Magma Energy Corp. - Thermo - Thu Jul 29, 2010

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THERMO - UTAH

Owned 100%
713 hectares (1,761 acres), SW Utah
Extensive geothermal exploration in 1980's including 2,221 m well
Adjacent to new 10 - 20 MW Raser geothermal plant under construction
Heat flow calculation potential - P₉₀ = 20.4 MW (Inferred Resource)

THERMO HOT SPRINGS

The Thermo Hot Springs Property is located in Utah approximately 50 km south-southwest of the Roosevelt Hot Springs in Beaver County, Utah. It consists of a single 713 hectare (1,761 acre) U.S. Bureau of Land Management ("BLM") lease parcel.

An existing transmission line runs in close proximity to the southern boundary of the leasehold position, which is currently being partially used by Raser Technologies, Inc. ("RTI") to send power to the city of Anaheim, California.

The Thermo Hot Springs Property lies on the eastern edge of the Basin and Range geomorphic province of the western United States. The two Thermo hot spring deposits are oriented north-northeast. Each deposit is approximately 1 kilometre long, 50 to 200 metres wide and 4 to 8 metres high. The mounds are made up of mostly windblown sand, travertine debris and siliceous sinter. Regional gravity data suggest that a subsurface fault with several hundred feet of displacement (down to the west) passes through the hot springs area.

Geothermometry estimates prepared by several different authors suggest reservoir equilibrium temperatures between 140 and 200°C. Republic Geothermal, Inc. drilled a 2,221 metre deep exploration hole, designated Escalante 57-29, approximately 1.6 kilometres west-southwest of the hot springs mounds. The hole passed through 350 metres of alluvium, 610 metres of Miocene volcanic rocks, 540 metres of sedimentary and metamorphic rocks and bottomed in granite.

There are records of at least 21 temperature gradient holes drilled in the immediate area of the Thermo Hot Springs. The known thermal anomaly lies within the area of the Thermo Hot Springs Property. Temperature gradients from wells in the immediate area range from 11 to 178°C per kilometre with an average temperature of 42°C per kilometre.

Magma is evaluating all data and available databases located at the Great Basin Center for Geothermal Energy, the Utah Geological Survey, the University of Utah, Southern Methodist University, and various private and academic sources. The likely resource delineation program will include acquisition of 3D reflection seismic data over the property in order to define the fault and fracture system, followed by in-fill electrical field surveys. These data will be modeled using 3D analysis and visualization techniques. We will also select locations for drilling intermediate depth (1,000 to 2,000 metres) slim holes for the purposes of conducting flow tests. If warranted by positive results from the proposed exploration program, future exploration programs may involve drilling one or more such slim holes as well as shallow temperature gradient holes.