Polaris Geothermal Inc.
TSX : GEO

Polaris Geothermal Inc.

December 10, 2007 16:53 ET

Polaris Geothermal Inc. Provides Operations Update

TORONTO, ONTARIO--(Marketwire - Dec. 10, 2007) - Polaris Geothermal Inc. ("Polaris Geothermal" or the "Company") (TSX:GEO) a renewable energy geothermal power producer, wishes to provide an update on the operations at the San Jacinto-Tizate geothermal concession in Nicaragua (the "San Jacinto Project"). The Company is pleased to report on the progress of its drilling program required to expand production at the San Jacinto-Tizate project to 34 MW. The first new production well, SJ9-1, has been completed to the 1200 meter level with a 7" slotted production liner. Early indications during drilling (geology and lost circulation) indicate that this well displays good geological characteristics for a production well. The well is presently being allowed to reheat prior to production testing, which is scheduled to occur in January, 2008 after the rig is removed from the SJ9-1 pad.

Polaris Geothermal's second production well, SJ9-2, is being drilled from the same pad and casing has been cemented to the 583 meter level. The well will then be completed to the 1200 meter level as a large diameter well, with a 9-5/8" slotted production liner. Testing of SJ9-2 will be undertaken in late January, 2008 after SJ9-1 testing has been completed.

Drilling is progressing as planned with 4 more wells scheduled for completion by mid 2008.

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". Statements respecting the development of the San Jacinto-Tizate geothermal project, including its ability to successfully complete the drilling of new production wells and to accomplish such drilling within stated schedules, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such risks and uncertainties include unpredictable actions of the Nicaraguan government, political risk, changes in legal, social or political conditions in Nicaragua, lack of appropriate funding and other risk factors, as discussed in the Company's filings with Canadian securities regulatory agencies. The Company expressly disclaims any obligation to update any forward-looking statements.

Contact Information

  • Polaris Geothermal Inc.
    John Clark
    Director and CFO
    (416) 367-0150 x 22
    Email: john@itmcorp.ca
    or
    Polaris Geothermal Inc.
    Thomas Vukovich
    (416) 367-0150
    or
    Polaris Geothermal Inc.
    Jared Scharf
    (416) 367-0150
    Website: www.polarisgeothermal.com