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NEWS
RELEASE
DATE: APRIL 10,
2008
FOR
IMMEDIATE RELEASE
TRADING SYMBOLS: TSX-V (Canada):
WGP.V FRANKFURT: WE6.F
WESTERN GEOPOWER
LAUNCHES OPERATIONS IN CHILE
VANCOUVER, Canada,
April 10, 2008, TSX Venture Exchange Trading Symbol: WGP � Western GeoPower
Corp., a renewable energy development company, today announced the launching
of operations in Chile, South America, with the incorporation of a
wholly-owned Chilean subsidiary, Western GeoPower SpA and the opening of an
office in Santiago. In conjunction with the launch of operations, Western
GeoPower has submitted bids to the Chilean Ministry of Mines for the
acquisition of three geothermal exploration concessions in the north of Chile
that were recently presented for competitive bidding by the Ministry.
Over the past six months,
Western GeoPower and its independent consultants, GeothermEx, Inc. of
Richmond, California have been conducting a technical review of the
geothermal potential for Chile and a field reconnaissance of selected
geothermal sites. The review has identified several locations of
significant resource potential throughout Chile, including the concessions
currently under bid at Pampa Lirima and Polloquere. Western GeoPower has
also identified a pressing need for new power in several sectors and
regions of the country, resulting in a strong potential for power
off-take by both the northern grid and by regional major mining operations.
Chile has recently
been experiencing an electricity supply shortfall and the growing economy
demands substantial new capacity. Recent pronouncements by the Government of
Chile together with the adoption of a new Renewables Resources Law which
requires that 5% of new grid power must be sourced from Renewables by 2010
and 10% by 2013 has opened the door for geothermal energy to establish a
significant presence over the next 5 year period.
�To
demonstrate our commitment to becoming a significant participant in the Chilean
electricity sector, Western GeoPower has assembled a strong team to run the
operations in Chile,� said Kenneth MacLeod, President and CEO of
parent company Western GeoPower Corp. �The
worldwide geothermal expertise that GeothermEx brings to the relationship
makes the collaboration between Western GeoPower and GeothermEx a strong
contender for assuming a leading role in geothermal development in Chile.�
The management
team for the Chilean subsidiary is comprised of Mr. Kenneth MacLeod as
Chairman; Mr. Thomas S. Drolet as CEO; Mr. Michele d�Apote as General Manager
(Gerente
General) of all in-country operations, and Mr. Luis Cambiaso as Manager of
Social Policy (Gerente Responsabilidad Social Empresarial). The office is
located at Nueva Tajamar 481, Torre Norte Of. 901, Los Condes, Santiago,
Chile (tele: +56-2-2443301).
Kenneth MacLeod
is President and CEO of parent company Western GeoPower Corp. and has over 27
years experience in the management & finance of mining, oil & gas and
geothermal industries on three continents. Since 2001, Ken has focused on the
development of Western GeoPower�s projects in Canada and the United States.
Thomas Drolet is
a Director of parent company Western GeoPower Corp. and has 39 years
experience as a power industry executive. Tom is a former President and CEO
of Ontario Hydro International, where he directed all aspects
of marketing, project management, and operations with electrical utilities in
over 40 countries worldwide. He also worked with American Electric
Power (largest operating USA Utility) and DTE Energy Technologies, Inc. on
International power M&A activities as well as generation
technology/marketing/ sales activities.
Michele d'Apote has been working
in the Renewable Energy field in Chile for 4
years. He was the co-founder of Green
Energy, a Chilean company representing a diverse group of companies including geothermal
turbine manufacturers, Renewable Energy investors
and Carbon Markets management personnel.
During this time Green Energy developed a pipeline of over 30 projects with a cumulative investment potential exceeding US$400 million. Michele was
educated in Economics and Administrative Sciences at the Universidad Cat�lica
de Chile.
�Chile
has one of the largest undeveloped geothermal resources base in Latin
America,� said Michele d�Apote, General Manager of Western GeoPower
SpA. �The current and projected energy supply imbalance existing in
various parts of the country underscores the need to develop new sources of
secure, base-load generation to sustain the ongoing increase in copper
production and an electricity-dependent population.�
Western GeoPower Corp. is a
renewable energy company dedicated to the development of geothermal energy
projects for the delivery of clean, sustainable, base-load 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
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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