NaiKun Wind Energy Group Inc.
TSX VENTURE : NKW

NaiKun Wind Energy Group Inc.

November 17, 2008 08:30 ET

NaiKun Confirms Excellent Wind Resource and Seabed Conditions at Project Site

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2008) - NaiKun Wind Energy Group Inc. ("NaiKun") (TSX VENTURE:NKW) is pleased to provide updates on its field work for the 2008 season, including key technical and engineering activities required to advance the development of Canada's first offshore wind power project, in Hecate Strait, off the northern coast of British Columbia.

"All of our field work this year continues to confirm NaiKun's project site as having an excellent wind resource, with a shallow and sandy seabed that is well-suited to the project's construction," said Paul Taylor, NaiKun's President and CEO. "Our results demonstrate clearly that NaiKun will be submitting a competitive response to BC Hydro's Clean Power Call later this month."

Highlights from the field work for the 2008 season include:

Confirmation of Superior Wind Resource - NaiKun has completed the wind resource analysis for its bid into the Clean Power Call. All data received from the meteorological mast installed in September 2007 confirm Hecate Strait's wind resource as being world-class in nature. Mean wind speeds at the project site are in the range of 9.5 to 10 metres per second, which results in a net capacity factor exceeding 40 per cent, significantly higher than the capacity of a typical on-shore development. NaiKun also recently installed a wave buoy at the project site to measure wave height and collect other data integral to project development.

Favourable Construction Site Conditions - A geophysical survey of the project site provided detailed mapping of the seabed, including water depth, topography and other related information needed to determine the most appropriate design for the project. Work to date confirms the seabed is well-suited to a large-scale wind project of the type NaiKun is developing.

Environmental Assessment Work Near Completion - NaiKun's environmental study program is well advanced and the majority of the field work required to support the environmental assessment of the project will be completed by late 2008. NaiKun's Investigative Use Permit with the Haida Nation has also recently been renewed. The company and its environmental consultants have begun preparing the application for an environmental assessment certificate, which will be submitted to the Environmental Assessment Office in early 2009.

Successful Community Consultations - Community consultation activities included four open houses held in Port Edward, Prince Rupert, Masset and Skidegate, plus group meetings with local government, community, business and environmental organizations. In total, more than 400 people participated in the consultations. Results will be compiled and summarized in a report that will be circulated to consultation participants and posted to NaiKun's website in November 2008. This feedback, along with input gathered during earlier consultations, will assist NaiKun in overall project design.

"NaiKun is committed to working with local communities to ensure that the project is developed in consideration of community interests," said NaiKun Vice President Matt Burns. "Feedback from this most recent round of consultations was highly valuable and will help us improve the design of the wind power project. We look forward to continued community involvement as the project progresses."

Separately, on October 20, 2008, NaiKun received TSX Venture Exchange acceptance of the company's new warrant plan. The new warrant plan terms are similar to those from NaiKun's current warrant plan. Changes include increasing the conversion price by five per cent and adding a 30-day post-conversion hold period. Substantially all of the warrants issued under the current warrant plan will be cancelled and new warrants will be issued under the new terms.

NaiKun Wind Energy Group Inc. (TSX VENTURE:NKW) is a Vancouver-based renewable energy company traded on the TSX Venture Exchange. Its subsidiary, NaiKun Wind Development Inc., is engaged in the development of an offshore wind project in Hecate Strait off the northern coast of British Columbia, Canada. The first phase will provide enough electricity to power more than 120,000 homes. Additional information is available on NaiKun's website, www.naikun.ca.

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

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