Desert Mountain Energy Selects Processing Plant Builder
Desert Mountain Energy Corp. has selected GENERON as the contractor for its first Solar/Hydrogen powered Helium processing plant in Arizona, with completion expected in 28-30 weeks. The plant's green power generation will stabilize costs and reduces build capital by 40% due to the absence of noble gases. The company maintains a strong financial position without the need for additional funding. Weldon Stout has joined the Board of Directors, aiding plans to uplist to NASDAQ in 2022. Future drilling operations are on track, mitigating COVID-related delays.
- Selection of GENERON as contractor indicates solid progress in plant construction.
- Anticipated completion of the facility within 28-30 weeks.
- Green power generation expected to provide long-term cost stability.
- 40% reduction in capital expenditure for plant build due to favorable gas composition.
- Strong financial status with no need for additional financing.
- Weldon Stout's experience aids strategic direction for NASDAQ uplist.
- Potential delays due to unforeseeable supply chain issues.
- COVID-related impacts on surveying and archaeological studies may affect timelines.
TSX.V: DME
U.S. OTC: DMEHF
Frankfurt: QM01
VANCOUVER, BC, Nov. 17, 2021 /PRNewswire/ - DESERT MOUNTAIN ENERGY CORP. (the "Company") (TSXV: DME) (U.S. OTC: DMEHF) (Frankfurt: QM01) From the President of the Company.
The Company is pleased to announce that it has selected GENERON as the main contractor for the build-out of its first Solar/Hydrogen powered Helium processing plant, located in Arizona. Current supply chain requirements suggest that build-out and delivery will be between 28-30 weeks subject to unforeseeable delivery issues relating to specific materials. When completed, the processing facility's internal green power generation capabilities will provide many years of stable cost-effective operations. Utilization of the solar and hydrogen aspects to meet the electrical demands provides the Company with a long-term solution to ever-rising electrical costs. Further making the Company the first fully vertically integrated, independent exploration, drilling, production and processing company focused on Helium and not as a by-product of normal oil & gas operations. The gas composition results, basically Helium/Nitrogen and no other noble gases, in both well #4 and #2, reduced the complexities and amount of required equipment in addition to lead times for delivery. The lack of high CO2 and other noble gases has also reduced our plant build capital expenditure by
UPDATE OF FUTURE DRILLING OPERATIONS
Management had correctly identified and anticipated COVID related issues in regards to the increased demand for qualified, state-approved and licensed subcontractors, not only for the plant construction, but also for surveying, archaeological assessments, reviews, road work, and as such, had previously entered into agreements with the companies needed for the aforementioned work. The Company expects to shortly have the surveying completed for the next four wells and associated roads, followed in conjunction with ongoing archeological studies where applicable. Archeological review times have been drastically impacted by COVID. Again, the Company had previously committed to working with the best archaeologists and will continue to look well beyond the next few wells with that research. The Company has also previously purchased casing and associated wellhead equipment for multiple wells, thereby saving additional monies.
ADDITIONAL BOARD MEMBER ADDED
The Company is pleased to announce that Weldon Stout has been asked and has agreed to join the Board of Directors. Weldon recently retired from his position after serving for eight years as a District Court Judge in Oklahoma. Prior to his appointment as a judge, his private practice focused on business, estate planning and Federal Court litigation. He served as both Assistant District Attorney and then as Chief Prosecutor. He has served on numerous boards including State Bar Association, City Counsel, Medical Foundations, Victims Compensation Board, Airport Board as well as many other non-profit boards. Weldon Graduated from the University of Oklahoma with a BA in 1971 and from OCU Law School in 1974. Several of his experiences include water and associated component issues involved with water along with financial accountability reviews. As the Company moves forward with plans to up list to NASDAQ in 2022, Weldon's addition, adds another strong independent person to the Board.
ABOUT DESERT MOUNTAIN ENERGY
Desert Mountain Energy Corp. is a publicly traded resource company primarily focused on exploration, development and production of helium, hydrogen and noble gases. The Company is primarily looking for elements deemed critical to the renewable energy and high technology industries.
We seek safe harbor
"Robert Rohlfing"
Robert Rohlfing
Exec Chairman & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in polices of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward looking statements and information herein include but are not limited to statements regarding the Company's anticipated performance in the future the planned exploration activities, receipt of positive results from drilling, the completion of further drilling and exploration work, and the timing and results of various activities.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and the United States; financial risks due to helium prices, operating or technical difficulties in exploration and development activities; risks and hazards and the speculative nature of resource exploration and related development; risks in obtaining necessary licenses and permits, and challenges to the Company's title to properties.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the continued operation of the Company's exploration operations, no material adverse change in the market price of commodities, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not intend to, and nor does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
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SOURCE Desert Mountain Energy Corp.
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