Highland Terminates Proposed Qualifying Transaction
Vancouver, British Columbia -- Highland Resources Inc. ("Highland") announces that it has terminated its proposed qualifying transaction to acquire all of the outstanding shares of Canadian Prospector Inc. (the "Target") (see Highland's May 7, 2008 news release). The parties were unable to conclude a definitive agreement by the May 20, 2008 deadline stipulated in the letter of intent between Highland and the Target. The qualifying transaction has been terminated with no further obligation on either party. No funds were advanced by Highland to the Target.
The Company will not proceed with the related $2 million private placement.
Highland is a capital pool company and is aggressively pursuing an acquisition in either the resource or non-resource sector to constitute its Qualifying Transaction as such term is defined in the policies of the TSX Venture Exchange.
ON BEHALF OF THE BOARD
Signed "Robert Eadie"
Robert Eadie, Chief Executive Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Contact: Robert Eadie