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25 September 2009 |
KERNOW RECEIVES GEOTHERMAL LICENCE IN NORTHERN PORTUGAL |
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| Mr. Alan Matthews, President of Kernow Resources & Developments Ltd. (“Kernow”) (TSX.V: KRD), is
pleased to provide the following update on the granting of a Licence to explore for Geothermal Resources inthe area of Chaves in Northern Portugal. The successful receipt of this initial Geothermal Licence forms an
important and strategic component to the recently announced merger through a Letter of Intent (“LOI”) of
Kernow, with Galena International Resources Ltd. (TSX.V: GTO.P) (“Galena”), and Green Bull Energy Inc.
(“Green Bull”) (Refer to Kernow Press Release September 21, 2009).
Portugal, which has a positive and forward looking policy on Renewable and Alternative Energy developmentaims to generate 45% of its total power consumption from renewable sources by 2010. The European Geothermal Energy Council (EGEC) reports (July 2009) that the participants of the recent World Economic Forum in Davos, Switzerland concluded that geothermal energy will offer the best possible cost-effective source of Renewable Energy.
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