Highland Copper announces filing of Interim Financial Statements and provides an Update of Activities
Highland Copper announces filing of Interim Financial Statements
and provides an Update of Activities
Longueuil, Canada, May 16, 2017. Highland Copper Company Inc. (TSX -V: HI) (the “Company”)
announces that it has filed on SEDAR its interim financial statements and MD&A for the third quarter
ended March 31st, 2017. At March 31, 2017, the Company’s working capital totaled $21.0 million, which
includes cash of $26.3 million. The Company’s cash position includes the proceeds from the private
placement completed in four tranches (between November 30, 2016 and March 24, 2017) for aggregate
gross proceeds of $30.0 million. A total of 300 million units, with each unit comprised of one common
share and one half of one common share purchase warrant, were sold at $0.10 per unit. Each warrant is
exercisable for a period of 12 months from its respe ctive issue date at an exercise price of $0.15 per
share. An amount of $1.1 million was invested during the interim period on exploration and evaluation
activities, which consisted mostly of drilling expenses at the Copperwood Project.
Drilling program at the Copperwood Project
In February 2017, the Company commenced a 44 -hole, 9, 200 meters core drilling program at its
Copperwood Project, designed to upgrade the current inferred resources at the eastern section of the
deposit, obtain metallurgical samples for analysis and carry out geotechnical studies to refine the mining
plan.
On April 6, 2017, drilling at the Copperwood Project was suspended due to an early onset of thawing
and deteriorating ground conditions alongside County Road 519 in Gogebic County. At this site, drilling
caused ground erosion, which is being restored by the Company supported by reputable environmental
consultants. At the time that drilling was suspended, 22 drill holes and 4,600 meters had been completed,
with one hole temporarily abandoned. All of the drilling at the western section of the Copperwood
deposit was completed. Assay samples have been sent to Ac tivation Laboratories in Thunder Bay,
Ontario, for analysis and results will be released in due course. All samples for geotechnical testing have
been shipped to specialized laboratories. The Company expects to complete the suspended drilling
program once ground conditions improve and it receives all required permits from the Michigan
Department of Environmental Quality.
Copperwood Feasibility Study
The Company engaged G Mining Services Inc. as lead consultant for the preparation of an update to the
Feasibility Study (“FS Update”) on the Copperwood Project that had been completed in 2012. Other
professional services firms will be engaged over time for their expertise in specified areas.
The objectives of the FS Update are to incorporate additional resources and reserves not included in the
2012 Copperwood feasibility study prepared by the previous owner, to explore alternative mining
methods to determine the method that will generate the most value for the project (including the
Caterpillar continuous mining Rock Straight System), to update the infrastructure engineering and to
produce an optimized flowsheet to maximize ore recoveries.
The FS Update, which is the Company’s main priority, is expected to be completed by the end of June
2018.
Other Projects
The Company also aims to finalize the acquisition of the White Pine Project as soon as is practicable
and is evaluating other opportunities in Michigan.
Qualified Person
The technical information in this MD&A has been reviewed and approved by Carlos Bertoni, P. Geo,
Executive Vice President, Project Development of Highland, and a qualified person under Canadian
National Instrument 43-101.
ABOUT HIGHLAND
Highland Copper Company Inc. is a Canadian exploration company focused on exploring and
developing copper projects in the Upper Peninsula of Michigan, U.S.A. The Company has 459,148,153
common shares issued and outstanding. More information about the Company is available on the
Company’s website at www.highlandcopper.com and on SEDAR at www.sedar.com.
CAUTIONARY STATEMENT
This press release contains certain forward -looking statements within the meaning of applicable
Canadian securities legislation. These forward -looking statements involve certain risks and
uncertainties that could cause actual results to differ, including uncertainties regarding the timing and
results of the drilling program, the timing and results of the update to the Copperwood feasibility study,
and the completion of the acquisition of the White Pine Project. There can be no assurance that such
forward looking information will occur for various reasons including those risks described under Risks
and Uncertainties in the Company’s interim financial statements and management ’s discussion and
analysis for the 3rd quarter ended March 31, 2017. All forward looking statements in this press release
are based on information available to the Company as of the date hereof, and the Company undertakes
no obligation to update forward-looking statements except as required by law.
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.
For further information, please contact:
Denis Miville-Deschênes, President & CEO
David Charles, Manager, Investor Relations
Tel: 1.450.677.2455
Email: [email protected]
Website: www.highlandcopper.com