2013-12-27 20:45 ET - News Release

Mr. Victor Bryant reports

HIGHBANK RECEIVES NOTICE OF CIVIL CLAIM FROM MOAG

On Dec. 8, 2009, Highbank Resources Ltd. entered into an option agreement with MOAG Copper Gold Resources Inc. to acquire a 50-per-cent interest in the Highland Valley property, located in British Columbia. The terms of the agreement included the issuance of a total of 20 million escrow common shares, staged payments and exploration expenditures in stages within three years of exchange and shareholder approval. In compliance with the agreement, Highbank had made payments of $50,000, completed exploration expenditures of over $576,000 and released in stages six million escrowed common shares.

The board of Highbank, after carefully considering many factors (including but not limited to: the unsuccessful MOAG-operated drilling program, the extraordinary delays of the logging/sampling of the drill cores, the inordinate delay in the issuing of the drill results and falling copper prices), resolved on Dec. 6, 2012, to terminate the agreement to acquire the property and cancel the release of the remaining 14 million escrow common shares, with regulatory approval.

Upon complete review and due consideration of this matter, the TSX Venture Exchange on Jan. 4, 2013, advised Highbank that, since the property had been abandoned or discontinued, Section 2.3 (1) of the agreement would prevail regardless of the status of the underlying option terms. On Jan. 7, 2013, the company delivered a direction to return shares to treasury order to its transfer agent to cancel and return to treasury the 14 million escrow common shares issued to MOAG.

The notice of civil claim received from MOAG is for general damages and interest on those general damages and costs.

As stated previously, Highbank believes that the option agreement on the Highland Valley property was validly terminated and the Highbank was within its rights to cancel the remaining escrow shares. Highbank intends to defend its action in this matter and pursue every remedy available for what it believes to be a frivolous legal claim.

We seek Safe Harbor.