HIGHLANDS PACIFIC LIMITED 
By The Highlands Pacific Limited (ASX: HIG) Board announces that Mr Drew Simonsen will be retiring from the Board effective 30 September 2013. Mr Simonsen's retirement reduces the number of Directors to five (four Non-Executive Directors and the Managing Director / Chief Executive Officer).
Chairman of Highlands Pacific Mr Ken MacDonald said today: "While the company continues to pursue positive initiatives to secure its future for the long term, the current market dictates that we take all appropriate steps to preserve our cash position in the short term. As part of this focus it is with great regret that we will therefore be losing Mr Drew Simonsen. His experience and thoughtful analysis have been of great value to the company over the last 4 years and he retires with our thanks and our esteem."
This is one of the steps being undertaken with a view to conserving cash (AU$7.1 million as at 31 August
2013) whilst a number of exploration and development activities such as the Frieda River copper gold project and Star Mountains copper prospect are either in a state of change or on hold.
The recent structural changes to PNG's ownership in Ok Tedi Mining Limited and the certainty of its future open the way for fresh opportunities to explore in the prospective Star Mountains copper district and collaborate on other important development assets.
John Gooding or Craig Lennon
Highlands Pacific - 07 3239 7800
Simon Jemison
Collins St Media - 03 9224 5319
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Directors
Ken MacDonald, Chairman
John Gooding, Managing Director
Mike Carroll
Dan Wood
Bart Philemon
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:
www.highlandspacific.com
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 assets are the US$1.5bn Ramu nickel cobalt project and the Frieda copper gold project; with exploration in progress on the Star Mountains (Nong River, Mt Scorpion, Munbil and Tifalmin) licenses approximately 20km north of the Ok Tedi mine. Highlands also has exploration tenements at Muller Range on the border of the Western and Southern Highlands Provinces and on Normanby Island (Sewa Bay).
The Star Mountains exploration tenements, which include Nong River EL1312, Mt Scorpion EL1781, Munbil EL2001 and Tifalmin EL1392, are located approximately 20km north of the Ok Tedi mine, in the West Sepik 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 deposit.
Ramu Nickel Cobalt Mine
The Ramu nickel mine is located 75km west of the provincial capital of
Madang, PNG. Highlands 8.56% interest in Ramu will increase to
11.3% at no cost to Highlands after repayment of its share of the project debt (estimated to paid by 2018). 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 Glencore Xstrata (manager) 72% and Highlands Pacific 28%.
* 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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