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Highland Copper Reports Fiscal 2022 Results and Announces New Board Chair
LONGUEUIL, Quebec , Oct. 25, 2022 (GLOBE NEWSWIRE) -- Highland Copper Company Inc. (TSXV: HI, OTCQB: HDRSF) (the “Company” or “Highland Copper”) reports fourth
About this update from Highland Copper Co., Inc.
[{"type":"text","content":" LONGUEUIL, Quebec , Oct. 25, 2022 (GLOBE NEWSWIRE) -- Highland Copper Company Inc. (TSXV: HI, OTCQB: HDRSF) (the “Company” or “Highland Copper”) reports fourth quarter and full year 2022 results and announces a new Board chair. For detailed information, please refer to the Company's Management's Discussion and Analysis (\"MD&A\") and consolidated financial statements for the quarter ended June 30, 2022 that are available on the Company's website at www.highlandcopper.com and on SEDAR at www.sedar.com. All figures are in US dollars unless otherwise stated. Full Year 2022 Highlights Fiscal 2022 was a transformative year where Highland reshaped its balance sheet, asset base and Board: On July 27, 2021, Highland Copper completed the acquisition of the White Pine North Project in Michigan, adding a second development asset 60 kilometres from its Copperwood Project. On August 3, 2021, the Company entered into a share purchase agreement to sell to Sweetwater Royalties, a privately held company owned by Orion Mine Finance, its UPX properties located in the Upper Peninsula of the State of Michigan. On August 30, 2021, and September 10, 2021, respectively, the Company completed the first and second tranches of its previously announced non-brokered private placement for combined gross proceeds of $26.4 million. On closing of the private placement, the Company settled all amounts due to Osisko Gold Royalties Ltd and Greenstone Resource LP, eliminating all debt from the Company’s balance sheet. On December 16, 2021, Highland Copper announced that the proposed addition of six new Board members was approved at its annual meeting of the shareholders. With a clean balance sheet and new Board, the focus during fiscal 2022 has been on advancing Copperwood and White Pine North: During the quarter, the company continued to work on the updated Feasibility Study, particularly considering potential optimizations and updating current input costs. At White Pine North, the Company has initiated baseline environmental studies and is currently planning an infill conversion drilling program scheduled for this coming winter. Subsequent to year-end, Highland also announced that it has initiated a Preliminary Economic Assessment (“PEA”) on a combined scenario. The PEA which is being undertaken by G Mining will consider the potential to transport ore by rai...