Mmamabula project delayed

Tuesday, January 29, 2008

Toronto Stock Exchange (TSX)- and Botswana Stock Exchange (BSE)-listed CIC Energy Corporation last week further revised the schedule of its Mmamabula mega-project, in Botswana by about six months, owing to the strong demand for power plant builds, and prevailing engineering resource constraints, which continue to increase lead times for power plant equipment and construction services.

Financial close for the first phase of the project is now expected in the fourth quarter of 2008, followed immediately with the start of construction in the same quarter.This would push commercial operation of the first unit of the power station to late 2012, or early 2013.

The second and third units would come on-line at six-month intervals following the first unit.

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