Reservoir Capital Corp.

Reservoir Capital Corp.

June 21, 2011 07:00 ET

Reservoir Capital Corp.: Brodarevo Included in the Spatial Plan of the Republic of Serbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 21, 2011) - Reservoir Capital Corp. (TSX VENTURE:REO)(FRANKFURT:ROC)(BERLIN:ROC) ("Reservoir" or the "Company") is pleased to report that the Government has adopted the specifics (construction plans, etc.) of the Brodarevo 1 and Brodarevo 2 hydroelectric projects on the River Lim into the spatial plan for the Republic of Serbia. Completion of the government and local spatial plans including the Brodarevo Projects represents an important step in the granting of the Location and Building Permits necessary to start construction at Brodarevo.

The Company completed and filed Pre-Feasibility studies on the Brodarevo Projects, including location and conceptual designs, in June 2010, at which time the space that had been previously reserved for construction of hydroelectric projects on the section of the River Lim was approved into the Spatial Plan of Serbia at a session of the National Parliament. The project has also been confirmed by Decree as part of the Water Resources Development Master Plan of the Republic of Serbia and by Decree into Energy Development Strategy and Implementation Program of the Republic of Serbia by 2015.

Reservoir engaged Energoprojekt Hidroinzenjering Co. Ltd. ("Energoprojekt" or "EHC") in October 2010 to complete Feasibility Studies for the Brodarevo Projects, including or incorporating: environmental studies, hydrological modeling, geotechnical drilling, the remaining design work required for project financing and the issue of building permits, and preparation of bidding documents for contractors. Work on the different elements of the studies are progressing well and the Company expects everything to be concluded in the coming months.

About Reservoir

Reservoir is a renewable energy company that is engaged in the development of a 58.4 MW hydroelectric project at Brodarevo in southwest Serbia. Reservoir holds four geothermal exploration licenses in Serbia and has applied for three hydroelectric licenses on the Cehotina River in Bosnia (17.75 MW) and one to develop a 32 MW project from an existing reservoir dam at Vrutci in Serbia. The Company also holds 8 precious and base metal exploration properties in Serbia that, subject to approvals, are to be spun-out into a separately listed company via dividend (see March 25, 2011 Press Release "Reservoir Capital Announces Spin-Out of Mineral Exploration Assets"). Reservoir's common shares trade on the TSX Venture Exchange (symbol "REO") and on the Frankfurt and Berlin Exchanges (symbol "ROC").

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Reservoir Capital Corp.
    Chris MacIntyre
    VP Corporate Development
    +381 (11) 397 8453 or +1 416 703 0010