Highbank Resources Ltd.

Highbank Resources Ltd.

May 02, 2007 09:30 ET

Highbank Resources Ltd.: $750,000 Private Placement Financing Proceeding

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 2, 2007) - Highbank Resources Ltd. (TSX VENTURE:HBK)(FRANKFURT:V7O) is pleased to announce it has arranged non-brokered private placements to raise up to $750,000 by the sale of 3,000,000 non flow-through units at $0.25 per unit. Each unit will consist of one common share and one full warrant entitling the holder to purchase one additional non flow-through common share of the Company at a price of $0.35 per share in the first year and $0.45 per share in the second year. Additionally please note - should the Company's common shares trade at or above an average trading price of $0.55 per share for ten consecutive trading days, the Company will have the right to issue a written notice that the unexercised Warrants will expire 30 days from providing such notice. Where applicable a finder's fee in cash or units of the Company may be payable in connection with this financing, in accordance with the policies of the TSX Venture Exchange.

The Company intends to utilize the proceeds of the private placement for advancement of the environmental impact assessment requirements which is a required component of the mine plan and development permit application for establishment of a commercial extraction operation of its Swamp Point North-Portland Canal aggregates project, and general working capital.

All of the above is subject to TSX Venture Exchange acceptance.


Gary Musil, CFO, Secretary/Director

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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