Plutonic Power Corporation is pleased to announce that it has achieved a
significant milestone that will help expedite the construction of the
East Toba River and Montrose Creek run of river hydroelectric projects.
Plutonic has signed a term sheet with the Klahoose
First Nation which sets out the essential terms of an Impact and
Benefits Agreement ("IBA") to be finalized between the two. Pursuant to
the IBA the Klahoose
First Nation will support Plutonic's construction and operation of a
196 megawatt run of river hydroelectric power project (the "Project") in
the Toba River Valley area within the Klahoose traditional territory. Members of the Klahoose community have ratified the terms and conditions of the Term Sheet.
Plutonic and Klahoose
will establish a Project Liaison Committee to facilitate development of
the Project. In constructing the Project, Plutonic will recognize and
respect Klahoose assertion of aboriginal title and rights, archaeological sites and artifacts and Klahoose traditional use in the area, and will provide Klahoose members with opportunities for employment, training and contracting. Klahoose
will receive cash payments from Plutonic during construction of the
Project and for the first 35 years after completion, and an annual
royalty on revenue thereafter. Plutonic will be entitled to access to
the Project site through Klahoose IR#1 and Klahoose traditional territory, and Klahoose will consent to and not impede, hinder or dispute the construction or operation of the Project. Klahoose
will also consent to the issuance of an environmental assessment
certificate and other necessary licenses, permits and authorizations for
Plutonic Power is an emerging renewable energy producer in British
Columbia. Its proposed 22 run of river projects have a design capacity
of over 870 MW and the potential to generate approximately 2900 GW.h per
annum of green energy, enough energy to meet the annual energy needs of
approximately 300,000 homes. Included in the 22 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
For additional information please contact:
Office: 604-669-4999 ext 1034
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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.