MAGMA ENERGY ANNOUNCES MANAGEMENT CHANGES

VANCOUVER, Feb. 1 /PRNewswire-FirstCall/ - Magma Energy Corp. (TSX: MXY) announces the following changes to its management team, effective mid February, 2011.

Mr. John Carson will join the company as Executive Vice President to provide additional strength to Magma's finance and executive team. John is a seasoned renewable energy executive who comes to Magma from a leading role with a US renewable energy company where he led financings and debt restructurings for a 726 MW operating portfolio. John held previous positions as senior vice president of GE Energy's renewable energy division and senior vice president finance of Terra-Gen Power, a large renewable energy company operating extensive wind and solar energy operations and one of the US's largest geothermal power portfolios.

Ms. Andrea Zaradic has resigned as Vice President Operations and Development to pursue an opportunity in the mining industry. Mr. Asgeir Margeirsson will assume Andrea's role. Asgeir is currently Magma's country manager in Iceland and Chairman of HS Orka, with more than 20 years experience in geothermal operations and project management.

Ms. Alison Thompson, Magma's Vice President Corporate Relations, will begin maternity leave and will be replaced on an interim basis by Mr. Anders Kruus. Anders is a senior financial professional with 20 years experience with large global financial institutions and is well versed in the geothermal energy industry.

Ross Beaty, Magma's Chairman and CEO, said, "I am pleased that John has agreed to join us to supplement our financial team as we advance our growth projects in Iceland, Chile and the US towards production. He is a highly experienced renewable energy financial manager who will add enormous value to our senior team. I extend to Andrea my gratitude for her services in our early growth years and my best wishes for her future career. I also wish Alison well during her leave of absence while also looking forward to new contributions from Anders Kruus and Asgeir Margeirsson."

About Magma Energy Corp.

Magma Energy Corp. is a global 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 two in Iceland. 

SOURCE Magma Energy Corp.

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