Highbank (TSX VENTURE: HBK) -- Swamp Point North Site Update
VANCOUVER, BC--(Marketwired - November 06, 2014) - Highbank Resources Ltd. (the "Company") (TSX VENTURE: HBK).
President/CEO Victor Bryant reports.
Highbank's crew have moved the wash/screening plant and cone crusher to their final operational location adjacent to the Swamp Point North ("SPN") deposit. The task of moving the plant from sea level up 200 feet through three switchbacks was a difficult move. The wash plant and cone crusher (a +$400,000 piece of equipment) weighing approx. 80,000 lbs required careful handling. To ensure the safety of the crew and the equipment, Highbank barged in additional equipment for this move. A specialized semi-trailer tow truck was employed to act as a brake should the plant lose its purchase on the steep slope. Further specialized air bags were employed to alleviate any offsetting forces while an excavator traveled alongside ensuring no side forces deterred progress.
Over the course of the week a journeyman electrician will be powering up both the wash plant and the conveyor barge load-out facility. The power will come from two separate generators; one to supply the wash plant and the second for the barge loading conveyor facility.
Victor Bryant comments…"At this juncture I would like to apologize on behalf of myself, the management, contractors and employees for the delay in the SPN production timetable. Extreme weather conditions directly impacted our proposed plans, both in the removal of the overburden and the installation of key equipment. Of paramount importance in all our endeavours on the SPN project is the safety of all contractors, employees and equipment. The Company will not compromise these criteria now, or in the future."
It is anticipated that improved weather conditions forecast for November will assist in preparing the settling ponds for collection of the wash plant water sprays and enable the roads to be improved for hauling aggregate to the load-out hopper. Achievement of these objectives will regain some of the time lost as we progress towards our final goal.
Loan-Bonus Shares
Further to the TSX Venture Exchange acceptance for filing bulletin of October 27, 2014, the Company has issued a total of 227,273 bonus shares at a deemed price of $0.22 to various arm's length parties in consideration of loans advanced totaling $500,000. The shares are subject to a hold period from trading until February 28, 2015
