Magma Energy Corp.

Magma Energy Corp.

February 11, 2010 09:25 ET

Magma Energy Announces Management Changes and New Iceland Office

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 11, 2010) - Magma Energy Corp. (TSX:MXY) is pleased to announce the following senior management changes and additions:

At the company's head office in Vancouver, Dr. Catherine Hickson has been promoted to Vice President, Exploration and Chief Geologist. Cathie will head all of Magma's international exploration activities. Additionally, Andrea Zaradic has been promoted to Vice President, Operations and Development. Andrea will lead all of Magma's geothermal development projects, including the current expansion program at Soda Lake and the large development programs planned at HS Orka's projects in Iceland.

At our Reno office, the President of Magma's US subsidiary, Dr. Frank Monastero, will retire effective February 28 and continue his involvement with Magma in an advisory role. Frank was instrumental in Magma's inception and early development. We extend to Frank our great appreciation for his contribution to the early growth of Magma Energy and offer our best wishes for his retirement.

Dick Benoit has joined Magma's US subsidiary as Exploration Manager. Dick has 35 years of experience in all aspects of exploration, field development, production and injection operations, and resource management in the geothermal industry both within the USA and internationally. Dick is Past President of the Geothermal Resources Council and recipient of the Council's Special Achievement Award for outstanding contributions to the development of geothermal resources.

Additionally, Magma has opened a new office in Iceland, and has added a number of Iceland geothermal experts previously engaged with Geysir Green Energy. The office will be headed by Asgeir Margeirsson. Asgeir has had a long career in geothermal power development both within Iceland and internationally, including three years as CEO of Geysir Green Energy, seven years as Chief Operating Officer of Reykjavik Energy, Iceland's largest geothermal power company and five years as Technical Director of Iceland Drilling, a leading geothermal drilling contractor. The Magma Iceland team will support HS Orka's planned expansions as well as Magma's geothermal development projects globally.

Ross Beaty, Magma's Chairman and CEO, said, "The promotions of Cathie and Andrea are a consequence of their outstanding contributions to Magma's early growth and their exceptional technical and organizational skills that will drive our future growth. The addition of Dick, Asgeir and our new Iceland team to Magma will strengthen our senior management group internationally. I am really pleased that we have attracted such excellent professionals to our team – they will be needed to advance our growing portfolio of geothermal assets. I am sad to see Frank Monastero retiring and I am very grateful for his efforts in the early growth of Magma Energy. I look forward to continuing to draw on his extensive geothermal experience as needed in the future."

About Magma Energy Corp.

Magma Energy Corp. is a geothermal power company which operates, develops, explores and acquires geothermal energy projects. We have an extensive portfolio of properties throughout the western United States, Iceland and Latin America, including one operating power plant in Nevada and an interest in two other operating power plants in Iceland. 

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