TSX - "HBK"
12g3-2(b): 82-1508
March 30, 2010
Highbank Resources Ltd. (TSX.V –HBK), (the “Company”) held a Special Meeting of Shareholders on March 29, 2010. At the meeting shareholders voted unanimously 99.96% in favour of approval of the agreement for Highbank to acquire a major land position in the Highland Valley Copper District. On December 8, 2009 the Company announced that it has entered into an agreement with Moag Copper Gold Resources Inc. (“Moag”), a private Ontario based company, to acquire a 50% interest in the Highland Valley Property (the “Property”) in the world class Highland Valley copper porphyry district, Kamloops Mining Division of British Columbia. Under the terms of the agreement the Company will issue 20,000,000 common shares, make option payments of $250,000 and incur exploration expenditures on the Property of $1,000,000 over a three year period. The acquisition is a related party transaction as Mr. Bradley L. Jones is a director of the Company and an insider of Moag.
The 20,000,000 common shares of the Company to be issued to Moag will be subject to escrow restrictions imposed by the TSX Venture Exchange and more fully described in the Information Circular dated February 17, 2010 and filed on SEDAR. The acquisition received TSX Venture Exchange conditional approval on January 4, 2010 and the Company is now awaiting final approval.
The Property is located about seven kilometers southeast of the Highmont pit, part of Teck’s Highland Valley Copper, Canada’s largest operating base metal mine and four kilometers north of the former Craigmont Mine, a high-grade copper producer. The Property has an area of approx. 9,400 hectares (36 square miles). The area is accessible by road from the town of Merritt, which lies 180 km east of Vancouver, and also from the city of Kamloops via Logan Lake townsite.
Further details of the property can be reviewed in the report entitled ‘Geological Report on the Highland Valley Property’ by William R. Bergey, P.Eng., Consulting Geologist dated September 25, 2009 and filed on SEDAR and the Company’s website.
ON BEHALF OF THE BOARD OF DIRECTORS
“JAKE BOTTAY”
Jake Bottay,
CEO/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.