Triton Logging Inc.

December 14, 2010 09:02 ET

Triton Logging Inc.: World's Largest Underwater Logging Concession Agreement Ratified

25-Year Volta Lake Project Brings Latest Harvesting Technology to Ghana

VICTORIA, BRITISH COLUMBIA--(Marketwire - Dec. 14, 2010) - The parliament of Ghana has ratified an agreement to harvest submerged trees from the world's largest man-made lake by Canadian resource company, Triton Logging Inc.

The approval in Accra on November 30th was the final step in the agreement between the Government of Ghana, the Volta River Authority (VRA) and Clark Sustainable Resource Developments Limited (CSRD), a wholly-owned subsidiary of Triton. The agreement grants exclusive rights to CSRD for the harvesting, processing and marketing of timber from 350,000 hectares (1,400 square miles) of the Volta Lake reservoir.

"Triton and the CSRD team have worked hard with the government of Ghana and the VRA to complete this agreement to the satisfaction of all parties," said Triton President and CEO Peter Keyes. "This is an important project for the people of Ghana and our company. With this final endorsement, we are ready to commence the operational phase of the project."

Since January, Triton has conducted detailed assessments of the submerged tropical hardwood forests that were left behind when the hydroelectric reservoir was created in 1965. The trees, which remain preserved in the fresh water, will provide an important timber supply for the Ghanaian and international wood markets to meet the growing demand for legal, environmentally-friendly products.

Keyes also confirmed that the company's latest proprietary harvesting system, the SHARC™ Underwater Harvester, is in transit from British Columbia to Ghana and slated to arrive early in 2011.

"The SHARC system is ideally suited to the shallow-water environment of Volta Lake," said Keyes. "Our final testing at Triton's development facilities proved its capabilities. We look forward to seeing it operating in Ghana."

About Triton Logging Inc.

Triton Logging Inc. is the world leader in underwater logging. Using proprietary systems such as the SHARC™ and Sawfish™ Underwater Harvesters, Triton recovers standing forests flooded by hydro reservoirs. With an estimated 300 million trees submerged worldwide, flooded forests represent a significant source of unique, environmentally-friendly wood. Triton is a privately-held company with offices in Canada, Ghana and Brazil.

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