Silverado, Peabody Energy, Headwaters, Rentek & WMPI testify before Congress
SILVERADO - OTCBB: SLGLF / Frankfurt: SLGL / Berlin: SLGL
WASHINGTON, D.C., May 8 /PRNewswire-FirstCall/ - Visit this URL to view supplementary images to this press release: http://www.silverado.com/may082006
Garry Anselmo, CEO of Silverado Green Fuel Inc., testified Thursday, May 4, 2006 before a crowded House committee hearing on behalf of Silverado Green Fuel's Low-Rank Coal-Water Fuel (LRCWFuel) Project. This important hearing took place in the ornate Resources Committee room, where portraits of past Resource Committee chairmen looked down upon the assembly.
Chairman Jim Gibbons of Nevada opened the hearing by welcoming those who were invited to testify. He commented that Congress is extremely serious about supporting efforts to encourage new technologies designed to bring alternative sources of fuel derived from coal to the market place in as short a time as possible. Following his opening statement, Chairman Gibbons then introduced the first panel, which was comprised of government - affiliated witnesses.
Although representing different interests within the government, all members of this panel agreed with President Bush's recent statement that America was addicted to oil, and that needed to change. They also acknowledged that America's coal reserves are larger than the world's oil or gas reserves.
A major focus during the question and answer portion following the first panel's presentations was the cost of imported oil, and what would be the projected cost of alternative fuel derived from America's coal. Milt Copulos, President of the National Defense Council Foundation presented startling information as to the true cost of a gallon of gas, based upon what he referred to as 'externalities' - or external costs that are not reflected in the price of an item. The Council has conducted extensive studies which divide these 'externalities' into three categories: direct and indirect economic costs, oil supply disruption, and military expenditures. After analyzing these costs, the Council concluded that the 'true' cost of a gallon of gas is currently an astounding $9.53. He stated that, although these hidden costs are not seen at the gas pump, they create an enormous drain on America's economy.
Copulos concluded by stating that coal is the answer to this tremendous economic problem, and referred to America as the 'Saudi Arabia of coal.' He cited countries around the world that currently produce synthetic fuel from coal. He also reminded those at the hearing that the idea of using domestic coal to produce synthetic motor fuels is not new, referring to a 1942 House Committee hearing on the potential to produce gasoline, rubber and other products from coal, and a Senate hearing that same year on the production of synthetic liquid fuels from coal.
Following a brief break to allow the first panel to exit, the second panel was sworn in.
This panel was comprised of industry leaders in coal-to-liquids technology, and included Mr. Anselmo. Mr. Anselmo, the final witness, presented the Silverado Green Fuel technology as different than that of his four colleagues testifying before the committee, in that the Low-Rank Coal-Water Fuel process is the only one that uses high-moisture content (low-rank) coal. The other companies represented on the panel use a technology in which bituminous coal is the feed-stock used to produce synthesis gas.
During his testimony, Anselmo pointed out that roughly one half of the coal reserves in the United States are relatively inexpensive sub-bituminous or lignite. He informed the committee that Low-Rank Coal researchers around the world have spent the past 40 years investigating virtually every coal drying technology conceived. In his testimony, he stated:
'Of all the low-rank coal-drying technologies assessed, hydrothermal treatment is the only process that produces a liquid fuel with the inherent benefits of liquid handling, transportation, and storage. This treatment is an advanced technology that features a process of moderate temperature and pressure and non-evaporative drying that irreversibly removes much of the moisture from low rank coal. Low Rank Coal Water Fuel - or LRCWFuel, is a non-hazardous, easily transportable liquid fuel.'
Anselmo also cited a research project supported by the U.S. Department of Energy and the Alaska Science and Technology Foundation where test quantities of LRCWFuel were produced from Alaska's Beluga coal in a pilot plant and burned in a test boiler. According to the results of that study, the Beluga LRCWFuel proved to be an excellent fuel with extremely low emissions.
Following the testimony from the second panel, the Chairman began his round of questioning by asking Mr. Anselmo about the price of LRCWFuel. Anselmo told him that the price of a barrel of oil equivalent (BOE) of LRCWFuel varies between $10 and $15 depending on the source of the coal. Anselmo went on to state, regarding energy price comparisons, 'We are talking about the difference between $10 or $15 LRCWFuel as opposed to the current market price of $70 for a barrel of oil.' The committee recognized the tremendous economic advantage that LRCWFuel (at $15 per BOE) would provide as a low-cost, high-quality feedstock for gasification and Fischer-Tropsch synthesis. Thus, LRCWFuel would serve as an ideal candidate in that process for downstream production into ultra-clean synthetic gasoline, jet and diesel fuels. Commercialization of Silverado's hydrothermal treatment process is an outstanding opportunity to make America energy self-sufficient, especially since half of America's coal reserves are considered to be 'low-rank.'
Anselmo obviously enjoyed appearing before the committee as evidenced by the light-hearted moments between he and Chairman Gibbons during the question and answer period.
Chairman Gibbons concluded the hearing by thanking all who testified on this matter of vital importance to the nation. He acknowledged that Congress must and will take decisive action in support of the development of America's coal, and that this hearing would initiate that process.
Following dismissal of the panel, Mr. Anselmo remained for several minutes, speaking with Congressional staff and other interested parties who attended the hearing. He was congratulated on his testimony by the senior committee staff members, and publicly thanked them for inviting him to testify before Congress:
'I am deeply grateful for the interest these Members of Congress have shown by asking me to come before them to tell them about Silverado Green Fuel's Low-Rank Coal-Water Fuel process. I was especially encouraged by the focus both panels of witnesses had on domestic energy security and providing the United States military with an alternative, secure source of fuel with which to operate. We have been working for the past few years on educating the public and government officials about LRCWFuel. I believe our invitation to testify before this committee is in itself a testimony to the great success we have had over the last two years in that education process. After witnessing the genuine enthusiasm for our coal-to-liquid fuel by Congressmen and their aides, I am even more excited about our project and the momentum we have created.'
Anselmo concluded his remarks by stating, 'On another matter, we are in the final preparations stage prior to signing the Memorandum of Understanding for our commercial demonstration and research facility. I believe we will be able to make a joint announcement in the very near future regarding the construction of America's first Low-Rank Coal-Water Fuel Production Facility.'
To learn more about Silverado Green Fuel Inc., visit us online at http://www.silverado.com or contact Bob Dynes, Investor relations, toll free at 1-800-665-4646.
SILVERADO GREEN FUEL INC.
(800) 665-4646 or (604) 689-1535 - F: (604) 682-3519
pr@silverado.com www.silverado.com
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.
SOURCE Silverado Gold Mines Ltd.
Source: PR Newswire (May 8, 2006 - 6:01 AM EDT)
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