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Northwest
Power Line Preliminary Findings Released
SMITHERS, B.C. - The
Northwest Power Line Coalition released preliminary findings today of a study
on the potential benefits of a power line along Highway 37 in northwest
British Columbia.
According to preliminary findings provided by Macquarie North America,
providing electric power along Highway 37 has the potential to achieve $3.5
billion in capital investments to bring eight mining projects to production. The
estimate does not include the Galore Creek project.
The investments have the potential to create 2,000 jobs, generate over $300
million in annual revenues, and provide more than $75 million in annual taxes
to government.
"Even without the Galore Creek project, the benefits of a power line
along Highway 37 are significant," said Pierre Lebel, spokesperson for
the Northwest Power Line Coalition. "There is a potential to realize
$3.5 billion in capital investment in northwest B.C., but this is unlikely to
happen without the power line."
The preliminary findings of the study also highlight the economic challenges
facing the northwest region of the province. The unemployment rate for the
northwest is much higher than the B.C. average. And between 2001 and 2006,
population in the northwest declined by seven per cent, compared to a five
per cent increase across the province.
"Northern communities believe that construction of the power line would
provide an economic benefit to the region," said Janine North, Chief
Executive Officer of the Northern Development Initiative Trust. "The
preliminary findings of the Macquarie study suggest that electrification of
Highway 37 will attract needed investment and jobs for the region, including
additional opportunities for joint ventures with First Nations."
"We have concerns around the cumulative social, cultural and
environmental impacts from the collective proposed industrial activity which
may be created by the proposed Northwest Transmission Line, but we have a
process for assessment by the Tahltan Nation with BC Hydro for addressing
these concerns," said Chair Curtis Rattray of the Tahltan Central
Council. "The Tahltan Central Council looks forward to the province of
British Columbia signing the agreement so that the Tahltan Nation can begin
the process for assessment - including social, cultural and heritage studies
described in the agreement - so we can make informed decisions about the
proposed activities."
Macquarie Group is an international financial institution with
considerable expertise in major capital infrastructure project financing.
Macquarie North America Ltd. was retained in March 2008 to examine the
economic aspects of the Northwest Power Line along Highway 37.
The preliminary findings are subject to review and finalization. The final
report is expected to be completed in the spring of 2008.
The Northwest Power Line Coalition includes the Northern Development
Initiative Trust with its forty member communities, the Mining Association of
British Columbia, the Association of Mineral Exploration of British Columbia,
and a number of First Nations, mining companies, independent power producers
and local businesses. More information is available online at www.highway37.com.
On
behalf of the Board of Directors of Hard Creek Nickel Corporation
�Mark Jarvis�
MARK
JARVIS, President
The TSX Venture Exchange does not accept responsibility
for the accuracy or adequacy of this news release.
1060 �
1090 W. Georgia St., Vancouver, BC, Canada V6E 3V7
T: 604-681-2300 F: 604-681-2310
E: info@hardcreek.com W: http://www.hardcreeknickel.com
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