Highland Resources Announces Termination Of Letter Of Intent
Vancouver, September 27, 2007. Highland Resources Inc. ("Highland" or the "Company") (TSXV: HI.P), announces that the Letter of Intent dated May 24, 2007 with PJV Resources Inc. ("PJV"), Planet Gas Limited ("Planet") (ASX: PGS), an Australian Stock Exchange-listed company, and USCBM Joint Venture Co. Inc., a wholly-owned subsidiary of Planet, ("USCBM") has been terminated.
The Letter of Intent contemplated the entering into a joint venture and option arrangement over USCBM's coal bed methane assets located in the Powder River Basin and Cherokee Basin in the United States and a business combination transaction (the "Transaction").
The parties agreed that, as a result of adverse market conditions, it is not in their best interests to complete the Transaction.
Highland is a Canadian Capital Pool Company (as defined by the TSX-V Policy 2.4) which was incorporated on June 7, 2006. Its principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction for the purposes of satisfying the listing requirements of the Canadian TSX-V.
The Transaction was supposed to constitute a qualifying transaction as defined by Policy 2.4 of
the TSX Venture Exchange. The Company will use its resources to find and evaluate other
businesses in view of completing a qualifying transaction.
For further information please contact:
President and Chief Executive Officer
The TSX-V has in no way passed upon the merits of the Transaction or the Financing and has neither approved nor disapproved the contents of this press release.