SOURCE: Minerco Resources, Inc.

December 16, 2010 09:45 ET

Minerco Resources, Inc. Provides Corporate and Operational Update

HOUSTON, TX--(Marketwire - December 16, 2010) - Minerco Resources, Inc. (OTCBB: MINE), a progressive developer, producer and provider of clean, renewable energy solutions in Latin America, has provided a corporate update as well as updated information on its operations.

Corporate Update

  • Termination of our Shell Status

  • $5 Million Equity Line

"The Equity Line and the termination of our shell status have provided the Company with a better opportunity to restructure and properly capitalize moving forward. The details are available in its Current Report on Form 8k filed on December 6, 2010," said Sam J Messina III, Minerco's CFO.

Operations Update

  • Rio Toco -- Minerco is engaged in the due diligence process for the Rio Toco Project. Minerco entered into negotiations for the 9 MW Rio Toco Hydro Project in November 2010. Subject to favorable due diligence results the Company anticipates finalizing this transaction in the first calendar quarter of 2011.

  • Chiligatoro -- Minerco has started negotiations to acquire the necessary parcels of land required to build its Chiligatoro Project. As previously released, final studies and documentation are being prepared for submission to Empresa Nacional de Energia Electrical (ENEE) for Power Purchase Agreement (PPA) and to the Honduran Congress for final approval of the Chiligatoro Project. The local communities have formally approved the Chiligatoro Project; the Environmental Impact Study has been submitted to Secretaria de Recursos Naturales y Ambiente ("SERNA"), Honduras's Natural Resources and Environmental Ministry. The Honduran National Commission of Energy has approved and SERNA has signed the 30 Year Operations Contract and Water Contract for the Chiligatoro Project.

"We are very pleased with the progress we've made on the Chiligatoro Project over the last 7 months. With the signing of our equity line, we are yet another step closer to realizing our vision of providing clean, green energy in Central America," said V. Scott Vanis, Minerco's President and CEO.

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the words "believe," "anticipate," "expect," "intend," "estimate," and similar expressions. All statements in this document regarding the future outlook related to Minerco are forward-looking statements, including, but not limited to statements regarding the finalizing the Rio Toco Project, the equity lines' impact on our ability to move forward with our business operations and the expected date of commencement of construction. Such statements are based on the current expectations, beliefs, estimates and projections of management and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, such as the financing not being as successful as anticipated, our inability to meet the conditions necessary in order to effectuate the financing, delays in the construction of the Project and the failure of the Project to result in anticipated revenue. Additional uncertainties and risks are described in our most recently filed SEC documents, such as our most recent annual report on Form 10-K. For a more detailed discussion of factors that affect our operations, please refer to our Securities and Exchange Commission filings. Copies of this filing are available through the SEC website at http://www.sec.gov. All forward-looking statements are based upon information available to us on the date hereof. The Company undertakes no obligation to update this forward-looking information.

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