Highland Resources Inc.
TSX VENTURE : HI

Highland Resources Inc.

November 01, 2011 10:00 ET

Highland Resources Inc.: TSX Acceptance Received for JV Agreement to Acquire Copper Resources in Keweenaw and Houghton Counties, Michigan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2011) - Highland Resources Inc. ("Highland" or the "Company") (TSX VENTURE:HI) reports that it has received TSX Venture Exchange acceptance for the transaction announced on August 4, 2011, pursuant to which Highland has acquired the right to earn up to a 65% interest in copper resources located in Keweenaw and Houghton Counties, Michigan (the "Property").

Total consideration consists of $750,000 cash, 1,000,000 common shares of the Company, and $11,500,000 to be spent on a development and exploration program on the Property over a three-year period to earn the 65% interest.

The Joint Venture agreement provides that at the end of the earn-in period and as a condition to earning its 65% interest, Highland will produce a feasibility study on the Property by an independent consultant selected by the Management Committee. Highland has been appointed as the initial Manager of the Joint Venture with overall responsibility for operations.

Highland engaged the firm of Behre Dolbear & Company Inc. ("Behre Dolbear") to prepare a Property of Merit NI 43-101 Report on certain copper resources located on the Property. The report entitled "Technical Report on the Centennial and Kingston Native Copper, 543S, and Other Copper Sulfide Properties, Houghton and Keweenaw Counties, Michigan, USA" dated September 29, 2011 prepared by Joseph A. Kantor, B.S.M.S., MMSA 01309QP as Principal Author and Senior Associate of Behre Dolbear, will be available for viewing on SEDAR and on the Company's website.

A finder's fee of $15,000 cash and 95,000 shares will be payable by the Company in connection with the acquisition. All securities issued pursuant to the transaction will be subject to a hold period of four months and one day from the date of issuance.

Highland is dedicated to the principles of environmentally sound mining practices and believes that environmental stewardship and mining can co-exist.

ON BEHALF OF THE BOARD

Robert Eadie, Chief Executive Officer and Director

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.

Contact Information

  • Highland Resources Inc.
    Robert Eadie
    1-604-602-4935
    1-604-602-4936 (FAX)