Business & Finance
Business and Finance
Business and Finance
Tue, October 11, 2011 Highland Negotiates Sale of its Interest in Rickaby and Humboldt Bay Properties
October 11, 2011 10:00 ET
Highland Negotiates Sale of its Interest in Rickaby and Humboldt Bay Properties
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 11, 2011) -HighlandResourcesInc. (TSX VENTURE:HI) -
Following the completion of its exploration programs on the Humboldt Bay Property (see news release of August 18, 2011), and a decision by the Board of Directors to focus its efforts on the copper properties located in Keweenaw and Houghton Counties in Michigan (see press releases dated January 5, 2011, April 1, 2011 and August 4, 2011), HighlandResourcesInc. ("Highland" or the "Company") announced that it has successfully concluded negotiations for the sale of its 51% interest in 89 mineral claims (the "Interest") located north of Thunder Bay, comprising approximately 18,880 acres more commonly known as the Rickaby & Humboldt Properties, to its joint venture partner, Canadian Prospector Inc. ("CPI").
The purchase price payable by CPI for the Interest is:
- The return of 2,911,042 shares of Highland, which formed the original consideration paid by Highland for first acquiring the Interest from CPI.
- A 3% Net Smelter Returns Royalty granted to Highland, of which CPI has the right to purchase 1.5% by paying to Highland the aggregate amount of $1,500,000.
"The Company will be focussing its exploration efforts on the copper properties located in Keweenaw and Houghton Counties in Michigan," said Chief Executive Officer and interim President Robert Eadie. "We expect to file the 43-101 report shortly on SEDAR, covering the Keweenaw Project, completed by Behre Dolbear & Company Ltd., which will include their review of the existing historic database and drill core for two historic mines, one undeveloped property, and several exploration projects in this area."
All of the Keweenaw Project properties are in the "Copper Country" of the Keweenaw Peninsula within the Upper Peninsula of Michigan which was the site of the first copper boom in the United States, and include two historic native copper mines known as the Centennial Mine and the Kingston Mine.
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, President, 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.
