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Additional Information

Market:	ASX
Sector:	Gold Mining
EPIC:	HIG
Latest Price:	0.13 (0.00%)
52-week High:	0.34
52-week Low:	0.13
Market Cap:	85.78M

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Highlands Pacific

Highlands Pacific Limited (ASX: HIG) is a PNG incorporated mineral resource company with a focus on gold and base metal prospects.

The Ramu Nickel and Cobalt Project, located 75 km south west of the provincial capital of Madang in PNG, contains an estimated resource of 143 million tonnes at 1.01% nickel and 0.1% cobalt. The project is currently in development with commissioning of the mine site to be completed in early 2009 anc commissioning of the process plant to be completed in late 2009.

The Frieda River project which comprises the Nena, Horse/Ivaal/Trukai and Koki deposits, has an overall resource estimated at 16.7 billion pounds (7.5 million tonnes) of copper and 14.3 million ounces of gold and collectively forms one of the world's largest undeveloped copper and gold deposits.

Highlands Pacific reports Ramu nickel cobalt project commissioning, on schedule

Monday, November 16, 2009

Highlands Pacific (ASX: HIG) has confirmed construction and pre‐commissioning activities at the $US1.4bn Ramu nickel cobalt project in Papua New Guinea are on track as per previous guidance.

A staged commissioning is expected to commence in December 2009 as previously reported. Managing director John Gooding said today there is no delay to construction for the project.

Commissioning will take three to six months, and will see first commercial nickel production commence in mid‐2010 with the staged ramp‐up of three high pressure autoclaves during the second half of 2010.

The Basamuk treatment plant will have an annual production of 31,150 tonnes of nickel and 3,300 tonnes of cobalt.

Highlands has an 8.56% interest in the Ramu project, which will increase to 11.3% at no cost to the company after repayment of the debt raised to finance the project, from operating cash flow.

Highlands an option to acquire an additional 9.25% at fair market value which could increase its interest in Ramu to 20.55%.

The Chinese Metallurgical Group Corporation (MCC) manages and operates the Ramu Joint Venture. MCC is a Fortune 500 company, a major Chinese State-owned construction and operating company.

Highlands also has an interest in the Frieda River copper gold project in PNG, where five rigs are on site doing resource drilling, in‐pit geotechnical and infrastructure geotechnical drilling. Work on the pre‐feasibility study is progressing.

Owners of the Frieda project are Xstrata (76.2%), Highlands (16.9%) and OMRD (6.9%).

Highlands had cash reserves at the end of the quarter of $26.7 million.

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