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VANCOUVER, BRITISH COLUMBIA–(April 19, 2007) – The Sliammon First Nation and Plutonic Power Corporation (TSX VENTURE:PCC) are pleased to announce they have signed an Impact Benefit Agreement (IBA) that facilitates the development of the transmission infrastructure to be built as part of the East Toba River/Montrose Creek run-of-river hydroelectric projects. The East Toba/Montrose project site is located within the traditional territory of the Klahoose First Nation. The IBA establishes terms under which the Sliammon Nation supports and endorses the development of the Project.
Specific terms of the Impact Benefit Agreement remain confidential, however, the Agreement does include:
- Ongoing respect by Plutonic for asserted aboriginal rights and title of the Sliammon First Nation in the area to be transversed by the transmission line in its traditional territory
- Annual payments to the Sliammon for the life of the Project
- Employment and training opportunities for Sliammon members
- Opportunities for Sliammon owned companies in the construction and operation of the projectThe Sliammon First Nation Chief and Council have given their full support for the construction and operation of the East Toba/Montrose project within their traditional territory.
The IBA also outlines specific terms for future agreements between Plutonic and the Sliammon First Nation as concerns the future development of the Freda Creek Project that lies within the traditional territory of the Sliammon First Nation and for additional future energy generation projects that may need to be wheeled through the territory.
Commenting on the agreement signed on April 16, 2007 by Chief Walter Paul of the Sliammon First Nation and Mr. Donald McInnes, President of Plutonic Power, Chief Walter Paul said:
“The Sliammon First Nation looks forward to the commencement of construction of the East Toba/ Montrose hydroproject and being able to access project opportunities, training, jobs and subcontracting opportunities for our membership. We also value the opportunity to work with Plutonic towards an equity interest in future projects recognizing that ownership is a key goal of the Nation in capacity building for our future generations. It is through local ownership in resource development projects within our traditional territories that Sliammon First Nation will be able to support long-term sustainable community growth and environmental stewardship.”
“Plutonic Power is most grateful for the support we have received from the Sliammon First Nation over the last two years. The Sliammon were early supporters of the Project and we are honoured to have been able to conclude a mutually beneficial agreement that facilitates their support for the Project Together we are at the forefront of renewable energy development and are making positive contributions to meet the energy needs of BC,” said Donald McInnes.
The East Toba/Montrose project, which will have a combined capacity of 196 megawatts, will be located on two sites on the East Toba River and Montrose Creek. The project also includes a 145 km long transmission line for interconnection to the grid.
Plutonic Power is an emerging renewable energy producer in British Columbia. Its proposed 25 run-of-river projects have a design capacity of approximately 1300 MW and the potential to generate an estimated 4400 GW.h per annum of green energy, enough energy to meet the annual energy needs of about 440,000 homes. Included in the 25 projects is the creation of the Green Power Corridor, a series of non-storage hydroelectric projects in southwestern BC, which hold the potential to catapult British Columbia to the forefront of green energy generation in North America.
The completion of the Green Power Corridor would be financed through one of the largest single private sector green energy investments ever made in British Columbia and would create over 3,000 person-years of employment.
Plutonic is committed to continuously work with First Nations, stakeholder groups and local communities in the development of its run-of-river projects.
On behalf of the Board of Directors
PLUTONIC POWER CORPORATION
Donald McInnes, President
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Sliammon First Nation
Chief Walter Paul
Plutonic Power Corporation
Plutonic Power Corporation
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