Canadian mining company Sandspring Resources Ltd has signed a binding MOU with the Government of Guyana granting Sandspring the exclusive right to evaluate and develop a 65MW hydroelectric power plant on the Kurupung River, approximately 30 miles from its Toroparu Property.
Under the terms of the five-year agreement, the hydroelectric facility would be developed on a timeline that supports the conversion of the Toroparu Project to hydroelectric power as mining and processing are expanded in the fourth year of Sandspring's mine plan.
“The MOU creates the opportunity for Sandspring and an independent power producer to jointly develop a long term alternative power supply for Toroparu and other deposits we believe will be found on our property concession," commented Rich Munson, Sandspring CEO. "In addition to the significant benefit that hydroelectric power will provide by reducing operating costs and improving sustainability of the Toroparu Project, the development of a hydroelectric facility in Guyana's Region 7 could provide a significant catalyst for further development of the region's proven mineral potential."
