Tuesday, November 20, 2012

Solomon Islands:

Geodynamics to Acquire Interest in Savo Island Geothermal Power Project (News Release)

Geodynamics Limited has announced that it has entered into a two stage earn-in and joint operating agreement with Kentor Energy Pty Ltd, a subsidiary of Kentor Gold Ltd, to acquire up to 70% interest in a conventional geothermal power supply project in the Solomon Islands.

Under the terms of the agreement, Geodynamics is entitled to earn an initial 25% interest in the Savo Island Geothermal Power Project following the completion of initial geophysical studies to determine target locations for a drilling program. Geodynamics has the right to earn an additional 45% interest through exploration drilling and the completion of a feasibility study for the project.

The project is located on the island of Savo, 14 km off the north coast of Guadalcanal where a volcanic based geothermal resource has been identified. Preliminary exploration studies indicate that the island could host a substantial geothermal reservoir at temperatures in excess of 260°C and at depths of 500 - 1,500 m.

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