Business
Highland Copper Announces Completion of the White Pine North Project Acquisition
LONGUEUIL, Quebec, July 27, 2021 (GLOBE NEWSWIRE) -- Highland Copper Company Inc. (TSXV: HI, OTCQB: HDRSF) (the “Company” or “Highland”) is pleased to announce
About this update from Highland Copper Co., Inc.
[{"type":"text","content":" LONGUEUIL, Quebec, July 27, 2021 (GLOBE NEWSWIRE) -- Highland Copper Company Inc. (TSXV: HI, OTCQB: HDRSF) (the “Company” or “Highland”) is pleased to announce that it has completed the acquisition of the White Pine North Project in Michigan. All the conditions have been met and the documents necessary to complete the acquisition of the project from Copper Range Company (“CRC”), a wholly owned subsidiary of First Quantum Minerals Ltd., have been executed. As part of the transaction with CRC, White Pine Copper LLC (“WPC”), a wholly owned subsidiary of Highland, has agreed to assume all benefits, duties, and obligations of CRC under a judicial Consent Decree entered in 1997 and subsequently amended, concerning the White Pine mining facility formerly operated by CRC. In connection therewith, WPC, CRC and the Department of Attorney General for the State of Michigan have executed a Stipulated Order for Assignment and Assumption of Consent Decree (the “Stipulated Order”) that has been approved by the Ingham County Circuit Court (Michigan). In addition, WPC has provided a certificate of deposit in the amount of US$1.68 million for the benefit of the Michigan Department of Environment, Energy and Great Lakes as financial assurance for the performance of environmental obligations associated with the remediation and closure plan of the historical White Pine mine site. The terms and conditions of the assignment of the Consent Decree to WPC are described in the Stipulated Order. About the White Pine North Project The White Pine North Project is located in the historical copper range district of the Upper Peninsula of Michigan, U.S.A. and is an extension of the historical White Pine mine which operated from 1953 to 1995. By the time it closed, over 4.5 billion pounds of copper had been produced from the former White Pine mine. On September 23, 2019, the Company had announced the results of a preliminary economic assessment (“PEA”) and a mineral resource estimate on the White Pine North Project. The PEA provided a base case assessment of the White Pine North Project using a copper price of $3.00/lb and a silver price of $16.00/oz. The mine life was estimated to be 25 years, including one year of ramp-up, with average annual LOM payable copper production of 89 million pounds and 1.3 million ounces of silver. Total Indicated Mineral...