Highbank signs Cooperation Agreement with Metlakatla
VANCOUVER, Nov. 2, 2012, 2012 (Menafn - Canada NewsWire via COMTEX) --TSX.V: HBKFrankfurt: V7O
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 is located;
--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 SPNA operations.
"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 ofHIGHBANK RESOURCES LTD. "Victor N. Bryant"Victor N. Bryant,CEO/President
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.
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SOURCE: Highbank Resources Ltd.
#600 - 625 Howe Street Vancouver, B.C. V6C 2T6 Ph: (604) 683-6648 Fax: (604) 683-1350
E-Mail:highbank@telus.net www.highbankresources.com
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