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LONGUEUIL, QUEBEC--(Marketwired - Jan 6, 2016) - Highland Copper Company Inc. (TSX VENTURE:HI) (the "Company") announces that it has entered into an agreement with Copper Range Company ("CRC") to extend the period to complete the acquisition of the White Pine project from December 31, 2015 to March 31, 2016. The final closing of the acquisition is subject to releasing CRC for financial assurance and certain environmental obligations associated with the remediation and closure plan of the historical White Pine mine site in a manner that is acceptable to all parties involved, including the applicable governmental authorities. Discussions with CRC and the Michigan Department of Environmental Quality are ongoing. The Company is hoping to complete the acquisition by the end of January. The Company has also entered into an agreement with Osisko Gold Royalties Ltd to extend the maturity date of the C$10 million loan (the "Loan") made to the Company until the earlier of such time that the Company completes the acquisition of White Pine or January 31, 2016 (or such other date as subsequently agreed by Osisko). Upon completion of the acquisition, the Loan will be assigned to the Company in exchange for a 3% sliding-scale NSR royalty on all metals from the White Pine North project (see December 16, 2014 news release for additional information about the Loan).
Highland Copper Company Inc. is a Canadian exploration company focused on exploring and developing copper projects within the Upper Peninsula of Michigan, U.S.A. The Company has assembled a number of advanced-stage copper projects including Copperwood, the White Pine North historical copper resource area, part of the White Pine (subject to final closing), and Keweenaw (subject to the exercise of an option to acquire a 65% interest in the project from BRP LLC). Additional information about Highland is available on the Company's website at www.highlandcopper.com and on SEDAR at www.sedar.com.
Certain statements contained in this news release constitute forward looking information under the provisions of Canadian securities laws, including statements about Highland's plans to complete the acquisition of the White Pine Project by the end of January. The information contained herein reflects Highland's views as of the date of this news release. Forward looking information is based on assumptions, and by its nature is subject to risks and uncertainties that may cause actual future events to differ materially from those anticipated in it. Such risks and uncertainties include, but are not limited to Highland's ability to meet the final closing conditions of the acquisition of White Pine on terms acceptable to Highland and CRC including completing agreements with the MDEQ for the transfer of environmental obligations. The materialization of any of these risks may cause actual results to be materially different from those expected by the Company at this time. The Company does not intend, and does not assume any obligation, to update forward-looking information, except as required by law. Accordingly, readers are advised not to place undue reliance on forward-looking information.
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.