April 10, 2012 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper") is pleased to announce continued positive step-out drill results from its 100% owned Pumpkin Hollow Property located near Yerington, Nevada, and, an update on progress of the City of Yerington land acquisition bill through the House and Senate.
The holes reported below represent results from the 50,000 meter step-out and expansion drilling program. To date we have drilled 73 holes totaling 37,000 meters with additional drill results to be released as they become available. Three exploration drill rigs are currently active at the Pumpkin Hollow project.
The results reported below represent the latest holes drilled in the open-pittable Western deposits: five holes drilled on the edges of the North deposit and two holes between the North and South deposit. The holes have intersected new mineralization within or just outside the outside the current NI 43-101 Feasibility Study ultimate pit limits. The current holes, along with the holes drilled since October 2010, will be incorporated into an updated mineral resource that will be released in Q3 2012 followed by an updated mineral reserve that will be incorporated into an updated feasibility study discussed below.
Drilling along the southwest edge of the North deposit, NC11-51 intersected mineralization at the boundary of the current designed pit, several zones were intersected, the largest zone, 470 feet (143.2 meters), 407 feet (124.0 meters) true thickness, grading 0.73% copper. Additional step out drilling continues in this area where the mineralized zones remain open in several directions.
NC11-47 was drilled in the northeast sector of the North deposit were multiple zones of mineralization were intersected. The mineralized zones are both outside, and within, the present ultimate pit limit. Mineralization along the northeast border remains open and follow up drilling is in progress.
NC11-41, 42, and 46 targeted the mineralization along the southeastern portion of the North Deposit. Mineralization continues to be intersected. Drilling continues to extend and confirm the continuity of mineralization along the southern border of the North deposit.
Drilling continues to intersect mineralization between the North and South deposits. NC11-40 and NC11-45 intersected mineralization. NC11-40 intersected, 191 feet (58.2 meters), 146.3 feet (44.6 meters) true thickness, grading 0.25% copper. The mineralization remains open and additional drilling is planned.
Gregory French, Vice President, Senior Project Manager, commented, " Drilling continues to focus on expanding mineralization along the edges of the open pit deposits as well as mineralization found between the two pits. In addition to intersecting mineralization just outside the current Feasibility Study pit limits, new mineralization has been discovered within the pit boundaries converting areas originally modeled as waste. We believe the continued success of the expansion drilling suggests that the North and South pits will eventually merge, with positive implications for lowering strip ratios, improving overall mining efficiencies and lowering costs."
NORTH DEPOSIT - Assays greater than 0.15% Cu
|Drill Hole #||From||To||Length||Length||True Length||Copper||Gold||Silver||Mo|
BETWEEN NORTH & SOUTH DEPOSITS - Assays greater than 0.15% Cu
|Drill Hole #||From||To||Length||Length||True Length||Copper||Gold||Silver||Mo|
A cross section and a plan maps with the respective drill locations will be made available at http://www.nevadacopper.com/site/assets/files/5545/2012-04-10_nr-media.pdf.
The Pumpkin Hollow drilling program is under the supervision of Gregory French, CPG #10708, and a Qualified Person as defined in Canadian National Instrument 43-101, who is responsible for the preparation of 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.
City of Yerington Land Acquisition Bill Progress
Nevada Copper is also very pleased to report that the House of Representatives has scheduled a hearing date of the Subcommittee on National Parks, Forests and Public Lands on Tuesday April 17, 2012 to consider House Bill H.R. 4039, "Yerington Land Conveyance and Sustainable Development Act". This bill was sponsored by Congressman Mark Amodei of Nevada (see February 16, 2012 News Release).
This legislation would convey approximately 10,300 acres of the BLM-administered Federal Lands to the City in order to develop a multiple use economic development, mining, industrial, recreational and open space area. The Federal Lands are interspersed with, and adjacent to, the 1,560 acres of Nevada Copper private patented lands in the proposed mine area. The City of Yerington would be the municipal entity to take title from the federal government. The City would subsequently enter into development agreements with businesses, including Nevada Copper, to develop mining, industrial and commercial businesses. The City would also facilitate development of recreational uses and facilities.
About Nevada Copper
Nevada Copper has 73 million shares outstanding and is well funded with no debt and approximately $60 million in cash.
Nevada Copper has filed a National Instrument 43-101 Technical Report-Feasibility Study for the Pumpkin Hollow Copper project on SEDAR (www.sedar.com). An updated feasibility study, targeted to be released later this year, will incorporate the benefits of both magnetite recovery and sales from the project's significant iron magnetite resource in addition to all drilling results received since October 2010. The current drilling program will be incorporated into an updated mineral resource, mineral reserve and related mining plans. The dual benefits of the iron resource and results from the current drilling program are expected to have a further positive impact on project economics.
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 news release, other than statements of historical facts, including the likelihood of commercial mining, securing as strategic partner, expanding the mineral resources and reserves and possible future financings are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements concerning: Nevada Copper Corp. (the "Company") plans at the Pumpkin Hollow Project; the timing of granting of key permits; from the Feasibility Study: the estimated metal production and the timing thereof; capital and operating costs, future metal prices and cash flow estimates derived from the foregoing.
Forward-looking statements or information relate to future events and future performance and include statements regarding the expectations and beliefs of management and include, but are not limited to, statements with respect to the estimation of mineral resources and reserves, the realization of mineral resources and reserve estimates, the timing and amount of estimated future production, capital costs, costs of production, capital expenditures, success of mining operations, environmental risks and other mining related matters. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "potential", "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; labor disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates may differ from what is indicated and the difference may be material; legal and regulatory proceedings and community actions; accidents, 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; other risks of the mining industry as well as those factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form dated September 26, 2011. 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. 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. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that could cause results not to be as anticipated, estimated or intended. 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.
The Company provides no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
For further information call:
VP, Investor Relations & Communications
Toll free: 1-877-648-8266
|Robert McKnight, P.Eng.|
Executive Vice President