B.C. Government Inks Land Agreement With Chinese-Owned Nexen for Proposed LNG
Project at Grassy Point Close to Highbank's Swamp Point
North Aggregate Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/14/13 -- Highbank
Resources Ltd. (the "Company") (TSX VENTURE:HBK) (FRANKFURT:V7O)
announces that Chinese-owned Nexen Inc. has inked an agreement with
the B.C. Government that gives it the sole option to purchasing Crown
land in northwestern B.C. more commonly known as Grassy Point, for a
liquefied natural gas ("LNG") terminal.
Further to our news release of April 12, 2013, the Calgary-based
company which was purchased by the state-owned China National
Offshore Oil Corp. ('CNOOC") earlier this year, agreed to pay the
province $12 million as a potential down payment to secure the deal
for 615 hectares of land at Grassy Point. The land is located north
of Prince Rupert and within 40 miles of Highbank's Swamp Point North,
Portland Canal aggregate project. To view a map of three proposed LNG
sites in B.C. click on the link:
Nexen joins about half a dozen companies that have located land for
their proposed LNG projects in B.C. Three of those proposals
(Australia-based Woodside, South Korea based SK E & S, and
ExxonMobil) also include interest in Crown land in the Grassy Point
area, for which the province continues discussions.
At a news conference Tuesday led by Premier Christy Clark, Nexen CEO
and president Kevin Reinhart said while the acquisition of the land
is a milestone, it is a first step in a long "journey." He pointed to
the need for extensive public consultation (including with First
Nations), a comprehensive environmental assessment and company
But Reinhart noted that its new owner, commonly known as CNOOC, is
the largest importer of LNG into the growing natural gas market in
"We have an incredibly strong partnership that provides us with
expertise, financial capacity, unique access to the Asian gas market
and a strong track record of responsible development to turn this
opportunity into a real project," said Reinhart.
Nexen owns 60 percent of the proposed LNG project at Grassy Point,
dubbed Aurora LNG. The other 40 percent is owned by Japanese
companies INPEX Corp. and JGC Corp.
Japan is the largest importer of LNG in the world by a wide margin,
according to the International Gas Union's 2013 World LNG report.
For further information on this announcement, view this story in the
Vancouver Sun - Business BC - Section C titled - "Resources -
Victoria does a deal with Nexen" -November 13, 2013 link to:
On behalf of the Board of Directors of HIGHBANK RESOURCES LTD.
Victor N. Bryant, CEO/President
This News Release may contain forward-looking statements based on
assumptions and judgments of management regarding future events or
results that may prove to be inaccurate as a result of exploration
and other risk factors beyond its control, and actual results may
differ materially from the expected results.
Neither 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.
Highbank Resources Ltd.
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