April 28, 2011 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper") is pleased to provide an update on the progress of its Definitive Feasibility Study ("DFS"). The DFS is progressing well on detailed mine process plant design and capital and operating cost estimates. General surface layouts are largely complete with the locations of Phase 1 and 2 process plants, underground shaft facilities along with the ultimate pit outlines, waste rock and dry stack tailings storage facility ("TSF") areas, as well as conveyor connections. The DFS is being prepared by Tetra Tech and targeted for completion by June 30, 2011.
Nevada Copper has engaged Merit Consultants International Inc. ("Merit"- See below) to provide pre-construction services in support of rapid advancement of the Project. Merit focuses on mine construction management and has extensive worldwide experience in this specialty, including shaft sinking. Initially, their work will concentrate on the critical shaft sinking activity, and include:
- Preparing a request for proposals ("RFP") for the advanced exploration, underground development work including the review and analysis as well as award recommendation;
- Identify and coordinate with a head frame consultant for the identification of a permanent hoist;
- Working with the selected underground contractor to set up the work program and prepare for construction as early as possible;
- Review design drawings for constructability for the head frame and winch buildings;
- Other work including concrete and QA/QC specifications and supply; and,
- Establish a cost control system that will take the DFS costs and convert them to a workable budget for site use in reporting costs.
Merit will also review the DFS capital cost estimates and develop a detailed project implementation timeline including key project milestones. Additionally, Merit may assist Nevada Copper in developing a RFP for the design of the Phase 1-8,000 tons per day processing plant as well as the procurement of the required capital equipment.
The Whittle open pit mine designs are complete. Work continues on location of the in-pit crusher, truck haul profiles and productivities. On the Phase 1 underground mine and mill on private lands, detailed mine designs are underway that incorporate rock mechanics information and backfill design. Testing of paste backfill sample mixtures and strengths is ongoing. Paste backfill plant locations and delivery systems are well advanced. Mine equipment selection, including capital and operating costs is underway.
Shaft diameters, depth, initial geotechnical ground support requirements have been determined. Quantity take-offs for the shaft construction are approximately 90% complete. Equipment selection for shaft construction has also begun. Selection of a hoist will start with an assessment of the availability of used hoist equipment, timelines for the supply of new equipment, and an evaluation of options to establish a temporary hoist and head frame, or a permanent production hoist and head frame.
Crushing and grinding test work has been completed and design criteria are being established with equipment selection underway. Wardrop Engineers, a TetraTech subsidiary, is providing process design services for the DFS.
Civil, Surface Geotechnical and Tailings
Preliminary layouts of the TSF for the Phase 1 underground and the Phase 2 open pit developments have been prepared. The combined Phase 1 and Phase 2 TSF footprint has been sized to store 400 metric tonnes of tailings. Geotechnical laboratory testing of tailings samples is currently in progress. Laboratory test results will be used to refine stability analyses for the TSF and for water flow modeling. TSF layouts will form the basis to develop the conveyor tailings delivery system.
Giulio Bonifacio, President & CEO of Nevada Copper, commented, "Our Definitive Feasibility Study is advancing on schedule and we are very pleased to have engaged Merit whose experience in construction management will prove invaluable. Nevada Copper has also identified a number of very qualified applicants that will provide mine development and construction experience who along with that with Merit will provide Nevada Copper with the capabilities to advance the Project quickly and meet our development timelines."
Since 1983, Merit has been providing Project and Construction Management services. Merit has worked with clients in the mining and resource industry worldwide, successfully participating in projects in the USA, Canada, Australia, China, Turkey, Philippines, Papua New Guinea, Chile, Guyana, Myanmar, Peru and Portugal. Merit acts as an extension of the development team and assists in the selection and co-ordination of resources best suited to a particular project. Merit is not directly involved in engineering, manufacturing or construction businesses, which enables project decisions to be focused and unbiased.
The Pumpkin Hollow project is under the supervision of Gregory French, CPG #10708. Mr. Robert McKnight, P.Eng., and Mr. French are both Qualified Persons as defined in Canadian National Instrument 43-101 and are responsible for the preparation of the technical information in this news release.
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 and information that may contain forward-looking information within the meaning of applicable Canadian securities laws. All statements in this new release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning: Nevada Copper's ("the Company") plans at the Pumpkin Hollow Project; the timing of granting of key permits, timing of delivery of key technical reports such as the Definitive Feasibility Study, estimated metal production and the timing thereof; and any capital and operating and cash flow estimates. Forward-looking statements or information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", anticipated ", "is targeted", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information include, but are not limited to, statements or information with respect to known or unknown risks, uncertainties and other factors which may cause the actual industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to: history of losses; requirements for additional capital; dilution; loss of its material properties; interest rates increase; global economy; no history of production; future metals price fluctuations, speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labour disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; legal and regulatory proceedings and community actions; title matters; regulatory restrictions; permitting and licensing; volatility of the market price of Common Shares; insurance; competition; hedging activities; currency fluctuations; loss of key employees; as well as those factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form dated September 24, 2010. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law, and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada. 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|
Toll free: 1-877-648-8266
|Robert McKnight, P.Eng.|
Executive Vice President