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Highland Copper announces positive PEA results and mineral resource estimate for the White Pine North Copper Project in Michigan
LONGUEUIL, Quebec, Sept. 23, 2019 (GLOBE NEWSWIRE) -- Highland Copper Company Inc. (TSXV: HI, OTCQB: HDRSF) (“Highland” or the “Company”) announces results of a
About this update from Highland Copper Co., Inc.
[{"type":"text","content":" LONGUEUIL, Quebec, Sept. 23, 2019 (GLOBE NEWSWIRE) -- Highland Copper Company Inc. (TSXV: HI, OTCQB: HDRSF) (“Highland” or the “Company”) announces results of a preliminary economic assessment (\"PEA\") and a mineral resource estimate for the White Pine North Copper Project (the “Project”) located in the historical copper range district of the Upper Peninsula of Michigan, U.S.A. The PEA provides a base case assessment of mining the mineral resources of the White Pine Project. The PEA considers White Pine North as a stand-alone project and utilizes existing infrastructure to minimize initial capital expenditures. The Project is the extension of the historical White Pine mine which operated from 1953 to 1995. The PEA was prepared in connection with the Company’s ongoing strategic review process. The PEA and mineral resource estimate have been prepared by G Mining Services Inc. (“GMSI”). All amounts in this news release are in US dollars, unless otherwise indicated. Due to rounding, numbers presented throughout this release may not add up precisely to the totals provided. PEA Highlights Base case using a copper price of $3.00/lb and a silver price of $16.00/oz After-tax internal rate of return (“IRR”) of 16.8% After-tax net present value (“NPV”) at 8% of $416 million Initial capital expenditures of $457 million, net of pre-production revenue of $56 million Life-of-mine (“LOM”) cash costs of $1.40/pound, including royalties Indicated mineral resource of 133.4 M tonnes at 1.07% Cu and 14.9 g/t Ag, containing 3.2 billion pounds of copper and 63.8 million ounces of silver. Inferred mineral resources of 97.2 M tonnes at 1.03% Cu and 8.7 g/t Ag, containing 2.2 billion pounds of copper and 27.2 million ounces of silver Mineral resources included in the mine plan of 121.4 M tonnes @ 0.98% Cu and 11.80 g/t Ag, containing 2.6 billion pounds of copper and 46.1 million ounces of silver Mine life of 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 The reader is advised that a PEA is preliminary in nature and is intended to provide only an initial, high-level review of the Project potential and design options. The PEA mine plan and economic model include numerous assumptions and the use of Inferred resources. Inferred resources are too speculative ge...