Highland Copper Announces Positive Feasibility Study Results

Highland Copper (TSXV:HI) has announced the results of a feasibility study for its Copperwood project located in Michigan.

The highlights of the feasability study are as follows:

• After-tax internal rate of return of 18 percent
• Initial capital expenditures of US$245 million, net of pre-production revenue of US$30 million
• Life-of-mine cash costs of US$1.53 per lb, including royalties and US$1.29 per lb in the first five years of production
• Proven and probable reserves of 25.4 M tonnes at 1.43 percent copper and 3.83 grams per tonne (g/t) of silver, containing 801.8 M lbs of copper and 3.1 M oz of silver
• Additional mineral resources of 49.9 M tonnes at 1.15 percent copper and 3.42 g/t silver in the Inferred category, containing 1.3 B lbs of copper and 5.5 M oz of silver using a 1 percent copper cut-off
• Average annual LOM payable copper production of 61.7 M lbs and 100,570 oz of silver
• Initial copper production expected in early 2021

As quoted in the press release, president and CEO of Highland Copper Denis Miville-Deschênes said:

“The Feasibility Study demonstrates the significant potential of this project located in a great historic mining jurisdiction. Based on the results of the study, we can now focus on putting in place a comprehensive financing package. The development of a mine at Copperwood represents a tremendous opportunity to create hundreds of jobs in the region.”

Click here to read the full Highland Copper (TSXV:HI) press release.