IDAHO FALLS, Idaho, Jan. 27, 2005 (PRIMEZONE) -- Intrepid Technology and Resources, Inc. (ITR) (OTCBB:IESV), a renewable energy company, announces it has signed the agreements to design and build its second methane production facility. This renewable energy production plant will be built on the 6000 head WestPoint Dairy near Wendell, Idaho.
Financing for the 3.3 million dollar facility has been arranged, preliminary design is complete and site preparation is underway. ITR will own and operate the plant with the WestPoint Dairy granting a 20-year lease on the property in exchange for ITR processing the approximate 20 million tons of annual animal waste that the dairy produces. The WestPoint Dairy will retain the mineral rich liquid effluent and solid material that remains after processing. ITR will also provide the dairy with additional engineering services that maximize the effectiveness of the operation to the dairy.
The WestPoint Dairy facility along with the nearly completed Whiteside Dairy facility will be capable of producing over 100 million cubic feet (100 billion BTUs of energy) per year -- or enough to supply the average natural gas needs of nearly 1,000 homes. ITR will begin construction in the 4th quarter of 2005 and the WestPoint biogas plant will begin operation in 2006.
Mr. Edwin Southfield of WestPoint Dairy stated, "I believe that Intrepid's solution to the waste issues surrounding our business carries substantial long term financial benefits for us and other large dairies. We have long prided ourselves on maintaining an operation that uses state of the art technology and processes while being an environmentally friendly neighbor. This new plant assists us in maintaining that tradition while maximizing our financial return from the dairy."
Dr. Dennis Keiser, ITR's Chairman, commented, "Today is the first in a series of events that our recently completed financing package allows us to engage in. This is also the second step in our Company's goal to have 250,000 head of dairy cattle under production within 5 years. ITR has gained a wealth of technical and operational data and experience from our first, recently completed, methane production facility that will prove invaluable in constructing and operating this new plant."
About Intrepid Technology: We are an applications innovator of Biogas products and services designed to assist in national energy independence and reduced pollution. All of these products are from renewable agriculture feedstock and industrial and agriculture waste materials.
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