Hard Creek Nickel Corporation: Northwest Power Line Preliminary Findings Released
April 17 2008 - 3:48PM
Marketwired
SMITHERS, BRITISH COLUMBIA -
The Northwest Power Line Coalition released preliminary findings
today of a study on the potential benefits of a power line along
Highway 37 in northwest British Columbia.
According to preliminary findings provided by Macquarie North
America, providing electric power along Highway 37 has the
potential to achieve $3.5 billion in capital investments to bring
eight mining projects to production. The estimate does not include
the Galore Creek project.
The investments have the potential to create 2,000 jobs,
generate over $300 million in annual revenues, and provide more
than $75 million in annual taxes to government.
"Even without the Galore Creek project, the benefits of a power
line along Highway 37 are significant," said Pierre Lebel,
spokesperson for the Northwest Power Line Coalition. "There is a
potential to realize $3.5 billion in capital investment in
northwest B.C., but this is unlikely to happen without the power
line."
The preliminary findings of the study also highlight the
economic challenges facing the northwest region of the province.
The unemployment rate for the northwest is much higher than the
B.C. average. And between 2001 and 2006, population in the
northwest declined by seven per cent, compared to a five per cent
increase across the province.
"Northern communities believe that construction of the power
line would provide an economic benefit to the region," said Janine
North, Chief Executive Officer of the Northern Development
Initiative Trust. "The preliminary findings of the Macquarie study
suggest that electrification of Highway 37 will attract needed
investment and jobs for the region, including additional
opportunities for joint ventures with First Nations."
"We have concerns around the cumulative social, cultural and
environmental impacts from the collective proposed industrial
activity which may be created by the proposed Northwest
Transmission Line, but we have a process for assessment by the
Tahltan Nation with BC Hydro for addressing these concerns," said
Chair Curtis Rattray of the Tahltan Central Council. "The Tahltan
Central Council looks forward to the province of British Columbia
signing the agreement so that the Tahltan Nation can begin the
process for assessment - including social, cultural and heritage
studies described in the agreement - so we can make informed
decisions about the proposed activities."
Macquarie Group is an international financial institution with
considerable expertise in major capital infrastructure project
financing. Macquarie North America Ltd. was retained in March 2008
to examine the economic aspects of the Northwest Power Line along
Highway 37.
The preliminary findings are subject to review and finalization.
The final report is expected to be completed in the spring of
2008.
The Northwest Power Line Coalition includes the Northern
Development Initiative Trust with its forty member communities, the
Mining Association of British Columbia, the Association of Mineral
Exploration of British Columbia, and a number of First Nations,
mining companies, independent power producers and local businesses.
More information is available online at www.highway37.com.
On behalf of the Board of Directors of Hard Creek Nickel
Corporation
MARK JARVIS, President
The TSX Venture Exchange does not accept responsibility for the
accuracy or adequacy of this news release.
Contacts: Hard Creek Nickel Corporation Mark Jarvis President
(604) 681-2300 (604) 681-2310 (FAX) Email: info@hardcreek.com
Website: www.hardcreeknickel.com