USA, Reno:

Ram Power Announces Update for San Jacinto-Tizate Project and Corporate Credit Facility (Press Release - Marketwire)

• Ram Power has been engaged in an ongoing dialogue with the Project's  power off-taker, Disnorte-Dissur, its parent company Gas Natural Fenosa, as well as a number of ministries within the Nicaraguan Government to increase the power sales tariff for the San Jacinto-Tizate project. 

• The Project's Phase II, 36 MWe net expansion continues to be constructed on time and on budget, with construction-to-date approximately 75% complete. Construction of the Phase II expansion is expected to be completed in the fourth quarter of 2012, with a commercial operation date of December 2012. 

• On May 25, 2012, production capacity of the  San Jacinto-Tizate project  has been confirmed by GeothermEx, Inc., a Schlumberger Company, the independent resource consultant for the lenders under the Phase II Credit Facility. The GeothermEx report concludes that existing production wells have sufficient capacity to run the Phase I and II expansions at full output. The report confirmed a resource capacity of 592 tonnes/hr of steam for the 72 MWe net combined Phase I and II expansion of the Project.

• Ram Power is currently in discussions with Sprott Resource Lending Partnership, Exploration Capital Partners 2008 Limited Partnership and Newberry International Holdings Ltd. for a payment-in-kind of the company's common stock in lieu of cash for fees and interest payable for the six month period from July1, 2012 through December 31, 2012 under the Corporate Credit Facility.

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