STEAMBOAT SPRINGS, CO / ACCESSWIRE / October 25, 2022 / WESTERN SIERRA RESOURCE CORPORATION (OTC:WSRC) announced 09.28.22 that a Binding Agreement, having a value of $1.976 Billion was executed between its wholly owned subsidiary, Mitigation Solutions, LLC (MSL) and the Santa Maria Valley Water Conservation District (SMVWCD) in Santa Barbara County, CA. A Final Contract was ratified by all Parties on October 19, 2022. Under this final Contract, MSL will mitigate damage and restore the Twitchell Dam and Reservoir to its original holding capacities at cost of from $1.5 Billion to $2 Billion. The Contract allows for adjustment in the scope and term of the project - over an anticipated completion schedule of 7 to 10 years. Gross revenue to the Company is estimated to average $200 million annually. Two additional projects are currently in queue.
This scheduled revenue enhances the Company's ability to fund its other natural resource projects without debt or dilution.
Ratification of the Final Contract precipitates commencement of Phase I operations within seven (7) days, and continuous ramp-up over the next several months. The Company has secured $40 million in equipment financing and a $150 million Line of Credit for phased mobilization immediately available through institutional providers.
MSL will secure Federal reimbursement funding for SMVWCD from Infrastructure Investment and Jobs Act, The Inflation Reduction Act and the 2022 Omnibus Appropriations Bill through various Federal and State agencies, primarily the Federal Emergency Management Agency (FEMA), United States department of Agriculture (USDA), and the U.S. Department of Transportation (USDOT). Additional financial participation by other Federal and State Agencies is anticipated.
Federal Funding for SMVWCD (as beneficiary) applies first to stabilization of the Twitchell Dam and restoration of the ~224,300-acre-foot (~73.07 billion gallon) Twitchell Reservoir. MSL will remove and repurpose approximately 40 to 60 million cubic yards of ash-contaminated and non-contaminated sediments from the Reservoir basin. This sediment has collected in the Reservoir over the last four decades and has vastly reduced the Reservoir ability to recharge the local groundwater and aquafer that local agriculture and food production depends on. Returning the Reservoir to its original holding capacity also allows the Twitchell Dam and Reservoir to function effectively as an essential flood control structure and source of water to fight wildfires.
Secondly, the scope of the project encompasses mitigation of influent-contaminated sediments, water contamination, and preemptively addresses the deposit of eroding soils from upstream drainages to mitigate future adverse effects for the Reservoir and damage to the Dam that sustains it. Global Clean Water, Inc. (GCW) has contracted with both WSRC and MSL to address functions in each of the four (or more) phases of the Twitchell project.
With the acquisition of MSL by WSRC, MSL's Principals have joined WSRC's management team and bring with them a combined 200 years of disaster response/relief, mitigation, and restoration experience to the Company. This experience specifically includes, but is not limited to, natural disaster damage assessment, response, and recovery activities; flood-contaminated waterway restoration; mitigation of factors compromising lake, reservoir, and municipal water storage facility integrity; and failed water delivery system reconstruction. Global Clean Water, Inc., with its specialized protocols for mitigating contamination in potable water supplies, will be integral to these and other project requirements.
Photographic records, video, and written documentation will be made available throughout the term of the Twitchell project (and as specific on-site objectives are attained) for the benefit of the Santa Maria Valley Water Conservation District, its residents, and the Company's shareholders.
About Western Sierra Resource Corporation:
Founded in 1907, Western Sierra Resource Corporation (a Utah corporation), has a 115-year history as gold and silver mining company with projects in Arizona, Nevada, California, and Mexico. WSRC currently owns six precious metal reserves in Arizona. In 2014 the Company broadened its vision to include natural (and renewable) resources with its acquisition of water rights and associated infrastructure assets in Colorado for purposes of irrigating and cultivating industrial hemp; processing hemp for manufacture of various building products; and for construction of affordable homes utilizing hemp-based materials-among other beneficial uses. WSRC's intent is to become a broad-based resource company with high value, income generating assets that include water conservation projects, real estate, agriculture, precious metals, helium, and associated "green" technologies.
Forward Looking Statements:
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Such statements include any that may predict, forecast, indicate, or imply future results, performance. or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "likely", "should", "could", "would", "may" or similar words or expressions. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those in such statements, which involve risks and uncertainties, including those relating to the Company's ability to grow. Actual results may differ materially from those predicted and any reported should not be considered an indication of future performance. Potential risks and uncertainties include the Company's operating history and resources, together with all usual and common economic, competitive, and equity market conditions / risks.
Contact:
Western Sierra Resource Corporation
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ir@westernsierraresource.com
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SOURCE: Western Sierra Resource Corp.
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