Canada, USA, Nevada:

Alternative Earth Resources Signs Agreement to Sell Project Assets to Ormat (News Release)

Alternative Earth Resources Inc. (AER), based in Vancouver, Canada, has announced that it has signed a definitive Purchase and Sale Agreement (PSA) with Ormat Nevada Inc., whereby Ormat will purchase AER's Crump Geyser, Oregon (50% interest) and North Valley, Oregon geothermal project assets, and obtain an option, exercisable over a four (4) year period, to purchase certain of AER's New Truckhaven, California geothermal leases for cash payments totaling US$1,500,000.

The sum of US$1,490,000 is to be paid on closing of the transaction, and a further $10,000 is payable if and when Ormat exercises the lease purchase option. The PSA replaces a letter agreement with Ormat dated June 3, 2014, which was disclosed in a news release dated June 11, 2014.

Alternative Earth Resources Inc. is contemplating a change of its business focus from renewable energy to mineral resource development. With its projected strong cash position and greatly reduced overhead, the company plans to pursue mining project acquisitions and/or merger opportunities.

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