The Klahoose First
Nation and Plutonic Power Corporation (PCC - TSX.V) are pleased to
announce they have signed an Impact Benefit Agreement (IBA) that
facilitates the development of the East Toba River/Montrose Creek
run-of-river hydroelectric project. The East Toba/Montrose project site
is located within the traditional territory of the Klahoose First Nation. The IBA establishes terms under which the Klahoose 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 Klahoose First Nation in the Toba Watershed
Annual payments to the Klahoose during project construction and in operating years 2 through 35 in consideration for crossing the Klahoose Reserve #1.
A royalty payment to the Klahoose in operating years 36 through 50 as well as for the remainder of the Project life.
Employment and training opportunities for Klahoose members
Opportunities for Klahoose owned companies in the construction and operation of the project</ul></html>The Klahoose
First Nation Chief and Council has given their full support for the
construction and operation of the East Toba/Montrose project within
their traditional territory. The Klahoose
membership ratified the agreement during a series of meetings last week
on Cortes Island, in Powell River and in Vancouver. The Agreement
received unanimous support by all voting members.
The IBA also outlines specific terms for future agreements between Plutonic and the Klahoose
First Nation as concerns any further run-of-river projects that
Plutonic wishes to develop within the Toba River Valley area of Klahoose traditional territory.
Commenting on the agreement signed on January 31, 2007 by Chief Duane J. Hansen of the Klahoose First Nation and Mr. Donald McInnes, President of Plutonic Power, Chief Hansen said:
"As the elected Chief of Klahoose
I am very proud of what we as a people have accomplished in such a
short time working together with Plutonic Power. I hold this IBA
agreement up and take one step forward to begin a path to re-vitalize,
re-empower and restructure our social, economic and cultural well being.
This is a historic step on our journey to economic self sufficiency and
we look forward to having a gift exchange ceremony soon with Plutonic
Power in celebration of our people's new beginning of nation building
and our new partnership."
"Plutonic Power is delighted to have concluded this significant IBA with the Klahoose
First Nation. It is a milestone agreement that provides certainty for
both the Nation and Plutonic under which projects will be built and
operated for our mutual benefit. 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 22 run-of-river projects have a design capacity
of approximately 1100 MW and the potential to generate an estimated 3500
GW.h per annum of green energy, enough energy to meet the annual energy
needs of about 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
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
Plutonic is committed to continuously work with First Nations,
stakeholder groups and local communities in the development of its
On behalf of the Board of Directors
PLUTONIC POWER CORPORATION
Donald McInnes, President
For additional information please contact:
Office: 604-669-4999 ext 1034
Chief Duane Hanson
Klahoose First Nation
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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
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