Highland Resources Inc. (TSX VENTURE:HI) - 

Following the completion of its exploration programs on the Humboldt Bay
Property (see news release of August 18, 2011), and a decision by the Board of
Directors to focus its efforts on the copper properties located in Keweenaw and
Houghton Counties in Michigan (see press releases dated January 5, 2011, April
1, 2011 and August 4, 2011), Highland Resources Inc. ("Highland" or the
"Company") announced that it has successfully concluded negotiations for the
sale of its 51% interest in 89 mineral claims (the "Interest") located north of
Thunder Bay, comprising approximately 18,880 acres more commonly known as the
Rickaby & Humboldt Properties, to its joint venture partner, Canadian Prospector
Inc. ("CPI").


The purchase price payable by CPI for the Interest is:



1.  The return of 2,911,042 shares of Highland, which formed the original
    consideration paid by Highland for first acquiring the Interest from
    CPI.
      
2.  A 3% Net Smelter Returns Royalty granted to Highland, of which CPI has
    the right to purchase 1.5% by paying to Highland the aggregate amount of
    $1,500,000. 



"The Company will be focussing its exploration efforts on the copper properties
located in Keweenaw and Houghton Counties in Michigan," said Chief Executive
Officer and interim President Robert Eadie. "We expect to file the 43-101 report
shortly on SEDAR, covering the Keweenaw Project, completed by Behre Dolbear &
Company Ltd., which will include their review of the existing historic database
and drill core for two historic mines, one undeveloped property, and several
exploration projects in this area."


All of the Keweenaw Project properties are in the "Copper Country" of the
Keweenaw Peninsula within the Upper Peninsula of Michigan which was the site of
the first copper boom in the United States, and include two historic native
copper mines known as the Centennial Mine and the Kingston Mine.


Highland is dedicated to the principles of environmentally sound mining
practices and believes that environmental stewardship and mining can co-exist. 


ON BEHALF OF THE BOARD

Robert Eadie, President, Chief Executive Officer and Director

Condor Petroleum (TSX:CPI)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Condor Petroleum Charts.
Condor Petroleum (TSX:CPI)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Condor Petroleum Charts.