Kernow Resources & Development Ltd exploring geothermal in Portugal
Alexander Richter
22 Eyl 2009
Kernow Resources & Development Inc. has applied to the Portuguese Ministry of Economy and Innovation for the rights to explore for Geothermal resources located in the area of Chaves in Northern Portugal. The company is now exploring this in a joint venture with Green Bull Energy.
As part of a broader news piece on the proposed merger (LOI) ofGalena International Resources and Kernow Resources & Development Ltd. (both listed on the Toronto Venture Exchange) and Green Bull Energy Inc., there are some details regarding the geothermal activities of Kernow.
“On April 8, 2009, Kernow announced that it has applied to the Portuguese Ministry of Economy and Innovation for the rights to explore for Geothermal resources located in the area of Chaves in Northern Portugal. The application will be reviewed by the Ministry and the Direccao-Geral de Energia e Geologia (“DGEG”) and, if successful, Kernow will be granted the right to explore for Geothermal Resources over an area of approximately 200.90 square kilometres. The location was selected by Kernow as it is known to host several hot springs and contains a deep seated regional fault running from the south west to the north east of the property. The fault known as the Regua Varim fault separates two granitic intrusions of Hercynian age to the east and west.
Kernow signed a Letter of Intent with Green Bull on March 9, 2009. The LOI granted Green Bull the right to enter into a 50/50 joint venture with Kernow to develop the Chaves area under application for geothermal resources after paying the first EUR 100,000 (Approximately $160,000) of exploration expenditures on the property. The transaction has been conditionally accepted by the Exchange but is subject to final review by the Exchange.
Kernow is a natural resource company engaged in acquisition, exploration, and development of mineral properties. It currently holds three properties in Northern Portugal (Jales, Boticas and Alto Sobrida). It is currently awaiting the award of the Chaves Geothermal Exploration License. Kernow trades on the TSX Venture Exchange (“TSX-V”) under the symbol KRD. The company is a British Columbia/ Canada incorporated company with one subsidiary, Kernow Mining Portugal Sociedade Unipessoal Lta., incorporated in Portugal and Kernow Resources & Developments (USA) Inc., a subsidiary incorporated in the United States.”
Complete details to the project can be found in this news release from May 2009 (pdf document)
Source: Galena International Resources Ltd. announcement via Marketwire
