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News
Vancouver, B.C. – April 4, 2016 - Highbank Resources Ltd. (TSX.V –"HBK"), (the "Company").
Shares for Debt;
Further to the Company’s news release dated March 10, 2016 and the TSX Venture Exchange bulletin dated March 29, 2016 the Company has issued 6,573,756 common shares at a deemed price of $0.086 per share; to settle $565,343 in Convertible Debenture Interest accruals up to December 31, 2015; with six (6) of the Debenture holders. Two (2) of the debenture holders have requested payment of accrued interest in cash, and one (1) has deferred the cash payment until further financing is available.
The shares will be subject to a statutory hold period from trading until July 30, 2016.
The Company would like to thank the Convertible Debenture holders for their original $4 million in financing invested in April through August 2014, and their patience in not demanding payment of the accrued interest during the quarterly periods from 2014 to date; as the Company was continuing to raise financing for development our Swamp Point North aggregate project.
Swamp Point North property update:
Due to inquiries from potential aggregate customers and other interested parties, Highbank is currently reviewing data from drilling, seismic refraction surveying, and topographic mapping done on the Swamp Point site in 2005-2006 to determine the potential for additional bedrock volumes within the property.
Bedrock volumes were not included in Highbank’s original resource calculation (for further information please review the ‘NI 43-101 Technical Report on a Preliminary Economic Assessment for Swamp Point North’ dated April 23, 2015 as prepared by Micon International Limited) on the website at www.HighbankResources.com
Bedrock from the property has been successfully used for road building and erosion control on the property and samples of the rock are being shipped to Highbank’s head office for testing.
Highbank has met with DMT Geosciences Ltd. of Calgary, Alberta requesting advice regarding the scope of sampling (drilling) and testing that will be required for a NI 43-101 compliant, quarry rock additional volume determination.
ON BEHALF OF THE BOARD OF DIRECTORS OF HIGHBANK RESOURCES LTD.
"Gary Musil" Gary Musil, CFO/Director
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, t itle 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.