Reservoir Capital Corp.: Brodarevo Included in the Spatial Plan of the Republic of Serbia
June 21 2011 - 7:00AM
Marketwired
Reservoir Capital Corp. (TSX VENTURE: REO)(FRANKFURT: ROC)(BERLIN:
ROC) ("Reservoir" or the "Company") is pleased to report that the
Government has adopted the specifics (construction plans, etc.) of
the Brodarevo 1 and Brodarevo 2 hydroelectric projects on the River
Lim into the spatial plan for the Republic of Serbia. Completion of
the government and local spatial plans including the Brodarevo
Projects represents an important step in the granting of the
Location and Building Permits necessary to start construction at
Brodarevo.
The Company completed and filed Pre-Feasibility studies on the
Brodarevo Projects, including location and conceptual designs, in
June 2010, at which time the space that had been previously
reserved for construction of hydroelectric projects on the section
of the River Lim was approved into the Spatial Plan of Serbia at a
session of the National Parliament. The project has also been
confirmed by Decree as part of the Water Resources Development
Master Plan of the Republic of Serbia and by Decree into Energy
Development Strategy and Implementation Program of the Republic of
Serbia by 2015.
Reservoir engaged Energoprojekt Hidroinzenjering Co. Ltd.
("Energoprojekt" or "EHC") in October 2010 to complete Feasibility
Studies for the Brodarevo Projects, including or incorporating:
environmental studies, hydrological modeling, geotechnical
drilling, the remaining design work required for project financing
and the issue of building permits, and preparation of bidding
documents for contractors. Work on the different elements of the
studies are progressing well and the Company expects everything to
be concluded in the coming months.
About Reservoir
Reservoir is a renewable energy company that is engaged in the
development of a 58.4 MW hydroelectric project at Brodarevo in
southwest Serbia. Reservoir holds four geothermal exploration
licenses in Serbia and has applied for three hydroelectric licenses
on the Cehotina River in Bosnia (17.75 MW) and one to develop a 32
MW project from an existing reservoir dam at Vrutci in Serbia. The
Company also holds 8 precious and base metal exploration properties
in Serbia that, subject to approvals, are to be spun-out into a
separately listed company via dividend (see March 25, 2011 Press
Release "Reservoir Capital Announces Spin-Out of Mineral
Exploration Assets"). Reservoir's common shares trade on the TSX
Venture Exchange (symbol "REO") and on the Frankfurt and Berlin
Exchanges (symbol "ROC").
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Contacts: Reservoir Capital Corp. Chris MacIntyre VP Corporate
Development +381 (11) 397 8453 or +1 416 703 0010
www.reservoircapital.ca
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