Sierra Geothermal Power Corp. of Vancouver said last week it decided not to exercise its option to earn a 50 percent interest in the Pumpernickel project 20 miles east of Winnemucca.
The geothermal project is under development of Nevada Geothermal Power. Sierra Geothermal had the right to earn a half interest by providing $4 million in work, paying $70,000 in cash and issuing 200,000 of its publicly traded shares to Nevada Geothermal.
Gary Thompson, chief executive officer of Sierra Geothermal, said the company still thinks the Pumpernickel project makes sense, but his company wants to conserve its capital.
