After Sierra Geothermal Power Inc. (Sierra) didn´t choose to exercise the option of earning a 50 percent stake in the Nevada Geothermal Power Inc.s (NGP) Pumpernickel project in Nevada, the company announced that it terminated the option agreement with Sierra.

Brian Fairbank, President and CEO of NGP, stated, “With the value of geothermal projects having increased in value dramatically over the past few years, we are pleased to retain 100% interest in the Pumpernickel project. Significant exploration has been completed at Pumpernickel from 2003 to 2008. NGP will prepare to drill an initial development test well as a next step. NGP will announce further plans for the Pumpernickel project in 2009.”

Source: Company statement