GreenGold Ray Energies Expands Jatropha Plantations for Increased Biodiesel Oil Productions

This includes several thousand hectares in Mindanao island, in addition to the first 300 hectares of jatropha plantation in the Batan island.

The first Jatropha nursery plants in Batan Island are growing robustly and are ready to be transplanted in the next plantation sites.

The company is sending a field team to spend two months (August and September) in Marinduque, to help the community prepare the land for jatropha cultivation, while at the same time the Binasan and Opol Sites are also being prepared.

The people and cooperatives who run about 1,000 hectares of existing jatropha plantations in Southern Mindanao already producing jatropha oil approached the company asking to form a joint venture.

A Memorandum of Agreement (MOA) is being drawn between GRYE and the local cooperatives and is expected to be signed next week.

The company is gathering at least a gallon or more of pure rich jatropha oil for testing in a USA Laboratory for further analyses of its oil purity.

The company is in the process of completing the design and manufacture of the first Biodiesel Conversion Plant planned to be built on each plantation site. The estimated completion is expected to take between four to six months from first build from design, development, manufacturing, testing, and through to final operation.

"We are happy to announce that the Board of Directors has also approved the issuance of GRYE Stock Dividends to all shareholders on the effective record date of August 19, 2008, now that the company has completed the first step of its corporate action," announced President Rod Bernard.

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