Minerco Resources, Inc. in Negotiations for Sale of Sayab Wind Project and Iscan Hydro-Electric Project
HOUSTON, May 10, 2012 /PRNewswire/ -- Minerco Resources, Inc. (OTCQB: MINE), a progressive developer, producer and provider of clean, renewable energy solutions in Latin America, releases a business update for its Sayab Wind Project and Iscan Hydro-Electric Project in Honduras, Central America.
Minerco is in negotiations for the sale of its Sayab Wind Project and Iscan Hydro-Electric Project. The company intends to divest of these assets and focus its resources on the Chiligatoro Hydro-Electric Project and in traditional energy, such as oil and gas, production and development within the US. As previously stated, the properties we are currently evaluating have an estimated 30% annual return with initial capital expenditures between $50 and $100 thousand.
"We are very excited about the potential of selling our rights to the Sayab and Iscan projects which would allow us to focus on our Chiligatoro project and investment opportunities in the traditional energy markets," said V. Scott Vanis, Minerco's President and CEO.
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Minerco Resources, Inc. |
281-994-4187 |
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations and assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Some of these uncertainties include, without limitation, to statements regarding the ability to invest in traditional oil and gas investments, ability to sell our rights for the Iscan Hydro-Electric and Sayab Wind Project, anticipated revenue and rate of return to be derived from the project, the total capital expenditure of the project and our ability to secure an equity partner. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including without limitation, successful implementation of our business strategy and competition, any of which may cause actual results to differ materially from those described in the statements. We undertake no obligation and do not intend to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of any unanticipated events. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize. Many factors could cause actual results to differ materially from our forward-looking statements.
SOURCE Minerco Resources, Inc.
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