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TheStreet Open House

Cadiz Valley Water Project Lead Agency Updates Environmental Review Hearing Details

Stocks in this article: CDZI

Cadiz Inc. (NASDAQ: CDZI) reported today that the Santa Margarita Water District, the lead agency of the environmental review and permitting process for the Company's Cadiz Valley Water Conservation, Recovery and Storage Project, has made available on its website documents related to its upcoming public hearing on the Project. As previously reported, earlier this month SMWD issued the Final Environmental Impact Report (Final EIR) for the Project and announced it would hold a hearing on Wednesday, July 25, 2012 to consider certification of the Project's environmental documents. On Friday, SMWD made available the agenda for the hearing and has also posted all documents that will be considered at the July 25th meeting, including the proposed Water Purchase and Sale Agreement.

SMWD's press release, which provides details about the July 25th hearing and related documents, is available at the following link: http://www.smwd.com/news/press-releases/2012-07-21.html

About the Project

The Cadiz Project will provide a new, reliable water supply for approximately 400,000 Southern Californians by capturing and conserving groundwater that will otherwise be lost to evaporation from a vast aquifer system beneath private property owned by Cadiz Inc. in California's Mojave Desert. In its first phase, the Project will deliver up to an average of 50,000 acre-feet per year to Southern California water providers, including SMWD, Three Valleys Municipal Water District, Suburban Water Systems, Golden State Water Company, Jurupa Community Services District, and California Water Service Company. The Arizona & California Railroad Company, which owns and operates the railroad right-of-way to be used by the Project’s proposed water conveyance pipeline, will also receive water from the Project. A second potential future phase of the Project offers approximately one million acre-feet of aquifer storage capacity that can be used to carry-over, or “bank,” annual supplies, without the high rates of evaporative loss suffered by local surface reservoirs.

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