NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMENATION IN THE UNITED STATES
April 27, 2010 -- Nevada Copper Corp. (TSX: NCU) ("Nevada Copper") is pleased to announce that it has closed its previously announced bought-deal private placement of 7,762,500 common shares (which includes the exercise in full of the over-allotment option) at a purchase price of $3.05 per common share for aggregate gross proceeds to Nevada Copper of $23,675,625 (the "Offering"). The Offering was underwritten by a syndicate of underwriters led by Macquarie Capital Markets Canada Ltd. and including Scotia Capital Inc.
All securities issued in connection with the Offering are subject to a four month hold period expiring August 28, 2010. The net proceeds from the Offering will be used to fund the continued development of the Pumpkin Hollow Property and for general working capital purposes.
Mr. Bonifacio, President and CEO of Nevada Copper commented, "We are extremely pleased with the interest shown in the financing which was significantly oversubscribed. We are now fully funded well into 2011 and look forward to the Prefeasibility results expected in the 3rd quarter followed by the commencement of Definitive Feasibility."
This press release is not an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent an applicable exemption from U.S. registration requirements.
About Nevada Copper
Nevada Copper will have 53.1 million shares outstanding upon completion of the Offering and is well funded with CDN$28 million in cash.
Nevada Copper is an emerging copper company, responsibly developing its advanced stage Pumpkin Hollow copper-gold-silver-iron property into Nevada's next copper mine. Concurrent with a resource delineation drilling program, metallurgical, geotechnical, hydrological, and environmental baseline data are being collected and processed for inclusion in a Pre-Feasibility Study currently in progress and scheduled for completion by the third quarter.
To date over 530 drill holes containing in excess of 223,000 meters of drilling have been incorporated into the resource database.
In December 2009, Nevada Copper updated its National Instrument 43-101 Preliminary Economic Assessment ("PEA") for its 100% owned Pumpkin Hollow IOGC Property in Nevada which incorporated a High Grade Case. This is an update to the PEA results published on March 17, 2008 both of which are available on Nevada Copper's website.
The Pumpkin Hollow drilling program is under the supervision of Gregory French, CPG #10708, a Qualified Person as defined in Canadian National Instrument 43-101, who is responsible for the preparation and has reviewed the technical information in this news release. All assaying and whole rock geochemistry is processed at the American Assay Laboratories (AAL) in Reno, Nevada. Samples are delivered from the project core logging facility to AAL by Nevada Copper or AAL personnel. A Quality Assurance and Quality Control Assay Protocol have been implemented whereby blanks and standards are inserted into the assay stream and check samples are sent to Chemex-Reno and Inspectorate-Reno laboratories.
For additional information about Nevada Copper please visit our website at www.nevadacopper.com.
NEVADA COPPER CORP.
Giulio T. Bonifacio
President & CEO
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Although Nevada Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. Mineral resources that are not mineral reserves do not have demonstrated economic viability. For more information on Nevada Copper and the risks and challenges of its business, investors should review Nevada Copper's annual filings that are available at www.sedar.com
For further information call:
Eugene Toffolo, Corporate Communications
Giulio T. Bonifacio, President & CEO