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Highbank Resources: Closing in on Aggregate Production
Mar. 26, 2014 11:04AM PST
Resource Investing News Highbank Resources has reached yet another milestone at its Swamp Point North aggregate project.
Just one short week following the receipt of a Notice of Work permit, Highbank Resources (TSXV:HBK) has been handed a Mines Act Permit, which allows it to start sand and gravel extraction activities at the Swamp Point North aggregate project in Northern British Columbia.
That is yet another milestone for the company, which only yesterday signed a letter of intent (LOI) with North Coast Concrete of Prince Rupert for 150,000 tons of aggregate. The agreement is based on Highbank’s ability to meet the specifications and delivery requirements laid out in the LOI for one year from the signing of the agreement.
As CEO Victor Bryant told Resource Investing News last week, the company intends to be in production by late summer. However, before it can reach that finish line, Highbank still has a lot of work to do. But in the end it should all be good and well for the company, which is pleased to have passed yet another checkpoint on the path to production.
“We are very pleased that we have reached another milestone in the development of the Swamp Point North aggregate project,” Bryant said in a company statement, adding that “[b]ringing a mining property from its discovery through to a permitted operation is an achievement that involves a partnership with government, first nations, local stakeholders, consultants and the investment community. We wish to wholeheartedly thank all those who have contributed to our mutual success. We look forward to moving to production, supporting job creation, and providing opportunities for growth in the Pacific Northwest, and throughout B.C.”
Highbank is trading up 6.25 percent on the back of the news, at $0.17.
Securities Disclosure: I, Vivien Diniz, hold no investment interest in any of the companies mentioned.
Editorial Disclosure: Highbank Resources is an advertising client of the Investing News Network. This article is not part of the company’s advertising campaign.
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