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NEWS RELEASE
DATE: January 6,
2009
FOR IMMEDIATE RELEASE
TRADING SYMBOLS: TSX-V (Canada):
WGP.V FRANKFURT: WE6.F
WESTERN GEOPOWER DRAWS DOWN SECOND TRANCHE OF
US$8.52 MILLION
UNDER
ITS SECURED LOAN FACILITY
VANCOUVER, Canada, January 6, 2009, TSX Venture
Exchange Trading Symbol: WGP ? Western
GeoPower Corp., a renewable energy
company, today announced that the conditions to the availability of the
second tranche of its secured loan facility, previously announced on November
10, 2008, have been satisfied, and that the second tranche of US$8,520,000
has now been drawn down. The initial tranche of US$2,480,000 under the
US$11 million secured loan facility was drawn down on November 24, 2008.
The
proceeds of the loan facility may be used for drilling, project management,
development cost, plant equipment, and up to US$300,000 in monthly working
capital and general corporate purposes.
About Western GeoPower Corp.
Western GeoPower
Corp. is a renewable energy company dedicated to the development of
geothermal energy projects for the delivery of clean, sustainable, baseload electricity generation. The Company is
developing The Western GeoPower
Unit 1 geothermal power plant at The Geysers Geothermal Field in California, United States and the
South Meager Geothermal Project in British Columbia, Canada.
On behalf of the Board of Western
GeoPower Corp
?Kenneth MacLeod?
Kenneth MacLeod,
President & CEO
Cautionary Note Regarding Forward-Looking Statements
Statements in this release that are forward-looking are subject to
various risks and uncertainties concerning the specific factors identified
above that reflect the Company?s
expectations and projections about its future results. The Company
has tried whenever possible to identify these forward-looking statements
which include but are not limited to, words such as ?anticipates,?
believes,? ?estimates,? ?expects,? ?plans,? ?intends,? ?potential,? and similar expressions. Although the Company
believes the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from
those in the forward-looking statements. Investors are cautioned that
any such statements are not guarantees of future performance and that actual results or developments may differ materially
from those projected in the forward-looking statements. The Company
disclaims any obligation or intention to update or to revise any
forward-looking statement, whether as a result of new information, future
events or otherwise. Such information contained herein represents
management's best judgment as of the date hereof based on information currently
available. This news release is not for dissemination in the United States of America
or to United States of America
news services.
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release. For more
information or to be put on our email list, please contact our office: (604)
662-3338 or US/Canada Toll Free: 1-866-662-3322, email: info@geopower.ca
Investor
Relations: IR@geopower.ca
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