Plutonic Power Corporation

Plutonic Power Corporation

December 18, 2006 16:17 ET

Mr. Paul Sweeney Joins Plutonic Power Management Team

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 18, 2006) -


Plutonic Power Corporation (TSX VENTURE:PCC), a Vancouver, BC based renewable energy company, is pleased to announce the appointment of Mr. Paul Sweeney to the position of Executive Vice-President, Corporate Development effective January 1, 2007. Mr. Sweeney has been a financial consultant to Plutonic since March 2006. In this role Mr. Sweeney will be responsible for overseeing the financing of Plutonic's renewable energy projects as well as assisting the Company in planning for the future and to take advantage of new growth opportunities.

Mr. Sweeney has a strong track record of success with project finance, having most recently served as Chief Financial Officer of Canico Resource Corp. where he was responsible for among other things, arranging project financing for the Onca-Puma Nickel Project. Financing of the project was well underway and commitments received when Canico was bought by way of a $940 million takeover by CVRD. Prior to Canico he was Vice President and Chief Financial Officer for Sutton Resource Corp. where he had arranged the debt financing for the Bulyanhulu gold mine in Tanzania prior to Sutton's take out by Barrick Gold Corp.

Plutonic was the largest bidder in the BC Hydro 2006 Call for Tender having received and executed 35 year long term sales contracts for the 196 MW East Toba River and Montrose Creek Project and the 15MWE Rainy River Project. Mr. Sweeney is leading the negotiating of a $550 million debt and equity package that, subject to receipt of all approvals, should allow for construction to commence in Q1/Q2 2007. Additionally Plutonic is planning to be a significant bidder in BC Hydro's 2007 Tender Process.

Mr. Sweeney will be granted 100,000 common share purchase options, with an exercise price of $2.80 and a five year term.

Plutonic Power is an emerging renewable energy producer in British Columbia. Its proposed 22 run of river projects have a design capacity of over 870 MW and the potential to generate approximately 2900 GW.h per annum of green energy, enough energy to meet the annual energy needs of approximately 300,000 homes. Included in the 22 projects is the creation of the Green Power Corridor, a series of non-storage hydroelectric projects in southwestern BC, which hold the potential to catapult British Columbia to the forefront of green energy generation in North America. The completion of the Green Power Corridor would be financed through one of the largest single private sector green energy investments ever made in British Columbia and would create over 3,000 person-years of employment.

Plutonic is committed to continuously work with First Nations, stakeholder groups and local communities in the development of its run of river projects.

On behalf of the Board of Directors


Donald McInnes, President

Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.

This press release, required by applicable Canadian laws, is not for distribution to U.S. News Services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These Securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

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

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