Vancouver, BC - Plutonic Power Corporation (TSX VENTURE: PCC) is pleased to announce that it has signed a term sheet with the Sliammon
First Nation which sets out the essential terms of an Impact and
Benefit Agreement ("IBA") to be finalized between the two parties with
respect to the proposed 196 MW East Toba River /Montrose Creek
run-of-river hydroelectric power project, 150 kilometers north of Powell
Pursuant to the IBA, the Sliammon
First Nation will support Plutonic's construction and operation of the
East Toba River /Montrose Creek run-of-river hydroelectric power project
and appending transmission line (the "Project"). A large portion of
the Project's transmission line will be located within the traditional
territory of the Sliammon
First Nation. The line will extend 145 km in a southward direction
from the Project generation sites in the Toba Valley to the
interconnection point with the British Columbia Transmission Company
("BCTC") grid at a substation to be constructed at Saltery Bay on the
north shore of Jervis Inlet.
In building the Project, Plutonic will recognize and respect Sliammon
assertion of aboriginal title and rights, archaeological sites and artifacts and Sliammon
traditional use in the area. Plutonic will also provide Sliammon
members with opportunities for employment, training and contracting.
The Band will receive cash payments from Plutonic during construction
and operation of the Project. Under the agreement, the Sliammon
consents to and supports the construction and operation of the project.
The term sheet was signed by Donald McInnes, President of Plutonic Power and Sliammon
Chief Councillor Walter Paul and a quorum of Sliammon
First Nation Council members on February 28th, 2007.
"Plutonic Power is extremely grateful for the support we have received from the Sliammon
Nation over the last two years as this hydro project has advanced through the permitting process," said Donald McInnes. "The Sliammon
Nation has shown great foresight in helping Plutonic meet its
objectives in becoming a preeminent green power producer in British
Columbia. We look forward to a long and prosperous working relationship
with the Sliammon
Nation that will help them achieve their social, economic and cultural goals."
Chief Walter Paul said "We have high expectations of what this agreement
will mean to our Nation. We rely on the promises made to us by Plutonic
for training and employment opportunities for the members of the Sliammon
First Nation and look forward to the opportunity to participate
meaningfully in future power projects within our traditional territory."
Plutonic Power is an emerging renewable energy producer in British
Columbia. Its proposed 22 run of river projects have a design capacity
of over 1100 MW and the potential to generate approximately 3500 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
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 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
Chief Walter Paul
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.