Magma Energy Announces Senior Management Changes

VANCOUVER, June 21 /CNW/ - Magma Energy Corp. (TSX: MXY) announces the following senior management changes:

At our company's head office in Vancouver, Ms. Sandra Lim will retire as Chief Financial Officer on June 30. Sandra was instrumental in Magma's early development. We extend to Sandra our greatest appreciation for her outstanding contribution to Magma Energy and offer our best wishes for her retirement. Ms. Annette Cusworth has been appointed to replace Ms. Lim as Chief Financial Officer effective July 1. Ms. Cusworth is a Chartered Accountant and joins Magma from a long career with a major Canadian public company, most recently as Vice President and Chief Accounting Officer.

Magma also welcomes Mr. Jonathan Singh, to the role of Controller. Mr. Singh is a Certified General Accountant with more than 15 years of public practice and natural resource sector experience, most recently as Controller at a large Canadian resource company.

At the company's Reno office, Mr. Monte Morrison has been promoted to United States Country Manager and Vice President Operations. Monte will lead Magma's US operations, engineering and projects. In addition, Mr. Mark Kumataka will join Magma's Reno office as Chief Engineer. Mark began his geothermal engineering career in 1977 at the Geysers in California and has since worked more than 30 years in geothermal projects within and outside the USA.

Ross Beaty, Magma's Chairman and CEO, said: "I am pleased with the continued strengthening of our senior management team. Monte's promotion is a consequence of his deep experience in US geothermal development, especially at our Soda Lake operation, and he will be well supported by our existing team and Mark. And while I am sad to see Sandra leave and wish her the best in her retirement, the addition of Annette and Jonathan will beef up our financial team and improve management of our rapid growth."

About Magma Energy Corp.

Magma Energy Corp. is a geothermal power company which operates, develops, explores and acquires geothermal energy projects. We have an extensive portfolio of properties throughout the western United States, Iceland and Latin America, including one operating power plant in Nevada and an interest in two in Iceland.

For further information: Alison Thompson, Vice President, Corporate Relations, Magma Energy Corp., Phone: [phone], Email: [email protected]