"Dr. Kenney is the geologist most familiar with this watershed, and this report well documents his conclusion - and that of those who peer reviewed the report - that faulting and the geologic nature of the fractured rock creates physical barriers that prevent the Project from ever impacting Bonanza Spring," continued Slater.Dr. Kenney is a certified professional geologist with a doctorate in geology and a specialty in faulting from the University of Oregon. He has more than 20 years of experience working in the Mojave Desert studying rock formations and has previously conducted an extensive geologic study of the region of the nearby Marble and Ship Mountains less than six years ago. The recent work Dr. Kenney conducted in the Clipper Mountains was a continuation of that study. Dr. Kenney's geologic evaluation is the first site-specific assessment of Bonanza Spring and provides important new information for future study. He spent six days performing field mapping consisting of observations of lithologic units, fracturing, faulting and other structures, and spent an additional two to three weeks mapping via historical imagery in Google Earth in order to map the entire western Clipper Mountains. Dr. Kenney also worked with Mr. Foreman to conduct a detailed review of available scientific literature. "The most compelling finding is that we identified two relatively robust fault zones that show evidence of being impermeable to groundwater and that intersect essentially exactly at Bonanza Spring," Dr. Kenney said. "Fault zones are well known to be groundwater barriers, and we found that to be the case here." Foreman, who has conducted groundwater basin analyses in California for more than 40 years, co-authored the study with Dr. Kenney. He added: "The geology evidences a distinct separation between the alluvial aquifer where Cadiz wells will be situated and the fractured crystalline igneous rocks where the spring occurs. Therefore," Foreman continued, "the long-term sustainability of Bonanza is not related to pumping at Cadiz but rather is dependent on the precipitation that provides recharge to the spring catchment. As a result, climate change is a bigger threat to Bonanza than Cadiz ever would or could possibly be."
As part of the Bonanza Spring study, 10 experts were invited to observe physical conditions at the spring in December 2017 and comment on the assessment.Dr. John Sharp, a hydrogeology professor at the University of Texas at Austin, participated in the site visit and peer-reviewed the final report. He commented: "Dr. Kenney knows more about the geology of this area than anyone else and he's the expert. Having reviewed the mapping and explanation of the geology in the area, I am convinced that the projected pumping for Cadiz is not going to have any measurable effect on Bonanza Spring at all." The Cadiz Water Project will capture groundwater that is presently lost to evaporation at the base of a 1,300-square-mile watershed, creating a new water supply for approximately 400,000 people in Southern California. The Project was reviewed and approved under the California Environmental Quality Act (CEQA); its certified Final Environmental Impact Report concluded that project operations would have no significant impacts on the environment, including springs in the surrounding mountains. As part of CEQA, San Bernardino County, the local agency responsible for regulating the use of groundwater in Cadiz, approved an extensive Groundwater Management, Monitoring and Mitigation Plan for the Project that mandates monitoring of Bonanza and two additional springs farther from the project area. It also imposed a floor on Cadiz's groundwater use so that the Project cannot deplete the aquifer to unsafe levels regardless of the area's recharge rate. The environmental reviews and the groundwater management plan have been upheld in court. Baseline monitoring of the springs is now underway and final arrangements are being made to convey water conserved by the Project to communities across Southern California. To view a copy of the final study, images from the scientists' site visit, and related materials, please visit http://www.cadizwaterproject.com/2018-bonanza-spring-study/ About Cadiz Founded in 1983, Cadiz Inc. is a publicly-held renewable resources company that owns 70 square miles of property with significant water resources in Southern California. The Company maintains an organic agricultural development in the Cadiz Valley of eastern San Bernardino County, California and is partnering with public water agencies to implement the Cadiz Water Project, which over two phases will create a new water supply for approximately 400,000 people and make available up to 1 million acre-feet of new groundwater storage capacity for the region. Cadiz abides by a wide-ranging "Green Compact" focused on environmental conservation and sustainable practices to manage its land, water and agricultural resources. For more information, please visit www.cadizinc.com. Contact : Courtney Degener213.email@example.com FORWARD LOOKING STATEMENT: This release contains forward-looking statements that are subject to significant risks and uncertainties, including statements related to the future operating and financial performance of the Company and the financing activities of the Company. Although the Company believes that the expectations reflected in our forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Factors that could cause actual results or events to differ materially from those reflected in the Company's forward-looking statements include the Company's ability to maximize value for Cadiz land and water resources, the Company's ability to obtain new financing as needed, the receipt of additional permits for the water project and other factors and considerations detailed in the Company's Securities and Exchange Commission filings.