PALM BEACH GARDENS, Fla.,
May 11, 2015 /PRNewswire/ -- GOLDEN
AGE RESOURCES, INC., (OTC PINK: GDAR) a leading energy provider for
large-scale "Green" power plants in Latin
America and the Caribbean,
today announced construction plans and financing on Cogeneration
Pilot Project as mentioned in previous Press Release dated
April 28.
Mr. Thomas Wolff, Vice President
of Golden Age Resources Mexico S de R.L. stated: "The 100Kw Biomass
to Energy Plan will build as a scalable WTE (Waste to Energy) Plant
with a 2 Mw/hour output by using organic municipal and/or sisal
waste with planned implementation of the new fuel cell technology
provided from our Strategic Alliance Partner GEI Global Energy
Corp."
As soon as the plant reaches initial planned capacity of 2mW/Hr
the total energy produced will be 17.52 gW/Yr. The energy
generated from the WTE plant will be sold to the CFE (Commission
Federal de Electricidad) with a signed 20 year Power Purchase
Agreement.
Construction of the Cogeneration Pilot Project will take place
on a leased parcel of land that is 800,000m2 of total area.
The initial pilot project will only require 20,000m2 of the parcel,
with the remainder of the land to be used for future construction
of larger WTE plants. By integrating GEIG's new fuel
cell technology with further increase of power production, the
additional plants are estimated to produce more than 200gW/h per
year.
The construction of the Cogeneration Pilot Project is to begin
in Q4 of 2015. The estimated build time and installation of
the 2mW/h plant is 6 months. The plant is scheduled to "go
online" in Q2 of 2016.
The complete cost for 2mW/h WTE pilot project and the
integration of the new Fuel Cell Technology will be US$2,000,000. Financing of the project has
been arranged through a US hedge fund with a signed US$ 7,000,000 Equity Line dated April 1, 2015.
Mr. Terence Byrne, CEO of The
Company commented, "With this Financing committed to Golden Age
Resources, Inc. and Golden Age Resources Mexico, it is forecasted
that this Pilot Project will become profitable by Q4 2018 and will
remain profitable through the end of the 20 year Power Purchase
Agreement. Upon reaching profitability the projected profit
will be US$ 876,000 per year."
This pilot project along with the US$
7,000,000 financing will allow the Company to further
develop both commercial and residential "Green" energy power
production from both WTE and solar powered systems to produce
operational cash flow for the Company during the construction
period.
About Golden Age Resources, Inc.
Golden Age Resources, Inc. is dedicated to the construction and
development of "Green" energy power solutions, the production of
clean power with a low carbon footprint, financing solutions and
investments into renewable projects, as well as combinations of
both wind and solar energy systems in Latin America and Mexico.
GDAR, organized as a Nevada Company, has re-directed its core
business to technology and Latin American and International solar
energy markets providing project development, medium and long-term
finance solutions and investments into solar energy related
projects. This re-direction promises enhanced corporate and
shareholder values.
For more information about Golden Age Resources, Inc., visit the
Company's corporate website: http://www.gdarinc.com.
Forward Looking Statements: This press release contains "forward
looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended and such forward
looking statements are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Such
statements are subject to risks and uncertainties that could cause
future results to differ materially from the forward looking
statements. You should consider these factors in evaluating the
statements herein and not rely on such statements. The forward
looking statements in this release are made as of the date hereof
and Golden Age Resources, Inc. undertakes no obligation to update
such statements.
CONTACT: Investor Relations, Mr. Joseph
Sirianni, Telephone (800) 728-2047, EGM Firm Inc., E-mail
joe@egmfirm.com
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SOURCE Golden Age Resources, Inc.