Completion of this purchase allows the company to move forward with its planned geotechnical drilling program for the dam foundations, to complete feasibility studies and is an important element in the issue of building permits for the project.

“This has been a lengthy and delicate process involving multiple sellers from the Muslim and Serb communities surrounding our projects,” said Miljana Vidovic, President and CEO of Reservoir. “We are very pleased with the support and cooperation we have received and very proud to have the opportunity to work with the local communities to develop Brodarevo to the benefit of all parties.”

The land package optioned covers approximately five hectares and includes several houses and a meat-processing facility, on the banks of the River Lim, where the company plans to locate the Brodarevo-2 dam and power plant.

In October last year, Reservoir engaged Energoprojekt Hidroinzenjering Co. Ltd to complete feasibility studies for Brodarevo-2, as well as the Brodarevo-1 hydroelectric project.