|Three sites located in the Bute Inlet area at Gargoyle Creek, Coola Creek and Heakamie River
Total capacity potential of approximately 110 megawatts (MW)
Potential to generate approximately 320 gigawatt hours (GWh) of renewable energy annually
Vancouver, BC, August 13, 2007 - Plutonic Power Corporation (PCC -
TSX) is pleased to announce that it has successfully completed Stages 1
and 2 towards securing a Water License and Crown Land rights from the
Integrated Land Management Bureau (Ministry of Agriculture and Lands)
and the Water Stewardship Division (Ministry of the Environment), for
the development of three run-of-river non-storage hydroelectric power
projects to be located on Gargoyle Creek, Coola Creek and Heakamie
River, near the headwaters of Bute Inlet, approximately 130 km north of
Powell River, BC.
These projects have a combined potential capacity of approximately 110
MW and could be expected to generate approximately 320 GWh of green
energy per year, enough electricity to meet the needs of approximately
"Plutonic Power continues to discover economically and environmentally
viable projects in the Bute Inlet area that will assist in returning BC
to a position of electricity self-sufficiency," said Donald McInnes,
President of Plutonic Power. "Construction of transmission
infrastructure as part of the vision of the Green Power Corridor will
make these otherwise stranded projects feasible."
These new projects bring the total number of proposed development
projects in the company's portfolio to 34, including the Toba/Montrose
Project, on which construction commenced in July.
Plutonic Power is an emerging renewable energy producer in British
Columbia. Its proposed 34 development projects have a design capacity of
approximately 1,700 MW with the potential to generate approximately
5,500 GWh per annum of green energy, enough energy to meet the annual
needs of about 550,000 homes. Included in the 34 projects is the
creation of the Green Power Corridor, a series of non-storage
hydroelectric projects in southwestern BC, which hold the potential to
catapult British Columbia to the forefront of green energy generation in
North America. The completion of the Green Power Corridor could create
over 4,500 person years of construction employment.
Plutonic is committed to becoming the pre-eminent supplier of green
energy in British Columbia by working with First Nations, stakeholder
groups and local communities in the development of all its run-of-river
projects. This commitment will help British Columbia realize its goal of
becoming electricity self-sufficient by 2016 and meet demand utilizing
90% clean generation sources.
On behalf of the Board of Directors
PLUTONIC POWER CORPORATION
Donald McInnes, President
For additional information please contact:
Office: 604-669-4999 ext 1034
The TSX does not accept responsibility for the adequacy or accuracy of
this release. Caution Regarding Forward-Looking Statements - This news
release contains certain forward-looking statements, including
statements regarding the business and anticipated financial performance
of the Company. These statements are subject to a number of risks and
uncertainties. Actual results may differ materially from results
contemplated by the forward-looking statements. When relying on
forward-looking statements to make decisions, investors and others
should carefully consider the foregoing factors and other uncertainties
and should not place undue reliance on such forward-looking statements.
The Company does not undertake to update any forward looking statements,
oral or written, made by itself or on its behalf.