Vancouver, BC, July 31, 2007 - Plutonic Power Corporation (PCC -
TSX) is pleased to announce that it has submitted its 100% owned Upper
Toba Valley run-of-river project ("Project") into the Environmental
Assessment Process. The Environmental Assessment Office (EAO) has
issued a Section 10 order that binds the project to the Environmental
The submission of the Project to the EAO is for the construction of
three run-of-river generating facilities in the vicinity of Toba Inlet,
on Dalgleish Creek, Jimmie Creek and the Upper Toba River, with an
estimated combined generation capacity of 120 MW and the potential to
produce approximately 350 GWh of electricity annually. Plutonic intends
to enter this Project into the next call for tender by BC Hydro, which
is expected to be announced later this year.
"The Upper Toba Valley Project is a key component in the development of
the Green Power Corridor, which, when completed, will help BC reduce its
reliance on non-renewable imported energy," said Donald McInnes,
President of Plutonic Power. "We also believe that the permitting
process for this series of projects will be expedited due to the large
database of information already collected in the area for the permitting
of the East Toba and Montrose project."
First Nation is supportive of this Project and included it in our
original agreement with Plutonic," said Chief Ken Brown, of the Klahoose
First Nation. "Having this Project as part of Plutonic's response to
the next BC Hydro call will continue to provide significant revenue and
economic opportunities to the band and membership at large."
The company expects to complete the permitting for the Upper Toba Valley Project in early 2009.
Plutonic Power is an emerging renewable energy producer in British
Columbia. Its proposed 31 development projects have a design capacity of
up to 1,600 MW with the potential to generate approximately 5,000 GWh
per annum of green energy - enough energy to meet the annual energy
needs of over 500,000 homes. These development projects represent the
largest inventory of undeveloped green energy projects in British
Columbia. Included in the 31 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 create approximately 4000
person years of employment.
Plutonic is committed to becoming the pre-eminent supplier of green
energy in British Columbia by working with First Nations, stakeholder
groups and local communities in the development of all its run-of-river
projects. This commitment will help British Columbia realize its goal of
becoming electricity self-sufficient by 2016 and meet demand utilizing
90% clean generation sources.
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 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.