New Leased Properties
In December 2012, Highland, through its wholly-owned subsidiary Keweenaw Copper Co, entered into a lease agreement with a Michigan corporation for the exploration and development of two areas totalling approximately 6,400 acres of mineral and surface ownership in the Upper Peninsula of the State of Michigan. These properties are situated over the Nonesuch Shale formation in areas that are largely unexplored, but where historic data indicate copper and silver mineralization. The Nonesuch formation is the host of the former White Pine mine (production of 1.7 million tonnes of copper and 4.5 million ounces of silver from 1953 to 1996) and the Orvana Minerals' Copperwood deposit (published reserve of 0.38 million tonnes of copper and 3.5 million ounces of silver).
The lease has a primary term of 10 years and may be extended for an additional 10 years under certain conditions. Keweenaw will pay an annual rent to the lessor. Additional payments will be payable upon achievement of certain milestones as well as a sliding scale net smelter return royalty upon commencement of production. The leased properties are not part of the Mining Venture Agreement with BRP LLC. Exploration is expected to begin later in 2013.
Certain statements contained in this press release constitute forward looking information under the provisions of Canadian securities laws. Such statements include without limitation: the Company's plans and objectives to complete a mineral resource estimate and resource modeling; the geological interpretation of the results and the continuity of the copper system, and other statements and information regarding anticipated results regarding the Company's operations and exploration. Such statements reflect the Company's views as at the date of this press release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Actual results may be materially different from those currently anticipated. Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward looking statements. Such risks include, but are not limited to: the volatility of copper price; the uncertainty of exploration results, capital expenditure requirements and other costs; the uncertainties related to the Company's ability to acquire a 65% interest in the Keweenaw project; currency fluctuations; the availability of financing for additional capital requirements, cost of exploration and development programs; mining risks; risks associated with governmental and environmental regulation and obtaining all the necessary permits for the development of the project; and risks associated with global economic growth. The Company does not intend, and does not assume any obligation, to update these forward-looking statements and information, except as required by law. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
Investors are cautioned not to assume that all or any part of a mineral resource, if confirmed, will ever be converted into mineral reserves. Mineral resources have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility.
Highland Copper Company Inc. is a Canadian exploration company focused on exploring and developing copper projects on the Keweenaw Peninsula within the Upper Peninsula of Michigan, U.S.A. through its 100%-held subsidiary, Keweenaw Copper Co. The Company is well capitalized with approximately $10 million in cash at December 31, 2012. The common shares of Highland trade on the TSX Venture Exchange under the symbol 'HI'. Additional information about the Company is available on the Company's website and on SEDAR.
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.
Interim President and CEO
Ross R. Grunwald
Vice president - Exploration
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