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Western Sierra Announces FINAL Contract for $1.5 Billion Federally Funded Project Through the Company’s Wholly Owned Subsidiary
Western Sierra Announces FINAL Contract for $1.5 Billion Federally Funded Project Through the Company’s Wholly Owned Subsidiary.
About this update from Western Sierra Resource Corp.
[{"type":"text","content":"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...