April 19, 2012 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper") is pleased to provide an update on the hearing of the House of Representatives Subcommittee on National Parks, Forests and Public Lands held in Washington, DC on April 17th to hear testimony on the H.R. 4039, the Yerington Land Conveyance and Sustainable Development Act.
Congressman Mark Amodei of Nevada who introduced this bill to the House of Representatives on February 16, 2012 testified at the hearing. Testimony in support was also heard from George Dini, Mayor of Yerington, and Tim Dyhr, Nevada Copper's Vice President, Environment and External Relations. Letters of support were also entered into the record from the Lyon County Commissioners and numerous other public groups in Lyon County. There was no testimony in opposition.
The Bureau of Land Management also testified. They acknowledged the benefits of the bill to Yerington and Lyon County and offered to work with the bill's sponsor and the Subcommittee on the bill.
Congressman Amodei stated: "I'm encouraged that the official from the Bureau of Land Management articulated no substantive objections and I want to thank the BLM Carson City District Office for their contributions to this matter". A link to Congressman Amodei's press release on this hearing is below and a full copy is also attached at the end of this news release:
Tim Dyhr stated: "We are pleased that Congressman Amodei is championing this bill, and with the help of colleagues, Congresswoman Berkley and Congressman Heck, planning to pass it out of committee to the floor of the House for passage. We expect that with no issues associated with this conveyance, it should move through the House by June."
The City and Nevada Copper also continue to work with Senator Reid and Senator Heller to move the Senate companion bill, S. 2228, through the U.S. Senate.
"We are working very closely with both Senators' staffs to address the standard procedural and technical aspects that must be addressed to successfully pass this type of bill in the Senate." Dyhr said.
There are no identified natural resources values that would be affected by the land conveyance, no conflicts with special management status areas identified in the BLM Resource Management Plan, nor any land use conflicts or effects to prime agricultural farmland in Mason Valley.
About Nevada Copper
Nevada Copper has 72.8 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
IMMEDIATE RELEASE Contact: Brian Baluta, 202-225-6155
Amodei statement on Yerington bill hearing
WASHINGTON, D.C. - Congressman Mark Amodei (NV-2) issued the following statement regarding today's legislative hearing for H.R. 4039, the Yerington Land Conveyance and Sustainable Development Act.
"I'm pleased with the positive bipartisan reception the Yerington bill received today and commend Mayor George Dini, as well as Tim Dyhr from Nevada Copper, for testifying on the importance of this plan to the economy of Northern Nevada.
"The hearing proved the Dini name is still magic, as members from both sides of the aisle praised Speaker Emeritus of the Nevada Assembly Joe Dini.
"I'm encouraged that the official from the Bureau of Land Management (BLM) articulated no substantive objections and I want to thank the BLM Carson City District Office for their contributions to this matter. I also appreciate the consideration of our neighbors in Arizona and California - Ranking Member Grijalva and Rep. Garamendi.
"We will continue to work with Chairmen Bishop and Hastings to pass the bill out of the Natural Resources Committee. And I plan to visit with Reps. Berkley and Heck, as well as Senator Heller this week to push for final passage in the House and Senate."
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Brian L. Baluta