February 27, 2012 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper") The Board of Directors of Nevada Copper is very pleased to announce the appointment of Mr. Victor Bradley to its Board of Directors. Mr. Bradley is a Chartered Accountant with more than 40 years of experience in the mining industry, including 15 years with Cominco Ltd. and McIntyre Mines Ltd. in a wide variety of senior financial positions from Corporate Controller to Chief Financial Officer. Over the past 25 years Mr. Bradley has founded, financed and operated several mining and advanced stage exploration and development companies.
In March 1994, Mr. Bradley founded Yamana Gold Inc. (formerly "Yamana Resources Inc.") collectively "Yamana". Mr. Bradley served as its President and CEO until July 2003. By 2001, Yamana had discovered, developed, financed and put into production the high grade Mina Martha silver mine located in southern Patagonia, Argentina. Mr. Bradley negotiated and consummated the reverse takeover of Yamana by Santa Elina Mines of Brazil in the first half of 2003 and then moved, in July 2003, to serve as Chairman of the Board and subsequently Lead Director until May 2008. As Chairman, Mr. Bradley helped guide Yamana through the acquisition of Santa Elina's gold assets, including a producing gold mine bought from CVRD and five other significant corporate acquisitions, including Desert Sun, Meridian, Northern Orion and Viceroy. By 2008, Yamana had grown into an intermediate gold producer. Going forward, continuing growth saw Yamana reach an annual rate of gold production of over 1,000,000 ounces by late 2011. Additionally, copper production commenced in early 2007 and annual production was about 135 million pounds per year for the next 5 years. During his time with Yamana, Mr. Bradley participated in many equity and debt financings. Today, Yamana has a current market capitalization of approximately $13 billion.
Since November 2006 Mr. Bradley has been Chairman of Osisko Mining Corp, one of Canada's modern mining success stories. Osisko's Canadian Malartic mine is now on track to produce more than 600,000 ounces of gold per year for its first 5 years of mine life. Osisko arranged project financing of greater than $1 billion in debt and equity in 2009 for the Canadian Malartic mine and has a current market capitalization of approximately $5 billion.
Mr. Giulio Bonifacio, President & CEO commented, "On behalf of Nevada Copper's Board of Directors, we welcome Vic to our team. Vic's extensive background in leadership positions will prove invaluable to Nevada Copper at our advanced stage of development, as we move the Pumpkin Hollow copper project towards construction. Vic will bring his many years of mining industry experience, his wide knowledge of the industry and his many contacts to assist Nevada Copper as we move forward."
Other Business Developments
On February 16, 2012, Nevada Copper launched its project website (www.pumpkinhollowcopper.com). This website is intended to augment the corporate website (www.nevadacopper.com) that serves the investment community. The project website is focused on the local and regional community. Both the corporate and project websites will be linked.
The project website provides more detail on the history of the project, on the activities that are taking place and upcoming plans. It will regularly update the community on the way the project is being designed to protect the environment, on the status of permits, construction on the Advanced Exploration shaft and on the people working on the project.
Following release of its Feasibility Study results on January 23, 2012, Nevada Copper is actively pursuing permits for a 67,500 tons/day integrated open-pit and underground copper operation. Nevada Copper has already commenced shaft sinking operations (see February 21, 2012 News Release). Now that the Feasibility Study has been published, discussions on project funding arrangements for the integrated open-pit and underground copper operation are currently underway.
An updated feasibility study will be released by Q3-2012 to incorporate positive results of the 50,000 meter drilling program conducted since October 2010. The related mineral resources, reserves and pit designs will be updated. Also the benefits of magnetite recovery and sales from the iron magnetite resource will also be evaluated. These updates to the feasibility study are expected to further improve the already-robust project economics.
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:
Toll free: 1-877-648-8266
|Robert McKnight, P.Eng.|
Executive Vice President