direct/ Finavera Renewables Ltd. - Finavera Renewables announces reverse take over of TSX Venture Exchange listed company

Dublin, Ireland & Vancouver, Canada, 6th June 2006 - Finavera Renewables Limited (Finavera Renewables) a private Irish renewable energy company focused on wind and wave energy development, today announced that it intends to list on the TSX Venture Exchange (TSX-V) via the reverse take over (RTO) of Cascade Minerals Inc. (CSM.P:TSX-V), a listed public company.

Public Listing via RTO

Finavera Renewables, a private Irish based renewable energy company, has signed a letter of intent (LOI) with TSX-V listed Cascade Minerals Inc. (Cascade). Cascade is a Capital Pool Company (CPC) established under the CPC program on the TSX-V. Cascade has no assets other than cash and no commercial operations. The RTO of a CPC provides an efficient and economic way to list on the TSX-V.

Under the terms of the LOI, Cascade would issue 120,203,760 common shares or Special Warrants at $0.25 each to acquire the outstanding share capital of Finavera Renewables. The total number of shares in Cascade would be 123,603,760. The transaction is subject to approval by shareholders and the TSX-V.

Jason Bak, CEO, commented, "Our intention to list on the TSX-V reflects the rapidly growing appetite for renewable energy investment opportunities in Canada and a booming renewable energy sector with record growth of 54% of installed wind capacity in 2005. Canada has a positive fiscal incentive structure that supports the development of greenfield renewable energy projects as well as a sizable venture investment market. With over 1,500MW of wind projects under development in BC, we are well placed to capitalise on these opportunities and the expected level of interest in Finavera Renewables."

He concludes, "This TSX-V listing will allow us to rapidly advance a number of our projects. A market the size of the TSX-V will give us the flexibility to continue to raise capital as we deliver key project milestones. Given that an increasing element of our asset base is now in Canada, the local market will be in a better position to quickly assess the potential of these assets."


Finavera Renewables Europe

Anton Shihoff
VP Corporate Development
Tel: +353-1-506-0718
Email: ashihoff@finavera.com

Finavera Renewables North America

Paul Guedes
VP Corporate Development
Tel: +1-604-288-9051
Email: pguedes@finavera.com

Media

Jonathan Neilan
K Capital Source
Tel: +353-1-631-5500
Email: Finavera@kcapitalsource.com




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