AuraFuel Plant Receives Approval From China EPA | 2010-07-08
AuraSource, Inc. (OTCBB: ARAO), a developer of clean energy technology, today announced that its AuraFuel joint venture, China Qinzhou Kaiyuyuan New Energy Co., Ltd. ("Kaiyuyuan New Energy"), received approval notice from the China Environmental Protection Administration ("China EPA").
Environmental impacts of any industrial project are regulated by the environmental protection law, and China has adopted some of the world's highest EPA standards for new projects. AuraSource's China project team has been working with the China Ministry of Environment Protection Nanjing Institute ("EPNI") on the environmental assessment of this project since December 2009. The environmental assessment review of the AuraFuel processing plant began in April 2010. The approval process is not one taken lightly by the government and only companies most fit to abide by the government's strict standards and policies are granted approval. With this approval comes great responsibility for the Company and its executives, as often times they are held personally liable if the guidelines are not adhered to.
The approval allows for the commencement of geological drilling and further designing of the AuraFuel plant. China EPA's approval allows Kaiyuyuan New Energy to proceed with construction of a facility that, among many functions, will have the capacity to process up to one million tons of oil shale per year.
AuraSource's CEO Philip Liu said, "We are very pleased with the China EPA approval. We have been working very hard with CCECC to obtain the China EPA's approval of the AuraFuel plant. EPNI has been instrumental in moving this forward in a professional and efficient manner. AuraSource and its joint venture partners are making environmental considerations the chief priority in designing and building our AuraFuel plants. This environmental focus will allow us to expand in other markets."
AuraSource, Inc. is focused on the development and production of environmentally friendly and cost effective industrial energy sources and feedstock used for industrial applications. AuraSource's core technology includes ultrafine grinding and impurities removal processes. Initial industrial applications of AuraSource technology are ultra-fine coal water mixture for heavy oil substitution, and low grade iron ore fine and slimes beneficiation.
For more information about AuraSource, please visit www.aurasourceinc.com.
About China Power Investment Corporation
Founded in December 2002, CPI has a registered capital of RMB 12 billion. In 2009, CPI's operating revenue exceeded 100 billion for the first time to reach RMB 101.2 billion with a profit of RMB 3,165 million. It generated 251.5 TWh electricity and produced 42.97 million tons of coal and 1.1 million tons of aluminum. At present, CPI has controlled installed capacity of 60GW, coal production capacity of 50.15 million tons and aluminum production capacity of 1,755,000 tons. Clean energy accounts for 30% of its total power mix, the largest proportion among the top five generation companies in China. CPI has total assets of RMB 377.6 billion that are distributed in 28 provinces, municipalities, autonomous regions, Hong Kong and Macau, 6 listed companies and 24 large operating power plants of 1000MW and above each.
For more information about CPI, please visit http://eng.cpicorp.com.cn
SAFE HARBOR STATEMENT
This Press Release may contain certain forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. AuraSource has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect AuraSource's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause AuraSource's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. AuraSource undertakes no obligation to update or provide advice in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.