Plutonic Power Corporation
TSX : PCC

Plutonic Power Corporation

May 15, 2009 14:41 ET

Plutonic Power Welcomes Canadian Environmental Assessment Agency Federal Panel Review Process for Proposed Bute Inlet Hydroelectric Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 15, 2009) - Plutonic Power Corporation (TSX:PCC) has received notice that Canadian Environment Minister Jim Prentice has directed that an environmental assessment of the Bute Inlet Hydroelectric Project shall occur under a federal panel review process. The 1,027 megawatt non storage hydroelectric project is located in the headwaters of the Homathko, Southgate and Orford Rivers systems draining into Bute Inlet approximately 150 kilometers north of Powell River on the southwest coast of British Columbia.

"Undergoing a federal panel review provides Plutonic Power certainty of process for the Bute Inlet Hydroelectric Project, in addition to giving stakeholders a clear opportunity for input into Project design and mitigation plans," said Plutonic Power Corporation Vice-Chair and CEO, Donald McInnes. "We believe the comprehensive nature of the coordinated federal and provincial environmental assessment processes will result in a project that is designed to accommodate and mitigate impacts and concerns of the public, local communities, government agencies and stakeholder groups."

Various aspects of the Bute Inlet Hydroelectric Project infrastructure is located within the traditional territory of the Homalco Nation - including all generation sites and transmission, with additional transmission infrastructure in Klahoose, Sliammon and Sechelt First Nation territories. "We look forward to working with our First Nations Partners on this important aspect of the project review," added McInnes.

Plutonic Power's proposed Bute Inlet Hydroelectric Project is comprised of 17 non storage run-of-river sites on three river systems, with an approximate generation capacity of 1,027 megawatts that would create enough energy to meet the annual electricity needs of about 300,000 homes. Plutonic expects to make its initial application for an environmental assessment certificate early in 2010.

The terms of reference and the guidelines for the panel review process are available on the Canadian Environmental Assessment Registry Internet site at www.ceaa-acee.gc.ca, reference number 09-03-44825.

About Plutonic Power Corporation

Plutonic Power's vision is to provide leadership and create a legacy through the development of renewable, reliable, clean energy. Its proposed Green Power Corridor™, comprised of 40 locations, not including the flagship $660 million, 196 MW East Toba River and Montrose Creek run-of-river hydro-electric project currently under construction, has the design capacity to generate enough energy to meet the annual needs of about 586,000 homes and create approximately 5,900 person years of employment. Once built, the Green Power Corridor™ could offset almost 4 million tons of CO2 emissions every year - the equivalent to taking as many as 760,000 vehicles off the road. Plutonic Power is committed to working in partnership with First Nations, stakeholder groups and local communities in the development of all of its run-of-river projects. Plutonic Power will help British Columbia realize its goals of becoming electricity self-sufficient by 2016, utilizing 90% clean domestic generation sources that will create employment opportunities and play a significant role in the fight against climate change.

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.

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

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