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There is major breaking news coming from Navajo Wind Energy Corp. (PINKSHEETS: CLBN) and investors are going to watch this one closely. Yesterdayafter the markets closed, the company issued a press release announcingthat it has received a letter of intent to finance its 200 MW wind farmproject located in Xinjiang, China. The value of the 200 MW project is inexcess of US$450,000,000.
The Xinjiang wind farm project is situated on 6,200 acres and is in an areawith proven, high-energy wind speeds. Previous testing indicates a meanaverage annual wind speed in excess of 11 meters per second or over 25miles per hour, capable of generating net operating capacity factors inexcess of 50 percent.
As previously announced, Navajo has come to a terms agreement withMingchuang Energy Manufacturing Co. Ltd. to create a joint venturepartnership on projects located in China. Both companies have agreed tobegin their relationship starting with the Xinjiang wind farm project.
“With this funding commitment that is now in place, we will be able tocomplete all of our project goals by 2010,” stated Barry Doyle, CEO ofNavajo.
Investors are urged to carefully monitor the progress of this company!
The stock closed yesterday at around Three cents a share.
Agnico-Eagle is a long established Canadian gold producer with operationslocated in Quebec and Finland and exploration and development activities inCanada, Finland, Mexico and the United States.
Monsanto Company is a leading global provider of technology-based solutionsand agricultural products that improve farm productivity and food quality.
JPMorgan Chase & Co. is a leading global financial services firm withassets of $2.2 trillion and operations in more than 60 countries.
Oil News: The Energy Information Administration said crude supplies in theU.S. climbed unexpectedly by 700,000 barrels for the week ended March 6.Analysts surveyed by Platts, the energy information arm of McGraw-HillCos., expected a drop of 1 million barrels.
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