Nice news out after the close
Hillsborough Resources: Hillsborough Announces Fuel Supply Agreement with AESWapiti Energy Corporation
4/11/2006
VANCOUVER, BRITISH COLUMBIA, Apr 11, 2006 (CCNMatthews via COMTEX News Network) --
Hillsborough Resources Limited (TSX:HLB) is pleased to announce the execution of a fuel supply agreement with AESWapiti Energy Corporation ("AESWapiti"). Under the terms of the agreement, Hillsborough's Wapiti property would be the exclusive supplier of thermal coal for a proposed power generation plant to be sited on the property, located between Tumbler Ridge and Dawson Creek in Northeast BC. AESWapiti has now entered a bid submission under the current BC Hydro open call for power tender process, and the fuel supply agreement establishes pricing and other fuel supply terms in support of the submission. Submissions made under the open call for tenders will be reviewed and assessed by BC Hydro over the coming months, and it is understood that the decision for awards of energy purchase agreements by BC Hydro will be made during the third quarter of 2006.
Hillsborough Resources Limited is a coal mining company that operates the Quinsam underground thermal coal mine in Campbell River, British Columbia serving the local and west-coast U.S. cement industry, and the Crossville underground coal mine in Tennessee serving the regional power utility and industrial markets. We are also developing substantial metallurgical coal properties near Tumbler Ridge in Northeast British Columbia, as well as the Bingay Creek metallurgical coal project in the Elk Valley region of Southeast British Columbia.
David J. Slater, President & Chief Executive Officer
This release may contain forward-looking statements regarding the Company's business or financial condition. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Actual results could differ materially from those described in this news release as a result of factors including but not limited to the following: adverse exploration or development results; adverse due diligence findings; re-assessments of corporate or development objectives and requirements; additional technical developments and considerations; unexpected increases in the costs of producing coal, changes in international coal or transportation markets, a rapid change in the value of the Canadian dollar particularly with respect to the US dollar, a fundamental slow down in the North American, Asian or worldwide economies; and other factors. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.
SOURCE: Hillsborough Resources Limited
Hillsborough Resources Limited Lindsay Brumwell Corporate Communications (604) 684-9288 (604) 684-3178 (FAX) www.hillsboroughresources.com
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