Minerco Resources, Inc. Receives Environmental Permit from Honduran Government for the Chiligatoro Hydro-Electric Project
HOUSTON, Nov. 2, 2011 /PRNewswire/ — Minerco Resources, Inc. (OTCQB: MINE), a progressive developer, producer and provider of clean, renewable energy solutions in Latin America, announced today the company has received the Environmental Permit from the Honduran Government for its Chiligatoro Hydro-Electric Project.
The Chiligatoro Project’s Environmental Permit and License is the final approval required by the Secretaria de Recursos Naturales y Ambiente (“SERNA”), Honduras’s Natural Resources and Environmental Ministry. The Project is now complete for submission to Empresa Nacional de Energia Electrical (ENEE), the Honduras National Electric Company, for its Power Purchase Agreement (PPA). The PPA is the final step before Congressional approval and start of construction. We expect to apply for the PPA by the end of the calendar year.
The project is estimated to have the potential capacity to gross $3.5 million per year once fully operational and has an estimated internal rate of return of 18%; however, such estimates are based upon preliminary projections and assume all studies produce anticipated results and that expenses do not exceed their estimated amount; and therefore, there can be no assurance that the results will be as anticipated..
As previously released, the Chiligatoro Hydro Project has been formally approved by the local communities, local Municipality and the Honduran National Commission of Energy. The Project has received all the necessary approvals and contracts from SERNA, including the Operations Contract and Water Contract. All the necessary parcels of land have been secured for the construction of all phases of the Chiligatoro Project.
“We are very pleased to announce the final approval required from SERNA. The Environmental License allows us to formally submit the Chiligatoro Project to ENEE for the Power Purchase Agreement. While we will continue to expand and diversify our business model and scope, the company plans to focus on the Chiligatoro Project and its construction in 2012.” said V. Scott Vanis, Minerco’s President and CEO.
Please contact: Minerco Resources, Inc. firstname.lastname@example.org 281-994-4187
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations and assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Some of these uncertainties include, without limitation, statements regarding the anticipated revenue and rate of return to be derived from the project and the expected date of commencement of construction the company’s ability to perform under existing contracts or to procure future contracts. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including without limitation, successful implementation of our business strategy and competition, any of which may cause actual results to differ materially from those described in the statements. We undertake no obligation and do not intend to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of any unanticipated events. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize. Many factors could cause actual results to differ materially from our forward-looking statements.
SOURCE Minerco Resources, Inc.