HOUSTON, Aug. 16, 2006 (PRIMEZONE) -- Northamerican Energy Group Corporation (Pink Sheets:NNYG) announced today that it has signed an agreement with Bayport Corporation of Tulsa, Oklahoma, to establish a wholly owned division of Northamerican Energy, which will research, and develop, both Thorium-based nuclear power generation facilities, and Thorium-based power cells.
As part of this agreement three top nuclear research scientists, whose names and backgrounds will be announced shortly, have agreed to join Northamerican's energy group to spearhead the research and development of Thorium-based nuclear reactor electric power generating facilities to help ease the crunch on natural gas and fossil fuel electric generating facilities.
These scientists are world renowned experts in the use of uranium and thorium in power generating plants, as well as experts in the research and development of lifetime batteries, or power cells, that could help meet the need for a long-lasting power source in remote locations.
Thorium has long been considered as a reactor fuel -- and for good reason: this naturally occurring element is far more abundant, more efficient, and safer to use than uranium, plus, Thorium reactors leave behind very little plutonium, meaning that governments have as much as 80% reduced availability to weapons-grade plutonium for the making of nuclear weapons.
The heightened concern about nuclear proliferation in Iran and North Korea has once again attracted the attention of scientists, government leaders and policymakers to the possibilities of Thorium, and the advantages of the fuel are even more compelling in view of the need to keep dangerous nuclear material from terrorists.
The United States government's Department of Agriculture has set aside grants of up to $10 million for exploring the feasibility of using Thorium for the generation of electricity and Bayport had identified, and reached a preliminary agreement, with a consultant who specializes in procuring grants of this type and will begin immediately to make applications for this grant on behalf of Northamerican.
As part of this agreement Bayport has also identified, and has options on, two potential sites for constructing new Thorium generating plants in Idaho, and Utah, and according to Bayport has received favorable Senatorial support in those efforts.
In addition, it is estimated that 225 of the 444 commercial nuclear power plants in operation worldwide are suitable candidates for conversion to Thorium/uranium fuel and those possibilities to build new, or convert existing, power plants in foreign countries such as Africa, South America, China and other Asian countries will also be explored as part of potential business opportunities.
"The development of this type of alternate energy are just a portion of business opportunities that are part of the overall Bayport and Northamerican agreement and Northamerican is very excited about the potential that working with Bayport has stimulated and anticipates moving forward with this, and the other business opportunities, as soon as the initial funding in place," stated Jon Ginder, Northamerican Energy Group's Chairman and CEO.
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