LONGUEUIL, Quebec, July 06, 2020 (GLOBE NEWSWIRE) -- Highland Copper Company Inc. (TSXV: HI, OTCQB: HDRSF) (the “Company”) announced today that the deadline to complete the acquisition of the White Pine North Project from Copper Range Company (“CRC”), a wholly owned subsidiary of First Quantum Minerals Ltd., was extended to December 31, 2020. The final closing of the acquisition is subject to a number of conditions, including, without limitation, a release of 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.
Highland Copper Company Inc. is a Canadian company focused on exploring and developing copper projects in the Upper Peninsula of Michigan, U.S.A. Its Copperwood Project is a development stage copper project fully permitted to move into the construction stage with a projected payable production of approximately 30,000 tonnes of copper per year during an estimated mine life of 11 years (see news release of June 15, 2018 and technical report filed on SEDAR on July 31, 2018). A preliminary economic assessment and mineral resource estimate for the White Pine North Project was completed in September 2019 presenting a projected payable production of approximately 40,000 tonnes of copper per year during an estimated mine life of 24 years (see news release of September 23, 2019 and technical report filed on SEDAR on November 7, 2019). A preliminary economic assessment is considered preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The Company’s common shares are listed on the TSX Venture Exchange under the symbol “HI” and trade on the OTCQB Venture Market under symbol “HDRSF”. More information about the Company is available on the Company’s website at www.highlandcopper.com and on SEDAR at www.sedar.com.
This press release contains certain forward-looking information within the meaning of applicable Canadian securities legislation. There can be no assurance that the Company will be able to meet the conditions to close the White Pine acquisition by December 31, 2020 or that the Company will, if required, be able to get a further extension from CRC. Risks, uncertainties and other factors which could have an impact includes the Company’s financial condition, fluctuations of the price of copper, the effects of general economic conditions and the impact of the COVID-19 pandemic on potential transactions and on the Company’s ability to raise funds, and other risks and uncertainties described in our most recently filed annual and interim financial statements and management’s discussion and analysis, each of which are available at www.sedar.com. 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