TSX - "HBK"
12g3-2(b): 82-1508
April 18, 2008
Highbank Resources Ltd. (the “Company”), (“TSX.V – HBK”). Pursuant to the Original Agreement dated August 22, 2003 between the Company and Portland Canal Aggregates Corporation (“PCAC”), it was disclosed that an action was commenced by Hidden Rock Drilling Ltd. against Ronald D. Klassen, PCAC, Andrew Murray in his personal capacity and Trustee of the Portland International Barbados Trust and Philip White. Other suits by Hidden Rock Drilling and related parties have since been filed concerning certain ownership claims, and as a result Highbank Resources Ltd. has been named and consented to join under a case management format to answer and deny any and all of Hidden Rock’s claims.
The Company considers this action to be totally unfounded and a malicious attempt
to make any claims beyond the agreed to royalty payment obligations re: Swamp
Point North Aggregates Project.
Highbank has completed its earn-in of a 100% Working Ownership Interest in the
Swamp Point North-Portland Canal Aggregates property as per the August 22, 2003
Agreement.
The NI 43-101 Technical Report on the ‘Portland
Canal Aggregates Corporation –Swamp Point North Property’ dated
November 30, 2007 summarizing the work, resource estimate and development to
date is available on the Highbank website.
ON BEHALF OF THE BOARD OF DIRECTORS
“JAKE BOTTAY”
Jake Bottay,
President/Director
Statements contained in this news release contain certain forward-looking
statements and information relating to Highbank’s future plans, timing
of development or potential expansion or improvements. Such forward-looking
statements are subject to risks and uncertainties which could cause actual results
to differ materially from estimated results. Such risks and uncertainties include,
but are not limited to, Highbank’s ability to raise sufficient capital
to fund development, changes in economic conditions or financial markets, changes
in prices for Highbank’s aggregate products, increases in environmental
and other regulatory developments, operational difficulties or inability to
obtain permits encountered in connection with our development activities, and
changing foreign exchange rates.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.