Magma Energy Sponsors The National Olympic And Sports Association Of Iceland For The Winter Olympic Games In Vancouver 2010


Vancouver, B.C., Canada, December 23, 2009 - Magma Energy Corp. (TSX:MXY) Magma Energy Corp. is pleased to announce that it will be an official sponsor of the National Olympic and Sports Association of Iceland for the Winter Olympic Games in Vancouver 2010. CEO and Chairman of Magma Energy, Ross Beaty, commented, "We recently completed a transaction to gain a 43.1% interest in Iceland's largest privately held geothermal operation, HS Orka. Magma Energy is committed to a long term relationship with the country of Iceland and we are really pleased to have this unique opportunity to support the Icelandic Olympic team in our home-town of Vancouver during the Olympic Games."

For further information please contact:
Alison Thompson, Vice President, Corporate Relations
Magma Energy Corp.
Phone: 604.646.1882