- Highland Copper (HI) has completed the acquisition of the White Pine North Project in Michigan from Copper Range Company (CRC)
- White Pine Copper has agreed to assume all benefits, duties, and obligations of CRC concerning the White Pine mining facility
- The White Pine North Project is located in the historical copper range district of the Upper Peninsula of Michigan
- Highland Copper is a Canadian company focused on exploring and developing copper projects in the Upper Peninsula of Michigan
- Highland Copper Company Inc. (HI) is down 5.0 per cent, trading at C$0.095 per share at 11:30 am ET
Highland Copper (HI) has completed the acquisition of the White Pine North Project in Michigan.
All the conditions have been met and the documents necessary to complete the acquisition of the project from Copper Range Company (CRC) have been executed.
As part of the transaction with CRC, White Pine Copper has agreed to assume all benefits, duties, and obligations of CRC concerning the White Pine mining facility.
White Pine Copper has provided a certificate of deposit in the amount of US$1.68 million for the benefit of the Michigan Department of Environment, Energy and Great Lakes as financial assurance for the remediation and closure plan of the historical White Pine mine site.
The White Pine North Project is located in the historical copper range district of the Upper Peninsula of Michigan, U.S.A. and is an extension of the historical White Pine mine which operated from 1953 to 1995. By the time it closed, over 4.5 billion pounds of copper had been produced from the former White Pine mine.
On September 23, 2019, the company had announced the results of a preliminary economic assessment (“PEA”) and a mineral resource estimate on the White Pine North Project.
The PEA provided a base case assessment of the White Pine North Project using a copper price of $3.00/lb and a silver price of $16.00/oz. The mine life was estimated to be 25 years, including one year of ramp-up, with an average annual LOM payable copper production of 89 million pounds and 1.3 million ounces of silver.
Total Indicated Mineral Resources of the White Pine North deposit were estimated at 133.4 M tonnes grading an average of 1.07 per cent Cu and 14.9 g/t Ag, containing 3.2 billion pounds of copper and 63.8 million ounces of silver using a cut-off grade of 0.9 per cent Cu for the Parting Shale column only. Inferred Mineral Resources were estimated at 97.2 M tonnes grading an average of 1.03 per cent Cu and 8.7 g/t Ag, containing 2.2 billion pounds of copper and 27.2 million ounces of silver using a cut-off grade of 0.9 per cent Cu.
Denis Miville-Deschênes, Highland Copper’s CEO stated,
“We are extremely pleased to have finally completed this transaction. The White Pine North Project offers great potential and will be a valuable asset to the company for many years. In parallel, we are continuing our discussions with various parties to conclude transactions with the objective of eliminating the company’s debt and raising funds to resume activities and advance the development of both the Copperwood and White Pine North projects.”
Highland Copper is a Canadian company focused on exploring and developing copper projects in the Upper Peninsula of Michigan.
Highland Copper Company Inc. (HI) is down 5.0 per cent, trading at C$0.095 per share at 11:30 am ET.
