More than 76,000 acres of forests and wetlands in Delaware and on the Eastern Shores of Maryland and Virginia would be protected for conservation, outdoor recreation and traditional land use as working forests through an agreement jointly announced today by The Conservation Fund and the Hancock Timber Resource Group (HTRG).

Under terms of the agreement, The Conservation Fund will partner with HTRG to purchase 76,000 acres, part of the 278,000 acres of timberland in the region acquired by HTRG from Richmond-based Chesapeake Corporation. Terms of the transaction were not disclosed.

The 76,000 acres to be acquired by The Conservation Fund include 58,187 acres on Maryland's Eastern Shore, 9,120 acres in Sussex County, Delaware, and another 8,752 acres on Virginia's Eastern Shore. The remaining more than 200,000 acres acquired by HTRG are in Virginia, west of the Chesapeake Bay.

The 673 tracts to be acquired by The Conservation Fund include habitat for a variety of native plant and animal species. They include woodlands, freshwater and brackish wetlands, outdoor recreation land and areas that should continue as working forests.

The transaction will be the largest conservation acquisition in the history of the Chesapeake Bay, according to Pat Noonan, chairman of The Conservation Fund.

Noonan said, "Without Hancock Timber Resource Group's initiative, we would never have this once-in-a-lifetime opportunity. Thanks to Hancock and this unique partnership and the Chesapeake Corporation's tradition of stewardship, we will be able to blend economic and environmental goals. Not only will these acquisitions enhance water quality and protect wildlife habitat, but they benefit the residents and communities of Delaware and the Eastern Shore. We are working closely with the states of Maryland and Delaware. We will never have another chance on this scale within the Chesapeake Bay watershed to create an outdoor legacy for future generations."

HTRG President and Chief Executive Officer Bill Coleman said, "The Chesapeake 2000 initiative has highlighted open space preservation -- particularly of forests along rivers and streams -- as critical to the health of the Bay. We actively sought this partnership with The Conservation Fund because we recognize that these sensitive lands belong in public trust. The transaction is a significant step in our environmental stewardship program. It is good for the environment, good for the public and good for the region's forest-based economy."

Noonan added, "We will be working with the states in the weeks and months ahead to determine the best uses for this land legacy. We will be looking at which land is suited to outdoor recreation, wildlife habitat protection or continued, traditional use for forestry."

"At a time when the Bay's forests, wetlands, and other natural filters are under tremendous pressure, this purchase is a huge boon to the Bay's water quality," said Chesapeake Bay Foundation President William C. Baker. "By preserving a significant portion of the Bay's watershed while also protecting the local economic base, the purchase demonstrates that conservation and economic interests can be successfully integrated. We commend Governor Parris Glendening, the John Hancock Co., Chesapeake Corporation, the Conservation Fund, and the Richard King Mellon Foundation for working together to achieve this remarkable conservation victory."

The Conservation Fund, a non-profit organization, acts to protect the nation's legacy of land and water resources in partnership with other organizations, public agencies, foundations, corporations, and individuals. To date, the fund has helped its partners safeguard wildlife habitat, greenways, community "greenspace" and historic sites totaling more than 1.6 million acres throughout the nation. Headquarters are in Arlington, Virginia.

HTRG is the world's leading timberland investment manager for institutional investors, with $3.2 billion and 3 million acres under management in North America and Australia. The Boston-based firm -- a wholly owned subsidiary of the John Hancock Mutual Life Insurance Company -- and The Conservation Fund began working together on the project transaction several months ago, according to Noonan and Coleman. The two organizations have cooperated on other environmental projects, including a 1996 conservation easement in Vermont covering 31,000 acres, which at the time was the largest east of the Mississippi.