Highbank Resources Ltd.

Highbank Resources Ltd.

October 01, 2009 12:24 ET

Highbank Resources Ltd.: Private Placement-$240,000 Completed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 1, 2009) - Highbank Resources Ltd. ("HBK") (TSX VENTURE:HBK)(FRANKFURT:V7O), has completed the previously announced private placement.

Further to the TSX Bulletin dated September 29, 2009 the Company completed the following:

-- 6,000,000 units were issued at a price of $0.04 per unit for gross proceeds of $240,000. Each unit consists one common treasury share and one warrant for the further purchase of one common share at a price of $0.10 up to September 30, 2010 and at the exercise price of $0.20 per share at any time after September 30, 2010 but on or before September 30, 2011. $9,600 in cash was paid as finders' fees. All shares and warrants issued carry a statutory four month plus one day hold period from trading until January 31, 2010.

The Company will utilize the proceeds of the private placement to maintain the Company's mineral properties and general working capital.


Gary Musil, CFO/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.

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.

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