Highbank Resources Ltd.

Highbank Resources Ltd.

September 24, 2009 12:50 ET

Highbank Enters Into an Option Agreement With Moag to Explore the "Mace" Moly Prospect in the Republic of Ireland

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 24, 2009) - Highbank Resources Ltd. ("HBK") (the "Company") (TSX VENTURE:HBK)(FRANKFURT:V7O) is pleased to announce it has entered into an option agreement with Moag Copper Gold Resources Inc. ("Moag") to acquire a 50% interest in the Mace moly project in the Republic of Ireland. Moag is a private Ontario based Canadian Business Corporation.

Terms of the option provide that Moag will pay $50,000 cash to the Company and incur an aggregate of $1,000,000 in exploration expenditures within three years, with a minimum of $400,000 to be expended within the first year. The agreement is a related party transaction and subject to TSX Venture Exchange approval. Bradley L. Jones is a Director of HBK and Moag.

A report titled 'Geological Report on the Mace Molybdenum-Copper Prospect' by William Richard Bergey, P.Eng., Consulting Geologist, dated July 18, 2008 is available on the Highbank website (www.HighbankResources.com) and through SEDAR (www.sedar.com).

The Mace Prospect, located within Prospecting Licence 934 (45 square km), comprises a porphyry moly-copper system that follows a wide zone of shearing for at least 2 km. The porphyry system was partially explored during 1968-1970 by exploration programs that included more than 2000 metres of shallow drilling. The drill holes were located in the central portion of a strong geochemical anomaly - an area that measures 1400 metres in length and up to 300 metres in width. The drill holes were shallow (mainly less than 50 metres depth) and were widely spaced except within a segment of about 200 metres by 200 metres. Assays from eight diamond drill holes within this segment indicated an average grade of 0.08% moly and 0.07% copper for the portions of the core that were analysed - about 50% of the total length of material cored. More widely dispersed drill holes along the mineralized zone gave comparable moly-copper indications. The deepest of these holes (approx. 70 metres) intersected 6.1 metres at 0.11% Mo close to the bottom of the hole. The deepest 14.3 metres in another hole assayed 0.15% Mo and 0.19% Cu. It has been concluded that the Mace prospect constitutes a valid exploration target, with potential for an open-pit moly-copper deposit, and looks forward to developing this licence with Moag.

The mineralized results above predates and therefore does not conform to the more stringent reporting requirements of NI 43-101 and should not be relied upon according to those standards. HBK has not yet done exploration work to verify or clarify the historical estimates as a current mineral resource and the Company is not treating the historical estimates as a current mineral reserve or resource.

Mr. Bergey recommends that a drilling program be undertaken to test portions of the area where drilling was undertaken previously. The holes should be drilled in the opposite direction to the earlier drilling using equipment capable of recovering core of considerably larger diameter, to reduce the loss of molybdenite in the coring process (estimated to be 20% to 45% on previous drilling), to provide reliable samples for comparison with the earlier drill holes and to obtain information on the size and attitude of the higher grade portions of the zone that might constitute ore blocks in an open pit.

The recommended program consists of nine holes along three cross sections, totalling approximately 1350 metres of drilling. In addition, detailed geological mapping and air-photo interpretation are recommended. The cost of the 1st Phase program is estimated to be US$374,000 and Moag plans to start the permitting process immediately.


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 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.

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.

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