VANCOUVER, Jan. 27, 2015 /PRNewswire/ - Alternative Earth Resources Inc. ("Alternative Earth" or "the Company") (TSX.V: AER) today outlined progress in transitioning from geothermal to mineral resource development. The Company has cash or cash equivalents of approximately C$2.4M as a result of divesting itself of all of its former geothermal project assets.
Alternative Earth is currently reviewing several mineral exploration and development projects for potential acquisition. Additionally, the Company will attend AME BC's Mineral Exploration Roundup conference through the week of January 26, 2015 to assess new project opportunities. Roundup is the largest gathering of mining and exploration companies, geologists, prospectors and other stakeholders in Western Canada held annually in Vancouver, BC.
Alternative Earth currently remains responsible for two geothermal wells at its former New Truckhaven property in California which is optioned to a third party. Well abandonment liabilities are approximately US$200,000; however, these wells are expected to be transferred along the well bonding responsibility to the Optionee, or alternatively, to the underlying geothermal rights owner(s) in the first quarter of 2015. Alternative Earth has previously recovered well bonds from former properties in Oregon and Nevada and would recover a further US$125,000 when the New Truckhaven wells are transferred.
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition, or alteration to the information catered in this Press Release including such forward-looking statements.
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SOURCE Alternative Earth Resources Inc.