Raser Technologies, Copper King Mining Sign Geothermal Lease
Raser Technologies, Inc. and Copper King Mining Corporation on March 25 said that they have entered into a geothermal lease agreement covering interests in certain private, state, and federal lands in southwestern Utah. The terms of the lease agreement were not specified.
The lease covers properties in Copper King's mining holdings, totaling approximately 75,000 acres in various locations throughout Utah. The bulk of the properties are located in Beaver County, Utah, approximately 20 miles north of Raser's Thermo No. 1 geothermal project, and west of the long-running Blundell geothermal power plant near Milford, Utah.
"With this lease, Raser continues to expand its holdings in this geothermally active part of the state," stated Richard Clayton, Raser's executive vice president. "We are pleased to be working with Copper King and obtaining access to their extensive land portfolio and geological data on their large land holdings. We look forward to working closely with Copper King to develop the full geothermal potential of their land holdings."
Copper King Chief Executive Officer Mark Dotson commented: "Since Copper King is a mining and mineral exploration company, we felt it was wise to let Raser explore our lands for the geothermal resources that we believe may be present. Copper King believes that Raser is a cutting-edge company, and we are excited to work with them."