Vancouver, BC -- July 10, 2006 -- Plutonic Power Corporation
(PCC - TSXV), an emerging run-of-river hydroelectric developer in BC,
is pleased to announce the appointment of Mr. Grig Cook to the position
of Chief Operating Officer, effective August 1, 2006.
Mr. Cook has over 30 years of experience in the Canadian engineering and
construction industry, most recently as the President and senior
operating officer of Commonwealth Construction Canada Ltd., one of
Canada's leading industrial contractors. Prior to joining Commonwealth
in 1984, Mr. Cook spent 11 years with Barnett-McQueen in operational
positions across Canada. He was appointed a member of Plutonic's Board
of Directors in March 2006, and holds a Bachelor of Science degree from
Queen's University in Kingston, Ontario.
"Plutonic Power is poised to become a major power producer in BC and I'm
excited to help the company realize its vision," said Mr. Cook. "My
decision to join Plutonic Power was influenced by the professionalism of
its staff and consultants, its commitment to public consultation and
its potential to secure long term energy sales agreements."
"Grig Cook's wealth of strategic and management expertise in overseeing
large construction projects is a perfect match for Plutonic Power as the
Company makes the transition from project planning through construction
to become a significant energy producer in BC," said Donald McInnes,
President of Plutonic Power. "He will be a key asset as Plutonic Power
moves towards the successful completion of its run-of-river
Plutonic Power's proposed 19 run-of-river hydroelectric 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 19 projects is the creation of the Green Power Corridor, a series
of non-storage hydroelectric projects in southwestern BC, which could
catapult British Columbia to the forefront of green energy generation in
North America. The completion of the Green Power Corridor would
represent one of the largest single private sector green energy
investments ever made in British Columbia and would create over 2,400
person-years of employment.
Plutonic Power has three run-of-river hydro projects currently before BC
Hydro as part of the 2006 BC Hydro Call for Tender (CFT) process -- the
East Toba River and Montrose Creek project north of Powell River, the
Rainy River project in Howe Sound and the Emory Creek project near Hope.
These three projects will have a combined capacity of 217.5 MW.
Contracts are expected to be awarded by BC Hydro in August 2006. Mr.
Cook will be responsible for overseeing construction of the East Toba
River and Montrose Creek project in late 2006.
Plutonic Power is committed to continuously work with First Nations,
stakeholder groups and local communities in the development of its run
of river projects.
The company also wishes to announce the granting of 340,000 incentive
common share purchase options, exercisable at $1.63 for a five year
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.