Tribute Resources Inc. Announces Additional Investment in Wind Development Near Port Dover, Ontario
September 08, 2009 at 21:25 PM EDT
Tribute Resources Inc. Announces Additional Investment in Wind Development Near Port Dover, Ontario
Not for distribution to United States newswire services or for dissemination in the United States
London, Ontario CANADA, September 08, 2009 /FSC/ - Tribute Resources Inc. (TRB - TSX Venture), a developer of natural gas storage assets and renewable energy projects in Ontario, announced today that it has increased its interest to 50 % in the Dover East Wind Limited Partnership ( the "Dover LP"). The Dover LP holds wind options on a block of approximately 1,800 acres of contiguous onshore land east of Port Dover, Ontario.
Tribute formed the Dover LP as an investment vehicle for the future development of the wind resource and has invested funds into the partnership for the acquisition of units. Tribute's investment is being utilized for the acquisition of additional wind test data, environmental studies and general project development. Additional funds required to develop the wind resource will be raised through a sale of partnership units in the Dover LP to third parties.
Tribute also holds wind options for additional acreage through its wholly owned subsidiary, Nanticoke Wind Limited Partnership (the "Nanticoke LP"). Nanticoke LP holds over 3800 acres of land options near the shores of Lake Erie in the Nanticoke area. In the aggregate, Tribute currently holds, alone or in partnership, sufficient acreage to build a 60 megawatt ("MW") wind project. Tribute is actively pursuing the acquisition of additional wind options in the Nanticoke area with the intent of increasing the capacity to 100 MW. Sufficient wind test data has been accumulated to verify the integrity and reliability of the wind resource. Environmental studies and turbine and facility location analysis is currently underway with a projected commissioning date in 2011.
Tribute's management team is responsible for the development of both projects. The combined Dover/Nanticoke project will connect to the Hydro One Networks Inc. 230 KV transmission grid at a location near the Nanticoke coal plant.
About Tribute Resources Inc.:
Tribute is a Canadian energy company with a primary focus on adding value to shareholders by exploring for, developing and maintaining a long-term interest in market-based priced underground natural gas storage assets and renewable energy projects in the Province of Ontario. Tribute's objective is to build a company capable of delivering and sustaining long-term per share growth by developing energy projects that will generate stable long term cash flow when fully developed. Tribute's business plan is to build upon its current asset base to identify, permit, develop, and construct projects that meet its threshold return criteria. Tribute will created value by identifying project opportunities, providing the expertise to develop the projects and maintaining an interest in the completed assets to build long-term stable utility quality cash flow from a strong and diversified energy related asset base.
Tribute believes that it is well positioned to take advantage of opportunities in the ongoing restructuring of the energy markets in Ontario and North America. Tribute's three business units - Underground Natural Gas Storage, Oil and Gas Exploration, and Renewable Energy Development - are strategically aligned with the evolving energy market.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchanges) accepts responsibility for the adequacy or accuracy of this news release.
For further information on this press release please contact Jane Lowrie, President of Tribute at (519) 657-7624 or visit our website at www.tributeresources.com.
Source: Tribute Resources Inc. (TSX-V: TRB) http://www.tributeresources.com
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