Still can't tell if you literally mean "recycling bin", because if you put it in any bin it's not going to get recycled. A recycling plant doesn't know what to do with a Mac logic board from 2008.
If you put it on eBay you can ask the buyer to pay postage. Someone somewhere might have some use for it. Or like I said, a local Mac repair shop if you have one, even if they can't use it for anything they'll be able to recycle it properly.
Also if I remember correctly that's the last MacBook pre-unibody isn't it? Apart from the RAM and hard-drive and battery, which is presumably spent by this point, I can't remember that there were any other accessible components for you to remove and do anything with.