Highland Copper Company Inc. announced that it has completed a transaction with Osisko Gold Royalties Ltd. ("Osisko"), including a CAD 10 million secured loan which upon Highland completing its acquisition of the White Pine North project, will be exchanged for a 3% sliding-scale NSR royalty on all metals from that project. Highland has also granted to Osisko an option to purchase for USD 26 million any future silver production from the Company's projects, including White Pine and Copperwood (the "Michigan Projects"). Part of the proceeds of the loan have been used to reimburse the USD 7 million promissory note and accrued interest due to Orvana Minerals Corp. for the acquisition of the Copperwood project, and the balance will be used for general corporate purposes.

Highland has signed an agreement mandating RMB Resources to arrange a USD 20 million loan facility ("Facility") for Highland. RMB is the resource merchant banking division of the FirstRand Group of South Africa. The Facility would be for a term of 36 months at LIBOR plus 5.0% per annum. It is expected that the security interests to be granted to RMB would rank pari passu with the securities granted to Osisko. RMB has completed its initial due diligence and the proposed Facility is expected to close in early February 2015, subject to customary requirements for senior debt facilities, including final approval by RMB's investment committee. The purpose of the Facility is to provide the Company with interim financing to advance the evaluation and development of the Company's Michigan Projects, including pre-feasibility study, feasibility, permitting, and for general corporate purposes.

The company held its 2014 annual meeting of shareholders on December 9, 2014. David Fennell, James Crombie, Adrian Fleming, John L. Johnson, Allen Winters and Jo Mark Zurel were re-elected as directors of the Company. Robert Eadie did not stand for re-election as a director of the Company. The company also announced the appointment of Mr. Carlos Bertoni as Executive Vice President, Project Development. Mr. Bertoni is a Professional Geoscientist and a seasoned mining industry executive with over 30 years of experience. A M.Sc. graduate of Queen's University, Mr. Bertoni has been acting as project manager of Highland since 2013. Dr. Ross Grunwald has recently retired as VP Exploration for Highland but will continue to provide consulting services. The Company would like to recognize Mr. Grunwald's contribution to the Company over the last few years.