TSX VENTURE:NGP)(OTCBB:NGLPF) today announced that it has agreed to acquire certain assets and employees from Fairbank Engineering Ltd. ("FEL"). FEL is a consulting company owned by Brian D. Fairbank, the President and CEO of NGP. FEL has previously provided geological and geothermal consulting services to the Company for many years. Over recent years the operations of NGP have expanded to the point where this transaction was necessary in order to secure exclusive access to qualified personnel for its geothermal exploration and development projects. As partial consideration for the transaction, NGP has agreed to issue to FEL up to 175,000 common shares in the capital of the Company at a deemed price of $0.85 per share. The agreement is subject to the acceptance of the TSX Venture Exchange.

About Nevada Geothermal Power Inc.:

Nevada Geothermal Power Inc. is a renewable energy company developing geothermal projects in the United States to provide electrical energy that is clean, efficient and sustainable. NGP is committed to the geothermal industry and currently owns a 100% leasehold interest in four properties: Blue Mountain, Pumpernickel, Black Warrior, all located in Nevada and Crump Geyser in Oregon. These properties are at different levels of exploration and development. NGP estimates a potential of approximately 150 MW to over 200 MW from the current leaseholds.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from registration is available.

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Nevada Geothermal Power Inc.
    Brian D. Fairbank, P. Eng.
    President & CEO
    (604) 688-1553 X118 or Toll Free: 1-866-688-0808 X118
    or
    Nevada Geothermal Power Inc.
    Shelley Kirk
    Investor Inquiries
    (604) 688-1553 X118 or Toll Free: 1-866-688-0808 X118
    Email: sfkirk@nevadageothermal.com
    Website: www.nevadageothermal.com
    or
    Pro-Edge Consultants Inc.
    Tracy Weslosky
    Managing Partner
    (416) 581-0177 or Toll Free: 1-866-544-9622
    or
    Pro-Edge Consultants Inc.
    Fred Cowans
    Managing Partner
    (416) 581-0177 or Toll Free: 1-866-544-9622
    Email: info@pro-edge.com
    Website: www.pro-edge.com