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Highlands Pacific Ltd.

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Summary

Project:

Frieda River

Deposit:Frieda River
Location:Papua New Guinea
Commodities:Copper-Gold
Date:4/6/2017
Report Code:JORC
Report Type:Feasibility Study
Project Stage:Pursuing Environmental Approval
Report details:6-4-2017: Highlands Pacific Ltd. announces a Feasibility Study report for its Frieda River deposit at the Frieda River project. JV with PanAust Ltd. - Clarification of Feasibility Study in January 2017 Addendum. Highlands Pacific Limited (ASX: HIG) has re
Resources:(Reserve, P+P): 686Mt @ 0.5% Cu, 0.28g/t Au for HITEK deposit
CP/QP:[Overall Report]: n/a (n/a)
ABSTRACT:Highlands Pacific Limited (ASX: HIG) has received the final report from mining industry consultant Behre Dolbear Australia Pty Ltd (BDA), which conducted an independent peer review of the Frieda River Feasibility Study and Addendum documentation prepared by Frieda River project manager PanAust Ltd. PanAust, a wholly owned subsidiary of Chinese Government owned Guangdong Rising Assets Management Co Ltd (GRAM), released its initial Frieda River Feasibility Study in May 2016 (See Highlands Pacific ASX announcement "Frieda Study Received, 19 May 2016). BDA subsequently conducted a peer review which made reference to a number of shortcomings and omissions in the Feasibility Study (See see ASX release entitled "Frieda River Feasibility Study Review Received", released on 19 January 2017.). GRAM/PanAust then carried out additional work the results of which were released in an Addendum. (See ASX release of 3 March 2017 entitled "Frieda River Feasibility report Addendum (January 2017)". The final BDA report, which is not binding on the parties, concludes that the Feasibility Study and January 2017 Addendum update work together provide a study of a standard that could be provided to lenders for consideration of finance. Highlands Pacific remains of the view that while the Frieda River project is a valuable asset with the potential to generate significant returns for investors, the study still does not meet the standards required by the joint venture agreement and is therefore incomplete in a number of key areas. In its ASX release of 3 March 2017, Highlands provided a summary of the Addendum. Highlands also provided an update on Mineral Resources and Ore Reserves in an ASX announcement released on 24 March 2017, entitled "Frieda River Resource and Reserve Update - March 2017". The information on the following pages is provided for completeness and has been extracted from the January 2017 Addendum.

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