VANCOUVER, Nov. 2, 2012 /CNW/ - Highbank Resources Ltd. (TSX.V -"HBK"), (the "Company"), is pleased to announce the signing of a Cooperation
Agreement ("CA") with the Metlakatla First Nation and the Metlakatla
Development Corporation in the development of the Swamp Point North
Aggregate ("SPNA") project and to provide the Metlakatla with the opportunity to
participate in the economic benefits arising from the development of
the SPNA within their traditional territory.
The general terms of the CA are:
To recognize and acknowledge Metlakatla claims to aboriginal rights and
interests in their traditional territory within which the SPNA project
To develop and operate the SPNA project in an environmentally friendly
manner and to comply with applicable laws relating to the protection of
the environment and to ensure that all cultural and traditional use
sites within the SPNA development area are protected and to exercise
high standards of environmental stewardship;
To provide Metlakatla the first opportunity to fill the positions of
employment and securing contracts for the provision of goods and/or
services for or related to the SPNA project;
To provide the Metlakatla an opportunity to share in the success of the
project, and will provide the Metlakatla with two and three year
warrants to acquire up to 5,000,000 shares, subject to TSX Venture
Exchange and/or regulatory approval;
To have a good faith strong working relationship beneficial to all
parties concerned; and
Metlakatla undertakes, on its own behalf and on behalf of its members
and businesses to not object to, or oppose, regulatory applications or
approvals, Federal or Provincial, sought by Highbank with respect to
"Highbank respects the Metlakatla traditions and longstanding commitment
to protect and preserve their rights, interests and way of life in
their traditional territory" says Victor Bryant, President and CEO.
"The progress made toward reaching this CA is significant, and gives
effect to the needs of all concerned."
On behalf of the Board of Directors of
HIGHBANK RESOURCES LTD.
"Victor N. Bryant"
Victor N. Bryant,
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Highbank Resources Ltd.
For further information:
#600 - 625 Howe Street
Vancouver, B.C. V6C 2T6
Ph: (604) 683-6648
Fax: (604) 683-1350