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Quarterly Activities Report - for the period ended 31 March 2011

HIGHLIGHTS

Frieda Copper Gold Project (18.18%)
- 79% increase in resource tonnage for the Horse-Ivaal-Trukai deposit with 58% now classified as Measured and Indicated Mineral Resource category (full release on 9 February 2011). Further final feasibility study resource update to be released in September quarter 2011.
- Pre-feasibility Study completed and released on 12 November 2010. Multi decade life mine with output averaging 246,000tpa copper and 379,000ozs pa gold in the first eight years with C1 cash costs of US43 c/lb for the same period (assuming US$1,000/oz for gold).
- Operator and Manager, Xstrata, committed US$122m for the Feasibility Study which is targeted to be completed by January 2012.
- US$28.8m expenditure for the quarter with Highlands free carried.
- 8,318m drilled for the March quarter (59,400m since January 2010).

Ramu Nickel (8.56% with potential to move to 20.55%)
- US$1.5bn 31,150tpa project fully funded with no recourse to Highlands.
- Operation ready for ore commissioning subject to positive outcome of DSTP court trial judgement due on 23 May 2011.

Exploration
- Drilling underway at the Star Mountain area (Tifalmin EL 1392 and Nong River EL 1312) with current focus on the Olgal prospect. Rig capacity to be increased from one to three diamond drill rigs.
- Currently drilling hole eight with intersections from the first six holes released on 22 March 2011. First hole reached 302m (over 200m of copper gold mineralisation with assay results released on 14 December 2010) while second hole reached 500m (nearly all mineralised, assay results released on 18 January 2011).
- LIDAR survey completed during December 2011 and data received during the March 2011 quarter.
- 2011 program to drill a further 14 holes for 6,000m.

Corporate:
- Cash reserves at the end of the quarter of US$18 million (or AU$17 million).
- Highlands included in the S&P/ASX 300 at the March 2011 quarterly rebalance.


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