|October 28, 2011|
|October 28, 2011 Vancouver, British Columbia (TSX Venture: REO) - Reservoir Capital Corp. ("Reservoir" or the "Company") is pleased to announce the appointment of Mr. Michael Brown to the Board of Directors (the "Board") of the Company. |
Mr. Brown is currently Vice President of Energy at Kinross Gold Corporation. He was previously Business Development Manager at Pacific Hydro. At Pacific Hydro he opened the company's offices in Chile 2002 and led the acquisition of two run of river hydroelectric projects, water rights for 600MW of hydro development, and led the development and non-recourse project financing of the 155MW La Higuera and 150MW La Confluencia run-of-river hydroelectric projects. He also registered La Higuera as a CDM project under the Kyoto Protocol, the largest hydroelectric project ever registered at the time, and the first one in Chile. Prior to this he worked as a Senior Project Geologist for companies such as Phelps Dodge, Rio Tinto and Homestake. He has an MBA from the University of Melbourne and a double Science (Hons-Geology) and Arts Degree from the University of Melbourne.
Miles Thompson, Executive Chairman of Reservoir, commented, "We're very fortunate to have Michael Brown joining the board, he brings with him an independent mindset and a wealth of relevant experience and will be a valuable addition to the Board as we move our Brodarevo hydroelectric projects from development into the financing and construction phase".
Pursuant to the Company's stock option plan, 150,000 incentive stock options exercisable at $0.65 per share for a period of five years have been granted to Mr. Brown.
Reservoir is a renewable energy company, engaged in development of a 58.4 MW hydroelectric project at Brodarevo in southwest Serbia. Reservoir holds four geothermal exploration licenses in Serbia and has applied for three hydroelectric licenses on the Cehotina River in Bosnia (17.75 MW) and one to develop a 32 MW project from an existing reservoir dam at Vrutci in Serbia. The Company has now completed the spin-out of its portfolio of 8 precious and base metal exploration properties in Serbia into Reservoir Minerals Inc., which should begin trading as a separate company on the TSX Venture Exchange under the symbol RMC in the coming days. Reservoir's common shares trade on the TSX Venture Exchange (symbol "REO") and on the Frankfurt and Berlin Exchanges (symbol "ROC").
For further information on Reservoir Capital Corp., please consult the Company's website www.reservoircapital.ca, or contact Chris MacIntyre, VP Corporate Development, at +1 416 703 0010.
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