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FSC / Press Release
Tribute Resources Inc. Announces Submission of Bid for Waterpower Project on Trent-Severn Waterway
Not for distribution to United States newswire services or for dissemination in the United States
London, Ontario CANADA, April 09, 2010 /FSC/ - Tribute Resources Inc. (TRB - TSX Venture), ("Tribute"), a developer of renewable energy projects in Ontario, announced today it recently submitted a bid to the Parks Canada Agency for a six megawatt hydraulic generation project ("Project") at locks 24 and 25 on the Trent-Severn Waterway ("TSW"). If its bid is accepted, Tribute will enter into an equal 50/50 limited partnership with the Chippewas of Rama First Nation ("Rama") to develop the Project. A letter of intent has been executed by both Tribute and Rama. Upon receipt of a positive bid response from the Parks Canada Agency, the newly formed limited partnership will apply for a 40 year power purchase contract through the Ontario Power Authority's ("OPA") Feed-In-Tariff Program ("FIT") for both of the sites to inject their electrical output into the Hydro One Networks Inc. local distribution grid.
Tribute anticipates that if the Parks Canada Agency approves its bid, the limited partnership will commission detailed engineering studies in 2010 and will complete its environmental studies by 2011. The Project will work its way through the FIT production program and Ontario's Renewable Energy Approval ("REA") process prior to construction, which would commence in 2012 and be completed in time for a 2014 commercial operation date. The Chippewas of Rama will greatly assist in all aspects of Project development, including the planned Education Centre and species studies.
About Tribute Resources Inc.:
Tribute is a Canadian energy company with a focus on adding value to shareholders by exploring for; developing and maintaining a long-term interest in market-based priced underground natural gas storage assets and in developing renewable energy projects in the Province of Ontario. Tribute's objective is to build a company capable of delivering and sustaining long-term per share growth by developing and managing diversified energy projects that will generate stable long term cash flow when fully developed. Tribute's business plan is to build upon its current asset base to identify, permit, develop, and construct projects that meet its threshold return criteria. Tribute will create value by identifying project opportunities, providing the expertise to develop the projects and maintaining an interest in the completed assets to build long-term stable utility quality cash flow from a strong and diversified energy related asset base.
Tribute believes that it is well positioned to take advantage of opportunities in the ongoing restructuring of the energy markets in Ontario and North America. Tribute's three business units - Renewable Energy Development, Underground Natural Gas Storage and Natural Gas Exploration - are strategically aligned with the evolving energy market.
Forward-Looking Statements
Certain statements in this press release may include "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Tribute to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as "may", "will", "expect", "anticipate", "project", "believe", "plan", and other similar terminology. The risks and uncertainties are detailed from time to time in reports filed by Tribute with applicable securities regulatory authorities. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of Tribute to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchanges) accepts responsibility for the adequacy or accuracy of this news release.
For further information on this press release please contact Jane Lowrie, President of Tribute at (519) 657-7624 or visit our website at www.tributeresources.com.
Source: Tribute Resources Inc. (TSX-V: TRB) http://www.tributeresources.com
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