RENO, NV--(Marketwired - Jul 18, 2013) - Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, is pleased to announce that the Company, through its subsidiary Polaris Energy Nicaragua, S.A. ("PENSA"), has begun drilling operations at the San Jacinto-Tizate power project (the "Project").
The remediation drilling program calls for the refurbishment of two existing production wells with a targeted increase in steam availability of approximately 9 to 14 MW, or 70-110 tonnes/hour of additional net capacity. The Company will utilize the knowledge based on extensive geoscience analysis and the production performance of the wells during the first several months of operations. Drilling operations are being led by Sinclair Knight Merz, the resource consultant for the Company, in consultation with PENSA and Thermasource Inc. The program is expected to be completed by late October 2013, and all increased steam resources from the remediation program would be available for plant production during the latter part of the year.
Antony Mitchell, Executive Chairman of the Company, stated, "Our current two-well drilling program is aimed at increasing our San Jacinto production and improving our existing positive cash generation. We are committed to operating the San Jacinto operation at its design capacity, providing additional base load energy to the people of Nicaragua and increasing the value of the Company for our shareholders."
This press release contains "forward-looking information" within the meaning of applicable securities laws including information regarding the business of Ram Power. Readers are cautioned not to place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by this information. The statements in this press release are made as of the date of this release. Ram Power undertakes no obligation to update forward-looking information, other than as required by law, or comment on analyses, expectations or statements made by third parties in respect of Ram Power, or its financial or operating results or its securities.