VANCOUVER, BC--(Marketwired - December 23, 2015) - Highbank Resources Ltd. (TSX VENTURE: HBK)(V7O.F)(the "Company") -
Highbank enters into Non-Disclosure Agreement with a Major North American Aggregate and Concrete Company
In confidential meetings between Highbank executives and an unnamed company it was determined that enough interest existed regarding a significant transaction between the companies to necessitate the signing of a non-disclosure and confidentiality agreement. This is potentially an important development with regard to moving the Swamp Point North ("SPN") property forward as a significant supplier to the west coast of North America.
2015 Year-End Summary:
Highbank considers 2015 another important year of milestones, during a year of difficult economic and market conditions:
- April 14, 2015: Highbank's processing plant is commissioned and produces trial runs of crushed, washed, and screened products.
- April 24, 2015: Highbank announces an independent Preliminary Economic Assessment ("PEA") on SPN.
- May 4, 2015: Highbank deploys its barge load-out conveyor system, and delivers its first commercial shipment of 4000 tons of aggregate to a customer in the Port of Prince Rupert.
- November 1, 2015: Victor Bryant retires and takes on the role of Chairman of the Board of Directors; Director James Place, P.Geo. took over the role of CEO/President.
- Financings: 4.1 million warrants were exercised to net the treasury $498,600; and in May 2015 the Company arranged a non-interest bearing production loan totaling $900,000 to be repaid from production sales.
Investors Relations Contract with 360 Aviation Services Inc. ("360"):
The existing agreement between 360 Aviation and Highbank Resources Ltd. expires on December 31, 2015. Notice has been given to 360 and terms of the future relationship with 360 will be evaluated and re-negotiated in 2016.
Incentive Stock Options:
The Company has granted a director an option to purchase 250,000 common shares, and 360 Aviation Services Inc. an option to purchase 250,000 common shares, both exercisable at a price of $0.10 for five years. The stock options will be in accordance with the Company's Stock Option Plan and subject to regulatory approval.
Jim Place Comments:
"Despite many difficulties the SPN project has encountered during construction and commissioning; and moving from a development to a production facility, the Company has continued to make ready the SPN Quarry for increased production. Despite extreme weather events in rain and snow that have hammered the North West Coast, Highbank has continued to expand and expose further aggregates. Management would like to thank its SPN site crew, directors and shareholders for their continued support throughout the year.
"Best Regards of the Holiday Season and we anticipate that 2016 will be a year in which our efforts return revenue cash inflows."
ON BEHALF OF THE BOARD OF DIRECTORS OF HIGHBANK RESOURCES LTD.
"James H. Place"
James H. Place
CEO/President
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Forward-looking statements are projections of events, revenues, income, future economic performance or management's plan and objective for future operations and include, without limitation, statements with respect to the anticipated production from the Swamp Point North Aggregate Project , the realization of mineral estimates, success of mining operations, the timing and amount of estimated future production, title disputes or claims, environmental risks, limitations on insurance coverage, current and anticipated purchase negotiations and arrangements, requirements for additional capital; and government regulation of mining operations. In some cases, you can identify forward-looking statements by the use of terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors, including: fluctuations in worldwide prices and demand for aggregates; changes in project parameters as plans continue to be refined; possible variations in grade and or recovery rates; accidents, labour disputes as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, are filed and available for review on SEDAR at www.sedar.com.
Neither the 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.