SOURCE: Highbank Resources Ltd.

Highbank Resources Ltd.

October 14, 2014 05:00 ET

Highbank Projects $11 Million Pre-Tax Profit for Swamp Point North ("SPN") Project

VANCOUVER, BC--(Marketwired - October 14, 2014) - Highbank Resources Ltd. (the "Company") (TSX VENTURE: HBK) (FRANKFURT: V7O).

Vic Bryant, CEO/President, comments… "Development at Highbank's SPN operation is progressing well on schedule. I had the pleasure of seeing the first span of the conveyor system being lifted into place on the pilings of the barge loading facility on my October 7, 2014 site inspection". (1)

The site camp is fully functional and is being prepared for year round occupation. On October 9 th, 2014, the fourth barge arrived at SPN, delivering the pre-fabricated walkways for the barge load-out facility in addition to other camp items and equipment.

The pile driving crew from Foresight Innovations Ltd. ("Foresight") has completed the installation of the conveyor superstructure and associated walkways and has left the site. Highbank would like to thank Gord Erickson and his Foresight crew for their exemplary service on our SPN project. Foresight has earned 2.73% of the Company's securities for their services reflecting their confidence in the project and ongoing commitment.

The SPN barge loading facility is expected to be fully operational in a couple weeks. Following the Thanksgiving weekend break the full crew of operators will be returning for work. The crew will continue preparatory work for installation of the crushing, screening and washing equipment for treating the 72 million ton aggregate deposit. This will place Highbank in the enviable position of being the nearest, significant, quality construction aggregate deposit to the Port of Prince Rupert, B.C. Canada and the other construction projects in the northwest area. This will also permit supply of aggregate to meet existing commitments and proposed LNG facility construction once the Provincial tax and royalty agreements have been finalized. (2)

Weather permitting; an inaugural ribbon cutting ceremony is being planned for early November 2014. Analysts, brokers and key investors wishing to attend need to contact the Company at their earliest convenience, as space is limited.

CEO Victor Bryant further comments… "The company would like, at this time to provide forward guidance for the fiscal year 2015. The Company projects a pre-tax profit in its first year production at SPN of $11 million on projected gross revenues of $27 million. (3)(4) The Company would be required to make application to expand its existing mine permit during that period".

"Highbank's SPN project is expected to have a CAPEX of less than $8 million to access a $2 billion CDN. NI 43 - 101 compliant resource. (5) Highbank has tendered preliminary bids on various construction projects: pipelines 1,000,000 M/t, LNG infrastructure 600,000 M/t, and Port of Prince Rupert infrastructure projects 600,000 M/t".

On behalf of the Board of Directors of HIGHBANK RESOURCES LTD.

"Victor N. Bryant
Victor N. Bryant,
CEO/President

(1) http://urlm.in/taoa
(2) http://urlm.in/taqd
(3) http://urlm.in/taqe
(4) http://urlm.in/taqf
(5) http://urlm.in/taqg

This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.

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