Highbank Resources Ltd.

Highbank Resources Ltd.

November 29, 2007 11:38 ET

Highbank Receives Technical Report and Resource Estimate

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2007) - Highbank Resources Ltd. (the "Company"), (TSX VENTURE:HBK) (FRANKFURT:V7O) is pleased to announce the receipt of a NI 43-101 Technical Report on the 'Portland Canal Aggregates Corporation -Swamp Point North Property' (the "Property") located on the east shore of Portland Canal, approx. 50 km south of Stewart in northwestern British Columbia.

In February 2005, the Company entered into an Earn-In Agreement with Portland Canal Aggregates Corporation ("PCAC") to acquire a 100% Working Ownership Interest (the "WOI") in PCAC's Property. To earn its WOI the Company has completed all aspects of the Agreement including the issuance of 2,000,000 common shares, completion of $1.3 million in work expenditures in stages and other advance royalty payments.

Associated Geosciences Ltd. ("AGL") of Calgary, Alberta was commissioned by the Company and PCAC to prepare a NI 43-101 Technical Report on the property's mineable sand , gravel, and aggregate resources and determine the optimal mine layout for preparation of a formal Mine Plan. Mr. Keith McCandlish, P.Geo., AGL's Vice President and General Manager conducted the site visit and is the "Qualified Person" as defined in NI 43-101.

The AGL resource estimate was determined from aggregate volumes estimated from depth-to bedrock measurements obtained from ten (10) cored boreholes and on the results from 4,664 metres of seismic refraction surveys undertaken by the Company in 2005 and 2006. Geophysicists from Associated Mining Consultants Ltd. of Calgary, Alberta conducted the geophysical surveys and geologists from AGL have examined the core and core logs obtained subsequently.

The volume of aggregate was determined as the volume of material bounded by the topographic ground surface, (a digital terrain model obtained from an aerial photogrammetric survey), and the bedrock contours, determined from the exploration data using the Gemcom Surpac™ suite of modelling applications. Bedrock data were augmented with three additional sets of points:

- Field observations and a slope gradient map generated from the topographic data were used to infer the surface limit of the gravel deposit against bedrock topography. This limit was described as a line of points with eastings, northings, and, elevations (X, Y, Z co-ordinates) and a resource thickness of zero.

- Surface contours in areas determined to have zero aggregate thickness were included in the model as bedrock contours.

- The results of offshore dive transects which indicated the presence of aggregate to at least a depth of 5 m along the foreshore were included.

Limits consistent with mining and environmental regulations in British Columbia were applied prior to the resource calculation:

- Material occurring within 30 m of the high water mark (HWM) was eliminated; there is a regulated offset from the HWM for minerals extraction.

- Material occurring within 5 m of the licence boundaries was not included in the estimate as there is a prohibition against working closer than 5 m to the license boundary in the BC mining code.

- Material occurring within a band 15 m on either side of the crest of the banks of Donahue Creek was eliminated; working within these limits is forbidden under BC's environmental code.

The geological modeling and aggregate resource estimation was completed by Susan O'Donnell, Geol.I.T., under the direction of Mr. Keith McCandlish, P.Geo., using the Gemcom-Surpac™ suite of geological modeling applications.

The mine planning was completed by Eric Beresford, P.Eng. under the direction of Mr. Peter Cain, Ph.D.,P.Eng., AGL's Head of Mining Engineering. AGL has relied on aggregate testing results performed by Levelton Consultants of Richmond, B.C. in assessing the quality of the aggregates on the property. This testing was conducted on bulk samples collected by the Company and Portland Canal Aggregates Corporation ("PCAC").

The Industrial Mineral Resource Estimate tables following provides resource volumes and tonnes for two separate areas, and a third summary table. The separate areas represent the License area held by PCAC and the area (the "extension area") for which an Investigation Permit was issued by the BC government for PCAC:

License Area Resources
Classification Volume (m3) Mass (t)(1)
Measured 13,618,365 29,551,852
Indicated 1,848,388 4,011,002
Measured and Indicated 15,466,753 33,562,854
Inferred 203,772 442,185

Extension Area Resources
Classification Volume (m3) Mass(t)(1)
Measured 15,384,804 33,385,025
Indicated 2,195,467 4,764,164
Measured and Indicated 17,580,271 38,149,189
Inferred 831,465 1,804,279

Combined Area Resources
Classification Volume (m3) Mass(t)(1)
Measured 29,003,169 62,936,877
Indicated 4,043,855 8,775,166
Measured and Indicated 33,047,024 71,712,043
Inferred 1,035,237 2,246,464

(1) The specific gravity value of 2.17 used to convert volumes to tonnes is
the value used by B.C. Government to assess extraction tonnages for
royalty revenue purposes.

Material located within 250 m of a drill hole and complemented by geophysical data has been classified as measured, while material located outside the 250 m radius of a drill hole but still within 125 m of a geophysical data point has been classified as indicated. Inferred resources encompass all additional material located outside the optimum range to which the data can reasonably be projected, but within the limits of mining.

The Company and PCAC are proceeding with the preparation of an Environmental Assessment application ("EAA") and a Mine Permit application ("MPA") to the B.C. Government in anticipation of the start up of aggregate production operations.

Micon International Limited of Vancouver, B.C. has been retained to compile the EAA and assist with the Environment Assessment process.

Mr. Eric Beresford, P.Eng., an independent consultant, was retained by AGL to prepare the mine plans to support the EAA and MPA to the B.C. government.

The Technical Report summarizing the above information will be submitted within 30 days and will be available on the Highbank website (www.HighbankResources.com) and through SEDAR (www.sedar.com). This news release has been reviewed and approved by Mr. Keith McCandlish, P.Geo of Associated Geosciences Ltd. , the qualified person under NI 43-101, and by Mr. Peter Cain, Ph.D., P.Eng.


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.

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