Highbank Resources Ltd.

Highbank Resources Ltd.

August 15, 2008 09:30 ET

Highbank Receives NI 43-101 Geological Report on "Mace" Moly Prospect in the Republic of Ireland

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2008) - Highbank Resources Ltd. ("HBK"), (the "Company") (TSX VENTURE:HBK)(FRANKFURT:V7O) is pleased to announce it has received a NI 43-101 Geological Report on the Mace molybdenum ("moly") Prospecting Licenses located in the County of Galway, Republic of Ireland.

William R. Bergey, P.Eng., Consulting Geologist of Aldergrove, B.C. was commissioned by the Company to prepare the report.

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 a potential for an open-pit moly-copper deposit, however there has been insufficient exploration to define the quantity and grade at this time.

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. HBK believes that the historical information provides a favourable indication of the potential of this prospect and looks forward to further developing this license as soon as possible.

Mr. Bergey recommends that a drilling program be undertaken to test portions of the area where drilling was undertaken previously. The geologists involved with the previous drilling suggested that there was a serious loss of molybdenite in the coring process. A comparison of core and sludge samples indicated that this loss could have amounted to 25 to 45% of the molybdenum in rock relative to the assay values. 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, 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.

The Geological Report summarizing the above information will be available on the Highbank website (www.HighbankResources.com) and through SEDAR (www.sedar.com) titled 'Geological Report on the Mace Molybdenum-Copper Prospect' by William Richard Bergey, P.Eng., Consulting Geologist, dated July 18, 2008. This news release has been reviewed and approved by Mr. William R. Bergey, the qualified person under NI 43-101.

Moly price information obtained from the U.S. Geological Survey ("USGS"), Mineral Industry Surveys has shown an increase of US$11.75/kg in 2003 to US$64.68/kg in 2007. Current molybdenum oxide prices have risen over $70.00.


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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information