Highbank's Initiative to Develop Swamp Point Aggregate
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2012) - Highbank Resources Ltd. (TSX VENTURE:HBK)(FRANKFURT:V7O) (the "Company") is actively pursuing a debenture and/or equity financing to fund the capital start-up costs required to bring the Swamp Point North Aggregate ("SPNA") project into production.
With a sustainable business model, primary demand driven by construction developments in the Port of Prince Rupert and potential demand from underserved Pacific Rim countries, Highbank' s Swamp Point North project could become an important source of aggregate and revenue for HBK.
The SPNA property is located on tidewater, on the east side of Portland Canal, which is easily accessible by barge and/or ship, ensuring competitive transportation costs to markets. The property is the closest major aggregate deposit approximately 78 miles (125 km) north of the Port of Prince Rupert. The Port of Prince Rupert's economic impact is significant, and is now the fastest-growing port in North America.
With increasing demand for British Columbia's natural resources and billions being invested in coal, minerals, liquefied natural gas ("LNG") and forest products, the port will continue to expand and in order to expand it will require AGGREGATE (sand, gravel and crushed stone), all of which is available at the SPNA deposit. A recent proposal by Canpotex to build a potash terminal at the port, as well as Ridley Terminals coal expansion and numerous other road and infrastructure projects are proceeding. The 10 year expansion plan of the Port of Prince Rupert is now exceeding the $1.3 billion Federal Initiative (2009) and is now estimated to exceed $32 billion (see Global TV video clip on multi-billion dollar projects in Prince Rupert-Kitimat; http://www.globaltvbc.com/video/new+northern+bc+gas+line+proposals/video.html?v=2278130405#stories
The Company has signed a Management Agreement effective September 1, 2012 with Victor N. Bryant, CEO/President, subject to regulatory approval. Upon acceptance the agreement will be filed on SEDAR.
The Company has granted incentive stock options to its officers and consultants to purchase up to 600,000 common shares of the Company, exercisable at the price of $0.10 per share for five years. The stock options will be granted in accordance with the Company's Stock Option Plan and will have the required four (4) month hold period pursuant to the policies of the TSX Venture Exchange.
On behalf of the Board of Directors of HIGHBANK RESOURCES LTD.
Gary Musil, Corp. Secretary/CFO/Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Highbank Resources Ltd.
(604) 683-1350 (FAX)