$36 BILLION PNW LNG PROJECT
Vancouver, B.C. – July 14, 2015 – Highbank Resources Ltd. (the "Company"), TSX Venture: HBK.
In the News:
- LNG Canada Development Inc. (Shell, PetroChina, Mitsubishi Corp. and Korea Gas Corp.) file LNG export Super Permit for Kitimat, B.C., Canada
- B.C. LNG Government Ministerial commentary from Finance Minister, Mike de Jong and Deputy Premier, Rich Coleman
Victor N. Bryant, CEO/President comments: "The B.C. legislature has been recalled for a rare summer session to enact the enabling legislation for Petronas, PNW LNG $36 Billion project at Prince Rupert, B.C. and the 20 other LNG proposals. Premier Christy Clark’s government will openly debate in the Legislature an agreement that locks in the status quo on three taxes that apply to the sector for the next 25 years:"
the LNG income tax enacted by the legislature last year,
the natural gas credit on corporate income taxes,
the carbon tax. A similar lock-in would apply to greenhouse gas regulations
B.C. Finance Minister, Mike de Jong, best explains the thrust of this enabling legislation:
"What we are trying to do is in exchange for a $36 billion dollar investment in Canada and B.C., the largest ever private sector investment, is to create certainty for 25 years"
Speaking to | The House | CBC Radio July 11, 2015 | The next great Canadian energy debate: Liquefied Natural Gas - http://ow.ly/PvJ8i
The B.C. government has recently updated their LNG info website with specific LNG tariffs and tax guidelines outlined, see: http://www2.gov.bc.ca/gov/content/taxes/natural-resource-taxes/oil-natural-gas/lng-income-tax
-Naturalgasintel.com – July 6, 2015 - http://ow.ly/PvOdI
Shell and their partners in the LNG Canada development project for Kitimat, B.C. (130 km by water from Highbank’s SPN project) as well seeks "certainty" with the filing of a LNG Export "Super-Permit". The super-permit "would increase the regulatory certainty associated with the project as well as the economic value, states:"
LNG Canada Development Inc., 50% owned by Shell, 20% by PetroChina Investment Ltd., and 15% each by Mitsubishi Corp. and Korea Gas Corp. They seek an increase of 49.7 Tcf, up 51% from 32.9 Tcf (trillion cubic feet)
View all Proposed B.C. LNG projects – milestones achieved and completion timetables https://engage.gov.bc.ca/lnginbc/lng-projects/
Victor N. Bryant further adds… "Shell and partners export application for 49.7 Trillion cubic feet of gas is staggering. Thankfully, Deputy Premier -Rich Coleman, has personally taken the time to clarify how big B.C. natural gas reserves are and how essential the LNG export business is to Canada.
-Pipeline North News –June 11, 2015 http://ow.ly/PutBX Author: Rich Coleman
Rich Coleman is British Columbia’s Deputy Premier, Minister of Energy and Mines, Minister responsible for Housing and MLA for the riding of Fort Langley- Aldergrove
"British Columbia’s gas-in-place today is almost 3,000 trillion cubic feet, an estimate derived from a geological assessment by the provincial government, the BC Oil and Gas Commission and Canada’s National Energy Board."
-Vancouver Sun, June 27, 2015 http://ow.ly/PutVH B.C. Minister for Natural Gas Development Rich Coleman says, "I’m not changing my optimism on this — I actually believe we are going to land LNG in B.C."
-Eagle Spirit Energy,. http://www.ese-gathering.com/ has updated their web site with a video titled "The Gathering", a historic film of the signing of a MOU by 30 First Nations, which moves the northern pipeline ahead. This project proposed terminal is 38 miles by barge from Highbank’s SPN ocean side, fully operational, year round Quarry.
-The Economic Times - INDIA, July 7,2015 - http://ow.ly/PvRZZ
At the second India-Canada Ministerial Energy Dialogue in Calgary to discuss enhancing energy cooperation between the two countries. India reconfirmed their requirements for Canadian LNG in this statement: "Canada could potentially supply a significant amount of the 44 billion cubic metres of Natural gas that India is forecast to import annually by 2025."
All in all it seems quite evident that we will see a FID (final investment decision) on one or more of these projects very soon. Exporting of a resource of this magnitude will have a significant and beneficial impact on Canada’s GDP (gross domestic product). Highbank and its directors and employees have prepared the SPN (Swamp Point North) quarry to be an integral cog in these nation building B.C.LNG projects.
Mr. Shaun Thomas, Staff writer for the Prince Rupert, Northern View Newspaper June 7, 2015- http://ow.ly/PybAi could not have said it better, "Get Ready for a major change".
Highbank is continuing development and expansion of the SPN site for the extraction, production and stockpiling of aggregate for future sales. Highbank is continuing its efforts to secure long-term contracts for its aggregate products.
Highbank is holding its Annual General Meeting (the "Meeting") of shareholders on Friday- July 24, 2015. The Meeting will be held at the XChange Conference Centre, 2nd Floor, 888 Dunsmuir Street, Vancouver, B.C., at the hour of 1:30 p.m. (Vancouver time). All shareholders and investors are welcome to attend.
On behalf of the Board of Directors of
HIGHBANK RESOURCES LTD.
"Victor N. Bryant"
Victor N. Bryant
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This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Forward-looking statements are projections of events, revenues, income, future economic performance or management’s plan and objective for future operations and include, without limitation, statements with respect to the anticipated production from the Swamp Point North Aggregate Project, the realization of mineral estimates, success of mining operations, the timing and amount of estimated future production, title disputes or claims, environmental risks, limitations on insurance coverage, current and anticipated purchase negotiations and arrangements, requirements for additional capital; and government regulation of mining operations. In some cases, you can identify forward-looking statements by the use of terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors, including: fluctuations in worldwide prices and demand for aggregates; changes in project parameters as plans continue to be refined; possible variations in grade and or recovery rates; accidents, labour disputes as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, are filed and available for review on SEDAR at www.sedar.com.