Mr. Victor Bryant reports

B.C. GOV'T. SIGNS REVENUE-SHARING AGREEMENTS WITH LAX KW'ALAAMS AND METLAKATLA FIRST NATIONS; AND SOLE PROPONENT AGREEMENTS ("SPA") WITH AURORA LNG AND WOODSIDE

The British Columbia government's first LNG (liquefied natural gas) revenue-sharing agreements with the Lax Kw'alaams and Metlakatla first nations share a portion of provincial government revenues from sole proponent agreements (SPA) related to the Grassy Point lands (north of Prince Rupert and within 40 miles of Highbank Resources Ltd.'s Swamp Point North aggregate project, Portland Canal, B.C.), and proponents Aurora LNG and Woodside Petroleum Ltd. The Grassy Point lands have been identified as the potential site for new LNG export facilities, and the SPAs give the proponents the exclusive right to move forward with activities to inform planning for LNG development.

Chief executive officer and president Victor N. Bryant stated, "Co-operative agreements such as these and our agreement with the Metlakatla (Highbank-Metlakatla news release, Nov. 5, 2012) symbolizes the essential local community engagements that will see these LNG projects through to completion."

B.C. Minister of Aboriginal Relations and Reconciliation John Rustad commented: "I applaud the vision and commitment of the Lax Kw'alaams and Metlakatla leadership, and their communities. This kind of collaboration with first nations will underpin the economic security of their communities now and in the future, and create greater certainty for the first nations, industry and government."

Highbank updates on the Swamp Point North, Portland Canal, aggregate project

The company has achieved another milestone in completing its financial obligation to the Ministry of Energy and Mines (MEM) and the people of British Columbia with this final payment of a total of $189,500 for the reclamation security deposit, as required prior to the company initialling mobilization to the project site.

The company has submitted its occupant-licence-to-cut (OLTC) application with the Ministry of Forest, Lands and Natural Resource Operations (FLNRO). Stan Spletzer, vice-president of aggregate operations, has sourced local first nations to complete the logging upon receipt of the OLTC permit.

The company has also called for bids for the construction of the load-out barge and moorings facility, a key piece of the project for shipping aggregate to projects at Grassy Point (35 miles south by water) and the port of Prince Rupert; area infrastructure expansion; and the proposed $11-billion Pacific Northwest LNG facility proceeding to permit on Lelu Island.