MUSTANG GEOTHERMAL Starts Exploration on Banos de Inca – Peru
RENO, Nev., April 13, 2011 /PRNewswire/ — MUSTANG GEOTHERMAL CORP. (OTCBB: URXE) (“Mustang” or the “Company”) is pleased to announce the start of exploration activities on the Company’s Banos de Inca project located in southern Peru.
The Banos de Inca property with an area of 900 Hectares (or 2224 Acres) is located on the eastern end of the famous Colca Canyon, 710 kilometers southwest from the Peruvian capital Lima and approximately 90 kilometers northwest from the city of Arequipa, nested between the small towns of Sibayo and Callalli in Chivay region, Department of Arequipa.
The geothermal activity in the area is manifested by a string of warm springs (~44 degrees C) located two kilometers southeast of the town of Sibayo. There are indications of potentially significant thermal water discharge into the river Colca manifested by the numerous patches of green algae thriving in otherwise cold and barren mountain river. The property is located in the immediate vicinity of the regional 150 kV power line and should a geothermal resource be defined and power plant built, renewal electric power can be fed into the Peruvian national grid.
According to data available, the Banos de Inca spring is described as: situated along a fault in the Tacaza Group of volcanics, associated with carbonate sinter.
Peru produces 45,500 Giga watt hours – GWh of electrical power (2010 est.) with 74.8 % and 24.5% coming from hydro and fossil fuel, respectively. Currently no geothermal power plants are in operation in Peru.
The Company plans to initiate water sampling, geologic mapping, shallow gradient surveys, magnetic and MT geophysical surveys during the current field season in preparation of a drill investigation in late 2011.
On behalf of the Board:
CEO and Director
MUSTANG GEOTHERMAL CORP.
For further information on the Company, please call our investor relations group at 702-530-5744 or by e-mail at firstname.lastname@example.org, or visit our website www.mustangeothermal.com
SOURCE MUSTANG GEOTHERMAL CORP.