Highland Copper Plans on Another Purchase

The company that recently purchased the White Pine Mine is adding another potential western Upper Peninsula copper mine to its portfolio. Highland Copper has announced plans to purchase the Copperwood Project. Copperwood is located about 18 miles south of the White Pine property. It was developed by Orvana Minerals, and has passed most of the regulatory hurdles needed to begin work. The ultimate purchase price could be as much as 25-million dollars in cash and Highland stock… based on the eventual proceeds from the mine. The sale is contingent on financing and regulatory approval. Both companies’ boards of directors have okayed it. Highland Executive Chairman David Fennell said the purchase is part of a strategy to consolidate an emerging copper district in the Upper Peninsula.