Highland Copper provides an update on the White Pine project
August 29, 2019 – Longueuil, Quebec. Highland Copper Company Inc. (TSXV: HI, OTCQB: HDRSF) (the “Company”) announces that the deadline to complete the acquisition of the White Pine project from Copper Range Company (“CRC”), a wholly owned subsidiary of First Quantum Minerals Ltd., has been extended to January 31, 2020. The final closing of the acquisition is subject to a number of conditions including releasing CRC from certain environmental obligations associated with the remediation and closure plan of the historical White Pine mine site and replacing the related environmental bond for an amount expected to be approximately US$1.7 million.
The Company also announces that an independent preliminary economic assessment (“PEA”) of the viability of potentially mining the copper resources at White Pine is being completed by G Mining Services Inc. Results of the PEA should be available by mid-September.
Highland Copper Company Inc. is a Canadian-based company focused on exploring and developing copper projects in the Upper Peninsula of Michigan, U.S.A. The Company’s principal asset is the Copperwood Project, a development stage copper project fully permitted to move into the construction stage. More information about the Company is available on the Company’s website at www.highlandcopper.com and on SEDAR at www.sedar.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. These forward-looking statements involve certain risks and uncertainties, including, without limitation, being unable to meet the final closing conditions of the acquisition of the White Pine Project on terms acceptable to the Company, CRC and the Michigan Department of Environment, Great Lakes, and Energy for the transfer of environmental obligations. All forward looking statements in this press release are based on information available to the Company as of the date hereof, and the Company undertakes no obligation to update forward-looking statements except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Denis Miville-Deschênes, President & CEO