Highland Copper Co. has entered into an agreement with Copper Range Co. (CRC) to extend the period to complete the acquisition of the White Pine project from December 31 to March 31. The final closing is subject to releasing CRC for financial assurance and certain environmental obligations associated with the remediation and closure plan of the historical mine site in a manner that is acceptable to all parties involved. 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.
Highland Copper has also entered into an agreement with Osisko Gold Royalties Ltd. to extend the maturity date of the C$10 million loan made to the company until either when the company completes the acquisition of White Pine or January 31 (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.
Highland Copper is a Canadian exploration company focused on exploring and developing copper projects within the Upper Peninsula of Michigan. The company has assembled a number of advanced-stage copper projects, including Copperwood, White Pine North and Keweenaw.