HIGHLANDS PACIFIC LIMITED 
By
Ms Williame-Igara has been with the Company since March
2005.
Mr Philemon served with great distinction as member for the
Lae Open seat from 1992 until the recent election.
Professor Garnaut is the nominated Director of PNGSDP in
accordance with the Share Placement
Agreement dated 23 June 2012.
We welcome Mr Philemon and Professor Garnaut to the Highlands Board. Both new directors are experienced company directors, have made outstanding contributions to public service, and bring important local perspectives to our Board. Mr Philemon has, among many appointments, been Chairman of Air Niugini, a director of Oil Search Ltd from 1986 to 1993, and has held a number of Ministerial posts in PNG Governments including Minister of Foreign Affairs and Minister for Finance and Treasury. Professor Garnaut has had a number of influential appointments with the Australian Government, is currently Chairman of the Papua New Guinea Sustainable Development Program Limited, and its nominee Director on the Board of Ok Tedi Mining Limited, and was Foundation Chairman of Lihir Gold Limited from 1995 to 2010. We are very privileged to welcome to our Board two such outstanding Directors.
For further information, please contact:
John Gooding or Craig Lennon
Highlands Pacific - 07 3239 7800
Simon Jemison
Collins St Media - 03 9224 5319
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Market Capitalisation ~ A$130m
Cash on Hand (31/07/12) A$21m
Directors
Ken MacDonald, Chairman
John Gooding, Managing Director
Mike Carroll
Dan Wood
Drew Simonsen Bart Philemon Ross Garnaut
Management
Craig Lennon, CFO & Co.Sec Larry Queen, Chief Geologist Peter Jolly, GM Projects
Ron Gawi, GM Port Moresby
For further information, please contact:
John Gooding or Craig Lennon
Highlands Pacific - 07 3239 7800
Simon Jemison
Collins St Media - 03 9224 5319
Website:
About Highlands Pacific Limited
Highlands Pacific is a PNG incorporated and registered mining
and
exploration company listed on the ASX and PoMSox exchanges.
Its major development assets are the US$1.5bn Ramu nickel
cobalt project and the Frieda River copper gold project; with
exploration in progress on the Star Mountains (Nong River, Mt
Scorpion and Tifalmin) licenses approximately 20km north of
the Ok Tedi mine. Highlands also has exploration tenements in
the Wau/Bulolo area, close to the new Hidden Valley and Wafi
gold projects.
The Star Mountains exploration tenements, which include Nong
River
EL1312, Mt Scorpion EL1781 and Tifalmin EL 1392, are located
approximately 20km north of the Ok Tedi mine, in Western
Province, PNG. They lie within the highly prospective New
Guinean Orogenic Belt, which hosts the Grasberg, Ok Tedi,
Porgera and Hidden Valley mines, as well as the Frieda River
deposit. An exploratory drilling program is underway at Star
Mountains.
The Ramu nickel mine is located 75km west of the provincial
capital of
Madang, PNG. The mine is currently being commissioned.
Highlands
8.56% interest in Ramu will increase to 11.3% at no cost to
Highlands after repayment of the project debt (estimated to
take 8 years). From commissioning, Highlands has access to
its pro-rata 8.56% share of Ramu's post-debt servicing, net
cash flow. Highlands also has an option to acquire an
additional 9.25 interest in Ramu at fair market value, which
could increase the company's interest in the mine to
20.55%, if the option is exercised.
The Frieda copper gold project is located 175kms north-west of the Porgera gold mine and 75km north-east of the Ok Tedi mine. The project owners are Xstrata (81.82% and manager) and Highlands (18.18%). A pre-feasibility study for developing the Frieda deposit was released in November 2010, with the results of the subsequent feasibility study due to be released in December 2012.
* Subject to the right of the Independent State of Papua New Guinea to acquire up to a 30% equity interest in any mining development in the country.
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