Highbank Resources Ltd.

Highbank Resources Ltd.

December 08, 2009 11:19 ET

Highbank to Acquire a Major Land Position in the Highland Valley Copper District

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 8, 2009) - Highbank Resources Ltd. (TSX VENTURE:HBK)(FRANKFURT:V7O) (the "Company") is pleased to announce 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 acquisition is subject to shareholder approval and the approval of the TSX Venture Exchange.

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.

There is a long history of mineral exploration in the vicinity of the Property. Intensive field exploration began in the late 1800's---and small scale mining commenced at about the same time. More than 40 accounts of prior exploration is being reviewed. Some noteable exploration programs since the late 1950's were completed by Craigmont Mines Ltd., Chataway Exploration Co. & Bralorne Pioneer Mines, Carolin Mines Ltd. (1965-69), Asarco (1970), Canadian Superior Exploration (1972) & Teck Corp. (1972), Bethlehem Copper Corp. (1978), Cominco Ltd. (1981-82), Hudson Bay Exploration (1992), Geological Survey of Canada and numerous others. The large "spread" of the Property between the two important mining areas suggests that a regional approach is more suitable in the initial stage of exploration.

Recent work on the property has entailed detailed geological interpretation of air photographs carried out in conjunction with comprehensive examination and interpretation of all available maps and technical reports of the region.


"Jake Bottay"
Jake Bottay, President

"Bradley L.Jones"
Bradley L. Jones, CA

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.

Contact Information