Highland Copper Company has entered into a definitive agreement to acquire the rights, title and interest in the Copperwood Project from Orvana Minerals Corp.
The Copperwood Project is located 19 miles southwest of the White Pine Mine Project, which Highland is also working to acquire. Officials with the company announced the plans on Tuesday, with an expected acquisition completion planned for April 30, 2014.
"This transaction is part of a strategy that Highland has undertaken to consolidate an emerging copper district in the Upper Peninsula of Michigan," said David Fennell, Executive Chairman of Highland. "The acquisition of Copperwood in conjunction with our previously announced acquisition of the White Pine Project, and combined with our existing Keweenaw projects, establishes the foundation for an emerging intermediate copper producer."
Orvana officials expressed hope that a good copper mine will be built in Upper Michigan, after they spend several years developing the Copperwood Project.
"Based on a strategic planning review in 2013, Orvana decided that a disposition would allow for greater organic growth at existing operations through concentrated exploration," said Michael Winship, President and CEO of Orvana.
Highland is expected to close the deal with $25 million in payment to Orvana.Full press release and additional information can be found here.