LONGUEUIL, Quebec, Oct. 30, 2018 (GLOBE NEWSWIRE) -- Highland Copper Company Inc. (TSXV: HI, OTCQB: HDRSF) (the “Company”) is pleased to announce that its 100% held Michigan subsidiary, Copperwood Resources Inc., has received the amended wetland, lakes and streams permit (Wetlands Permit) from the Michigan Department of Environmental Quality Water Resources Division (MDEQ,WRD) for its Copperwood project located in the Upper Peninsula, Michigan, USA.
Denis Miville-Deschênes, President & CEO of Highland Copper commented: “The receipt of the Wetlands Permit is a significant milestone in obtaining all permits required for the development of the Copperwood project. I want to take the opportunity to thank all stakeholders and employees involved in the process that has led to the receipt of this important permit.”
Wetland Permit
Following the release of the updated feasibility study on the Copperwood project on June 15th, 2018, the Company moved forward with the finalization of the permitting process for its Copperwood project. Based on the updated feasibility study the Company filed amendment requests, renewals or new applications for all permits required to begin mine construction at Copperwood.
The Part 301-Inland lakes and Streams, Part 303-Wetlands Protection and Part 325-Great Lakes Submerged Land applications process included a public comment period that ended on July 27th following a public hearing held in Wakefield, Michigan on July 17th. After the review of comments received from public and tribal interests, as well as recommendations from the United States Environmental Protection Agency (EPA), the MDEQ developed the draft permit conditions which have been accepted by the Company. These conditions include the following mitigation requirements:
- The preservation of 717 acres of high-quality wetlands and 93 acres of forested upland in the headwaters area of the wild and scenic Black River and the creation of 18.3 acres of forested and emergent wetlands on-site at the Copperwood project; and
- Stream mitigation by creating 13,700 feet of natural stream channel on-site at the Copperwood project and replacing a culvert on the Two Mile Creek in Ontonagon County that is blocking brook trout passage in a tributary to the wild and scenic Cisco Branch to the Ontonagon River.
Other required permits
On October 24th, 2018 a combined final public hearing was held in Ironwood, Michigan for the Part 632 Nonferrous Metallic Mining Permit amendment and the Part 55 Air Discharge permit. This public meeting was the last major step prior to the grant of the Part 632 and Part 55 permits. The Company anticipates that the Part 315 Dam Safety Permit-Tailing dam draft permit will be issued shortly now that the conditions of the Wetland Permit have been accepted by Highland. The Lake Superior Water intake application is presently being reviewed by the United States Army Corps of Engineers (USACE). A final report was submitted by Highland to the USACE in September. To date the permitting process has proceeded well and Company management continues to believe that all required permits for the Copperwood project will be in hand by year-end.
Once all of the permits are received, the Company will continue to maintain at all times a high level of environmental commitment as required by the USACE, the MDEQ, and the State of Michigan, Native American tribes and local communities as it advances the development of the Copperwood Project.
Financing Update
Over the last few months, the Company has held numerous discussions with shareholders and financial institutions, including international banks, private equity groups, equipment suppliers and investment banks, to secure the capital required to construct the Copperwood project. The Company continues to evaluate all possible financing options, taking into account current market conditions, and with the help of its advisors will look to choose the optimal financial package for all stakeholders.
About Highland
Highland Copper Company Inc. is a Canadian-based company focused on exploring and developing copper projects in the Upper Peninsula of Michigan, U.S.A. The Company has 472,933,689 common shares issued and outstanding which are listed on the TSX Venture Exchange under the symbol “HI’ and trade on the OTCQB Venture Market under the symbol “HDRSF”.
More information about the Company is available on the Company’s website at www.highlandcopper.com and on SEDAR at www.sedar.com. Please refer to our most recently filed Annual Financial Statements in respect of material risks relating to the Company's business and plans for development of the Copperwood project.
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, including, without limitation, being unable to complete the financing of the Copperwood project on terms acceptable to the Company, or delays in the permitting process outlines above. There can be no assurance that the Company will be successful in completing the financing and obtaining all required permits to begin mine construction at Copperwood. 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, Investor relations
Tel: +1.450.677.2455
Email: info@highlandcopper.com