HOUSTON, April 24, 2012 /PRNewswire/ -- Minerco Resources, Inc. (OTCQB: MINE), a progressive developer, producer and provider of clean, renewable energy solutions in Latin America, releases operational update for its Chiligatoro Hydro-Electric Project in Honduras, Central America.
At this time, the Chiligatoro Project is, concurrently, applying for the Project's Power Purchase Agreement (PPA) from Empresa Nacional de Energia Electrical (ENEE) and soliciting bids for Final Design and Construction. The PPA is the final step before Congressional approval and start of construction. The Final Design and Construction Bids are required for acquisition of Senior Debt Instruments from local, regional and international financial institutions.
As previously released, the Chiligatoro Hydro-Electric Project has been formally approved by the local communities, local Municipality and its Environmental Unit. The Secretaria de Recursos Naturales y Ambiente ("SERNA"), Honduras's Natural Resources and Environmental Ministry has approved the Operations Contract, Water Contract and Environmental License for the Chiligatoro Project. The Honduran National Commission of Energy has also granted formal approval for the Project.
"We are very excited about the progress of our Chiligatoro Project in Honduras. The process has been very intensive, but we are almost to the finish line. Once we have the PPA and subsequent congressional approval, we will be ready to break ground on the Chili Project. We look forward to finishing the regulatory process and providing clean, renewable energy to the Honduras market for generations to come," said V. Scott Vanis, Minerco's President and CEO.
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, the company's ability to perform under existing contracts or to procure future contracts. 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.