Nevada Geothermal Power Reports Results for the three months and six months ended December 31, 2012

 Nevada Geothermal Power Reports Results for the three months and six months
                           ended December 31, 2012

PR Newswire

VANCOUVER, Feb. 28, 2013

VANCOUVER, Feb. 28, 2013 /PRNewswire/ - Nevada Geothermal Power Inc. ("NGP" or
"the Company") (TSX.V: NGP) today announced results for the three months and
six months ended December 31, 2012. The Condensed Consolidated Interim
Financial Statements and Management's Discussion and Analysis (MD&A) are
available at www.sedar.com and on the Company's website at
http://www.nevadageothermal.com.

                                     For the three months ended           
(millions of US $ unless stated        December 31, December 31, Variance    %
otherwise)                                     2012         2011
                                                                       
Net loss from continuing operations      $    (0.7)   $    (1.3)  $   0.6  46%
Results of discontinued operations                                     
 Operating profit                             3.6         1.2     2.4 200%
 Finance costs                              (3.9)       (4.0)     0.1   3%
 Net loss: operations being disposed        (0.3)       (2.8)     2.5  89%
  of
 Effect of services to operations             0.3         0.2     0.1  50%
  being disposed of
Total profit (loss) from discontinued          0.1       (2.6)     2.7 104%
operations
Total net loss                               (0.7)       (3.9)     3.2  82%
Net loss per share (basic and               (0.01)      (0.03)    0.02  67%
diluted) ($)
Cash generated from operating                  3.2         1.4     1.8 129%
activities
                                                                      
                                             As at        As at Variance    %
                                       December 31,     June 30,
                                               2012         2012
                                                                      
Cash & cash equivalents                  $      2.0   $     2.1  $ (0.1) (5%)
Total assets                                  86.6        84.8     1.8   2%
Total liabilities                           163.1       159.7    3.4 (2%)

NGP is  a geothermal  energy  company, focused  on developing  and  generating 
clean, sustainable  electrical power  from geothermal  resources. The  Company 
developed and  constructed the  Faulkner  1 geothermal  power plant,  at  Blue 
Mountain, which it currently operates.  In addition, the Company holds  leases 
on other properties in  various stages of development:  two in Nevada, one  in 
California's Imperial Valley and a 50% interest in a joint venture development
with Ormat Nevada Inc. ("Ormat") at the Crump Geyser property in Oregon.

On January 11,  2013, the Company  entered into an  Equity Transfer  Agreement 
("ETA") under which NGP will transfer  its 100% interest in the Blue  Mountain 
power plant to its mezzanine lender,  EIG Global Energy Partners ("EIG").  NGP 
will continue as project  operator of the Blue  Mountain power plant and  will 
provide management and administrative services during a cooperative transition
period of up to twelve months from the BM Holdco equity transfer date. EIG may
also exercise an option to  purchase the operating company, Nevada  Geothermal 
Operating Company LLC  ("Opco"), for a  nominal amount plus  the value of  the 
then existing working capital (capped  at $350,000). The Agreement is  subject 
to certain conditions precedent.

The signing of  the ETA represents  a significant milestone  for the  Company, 
since all assets  and liabilities  associated with the  Blue Mountain  project 
will be derecognized upon closing of the agreement, resulting in a substantial
gain and freeing the Company to pursue its other opportunities. The assets and
associated liabilities of  NGP I  and BM Holdco  are classified  as "held  for 
sale" and the results as "discontinued operations" in the financial statements
for the three months and  six months ended December  31, 2012. The results  of 
Opco, the operator  of the  Blue Mountain power  plant, are  also included  in 
discontinued operations, along with other revenue generated from fees  charged 
to Blue Mountain for services.

The loss from continuing  operations for the quarter  ended December 31,  2012 
amounted to $0.7  million, down from  $1.3 million in  the three months  ended 
December 31, 2011. The Company has cut costs and staff numbers  dramatically, 
although legal and consulting costs  will remain significant until the  equity 
transfer agreement  referenced  above closes.  Cash  and cash  equivalents  in 
continuing operations amounted to $2.0 million as at December 31, 2012.

Depreciation  of   the  Blue   Mountain  power   plant  assets   ceased   upon 
classification of  the assets  as  held for  sale. Profit  from  discontinued 
operations amounted to  $0.1 million for  the quarter, compared  to a loss  of 
$2.6 million in the quarter ended December 31, 2011. NGP Blue Mountain I  LLC, 
which owns  the Blue  Mountain power  plant, continues  to make  interest  and 
capital payments on its loan from  John Hancock Life Insurance Company,  which 
is 80% guaranteed by the United States Department of Energy.

The Company  expects that  a reorganization  plan, involving  a one  for  five 
reverse split of the stock and  a name change to "Alternative Earth  Resources 
Inc", will  be  implemented  soon.  Management  continues  to  pursue  various 
strategic options and the advancement of the Company's other projects.

About Nevada Geothermal Power Inc.:
Nevada Geothermal  Power  Inc. is  an  experienced renewable  energy  producer 
focusing on the development  of clean electrical  power from high  temperature 
geothermal resources  in  the  United  States.  NGP  currently  owns  a  100% 
leasehold interest in several properties in  Nevada and California, and a  50% 
interest in Crump Geyser, in Oregon. These properties are at different levels
of exploration and development.

This Press  Release contains  certain  forward-looking statements  within  the 
meaning of the  Private Securities  Litigation Reform  Act of  1995. We  have 
tried, whenever possible, to  identify these forward-looking statements  using 
words such  as  "anticipates," "believes,"  "estimates,"  "expects,"  "plans," 
"intends," "potential" and similar expressions. These statements reflect  our 
current  belief  and   are  based  upon   currently  available   information. 
Accordingly, such forward-looking statements involve known and unknown  risks, 
uncertainties and  other  factors  which  could  cause  the  Company's  actual 
results, performance or achievements to differ materially from those expressed
in or implied  by such statements.  We undertake no  obligation to update  or 
advise in the event of any change, addition, or alteration to the  information 
catered in this Press Release including such forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is  defined  in  the  policies  of  the  TSX  Venture  Exchange)  accepts 
responsibility for the adequacy or accuracy of this release.



Nevada Geothermal Power Inc.
Brian D. Fairbank, P. Eng. President & CEO
http://www.nevadageothermal.com
Telephone: 604-688-1553 X110
Toll Free: 866-688-0808 X118
Email:bfairbank@nevadageothermal.com

SOURCE Nevada Geothermal Power Inc.

Contact:

Nevada Geothermal Power Inc.
Brian D. Fairbank, P. Eng. President & CEO
http://www.nevadageothermal.com
Telephone: 604-688-1553 X110
Toll Free: 866-688-0808 X118
Email:bfairbank@nevadageothermal.com
 
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