United States House of Representatives and Senate pass long-awaited energy appropriations bill - keeps funding in Alaska Denali Commission
Thursday November 17, 9:30 am ET
SILVERADO - OTCBB: SLGLF / Frankfurt: SLGL / Berlin: SLGL
FAIRBANKS, AK, and VANCOUVER, Nov. 17 /PRNewswire-FirstCall/ - On Monday, November 14th, the United States Senate followed the House of Representatives' vote last week by approving the conference committee report on the Energy and Water Development Appropriations bill (H.R. 2419) for the fiscal year ending September 30, 2006.
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Before a bill can become law, both the House and Senate must pass identical legislation. This past summer both Houses of Congress passed their energy appropriations bills. A conference committee comprised of members of the Senate and House was established to reconcile the differences between the House and Senate versions of the appropriation bill. This conference committee has been working for the last several months to develop the final legislation which passed Tuesday with the Senate voting 84 to 4 in favor of H.R. 2419. The same bill passed the House of Representatives by a vote of 399 to 17 on November 9th, 2005.
On August 8th the President signed into law the Energy Bill which contains language authorizing the Denali Commission to utilize its funding for the Low-Rank Coal-Water Fuel Project proposed by Silverado. Specifically, section 356 states that the " Commission shall use amounts made available...to carry out energy programs, including...projects using coal as a fuel, including coal gasification projects." The just-passed H.R. 2419 (an appropriation bill) includes $50 million for the Alaska Denali Commission.
" Our sources in Washington, D.C. told us that, because of the enormous expenditures necessary to help the victims of hurricanes Katrina and Rita, all Congressional committees were required to cut back their proposed expenditures by billions of dollars, adversely affecting hundreds if not thousands of projects. We are grateful that funding was still given to the Denali Commission, and certainly are happy that Congress agreed, when it passed the energy bill this summer, that our project would qualify to receive funds through the Denali Commission," said Garry Anselmo, Chairman and CEO of Silverado Green Fuel Inc. " We look forward to working with the leadership of the Denali Commission to move the LRCWF project ahead, and we also sincerely appreciate Senators Lisa Murkowski and Ted Stevens and their foresight for including a number of authorizing provisions in the original energy bill which cover our project." Anselmo continued, " In addition, we have been in discussions with leaders in a number of states who have expressed interest in placing our demonstration plants in their states as well. We are excited about the prospect of making several important announcements in the near future once the details are finalized."
For further information regarding our innovative fuel as well as an update on our Alaska gold properties, view our website at www.silverado.com or call toll free from North America at 1-800-665-4646 or long distance from offshore at 604-689-1535 and ask for 'investor relations'.
Silverado Green Fuel Inc.
Mailing Address, 505 - 1111 W. Georgia Street, Vancouver, B.C.,
V6E 4M3, CA, (800) 665-4646 or (604) 689-1535, F: (604) 682-3519,
pr@silverado.com, www.silverado.com
Field Address, P.O. Box 83730, Fairbanks, Alaska, 99708, USA
This Press Release may contain, in addition to historical information, 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, as amended. These statements are based on management's expectations and beliefs, and involve risks and uncertainties. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.
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