June 5, 2012 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper") is pleased to provide an update on applications for permits required for the integrated open pit and underground mining operations at the Pumpkin Hollow Copper Project located in Nevada.
Nevada Copper has been advancing both State permitting documentation and, in parallel, land conveyance legislation, the Yerington Land Conveyance and Sustainable Development Act ("the Bill" or "Land Conveyance"). The Bill contemplates acquisition by the City of Yerington of a block of Federal lands surrounding Pumpkin Hollow (refer to New Releases dated February 16, 2012 and March 26, 2012).
The permitting process leading to the issuance of Nevada State permits that allow for Pumpkin Hollow mine operations is proceeding on schedule. There has been no water use, environmental, or cultural issues identified, nor any land use conflicts that would interfere with the issuance of these permits. This has resulted in a tremendous level of support for the Project at the City, County and State level.
As outlined in more detail below, this process is expected to result in the issuance of State permits for mine operations by Q1-2013 for a Phase 1 underground stand-alone operation and, if the Land Conveyance is successful, State permits for the integrated underground and open pit operation.
At present, Nevada Copper holds three permits from the State of Nevada. These allow for the construction of a 24-foot diameter, 2,200-foot deep shaft, underground exploration and mining of ore for test purposes, as well as surface drilling. See link http://www.pumpkinhollowcopper.com/mine-community/category/shaft-progress/ for development photos to date.
The construction of this shaft has started with delivery of a production hoist, shaft collar, and head-frame steel erection expected over the next few months.
Completion and submission of mine development permit application documents to the Nevada agencies is expected in June 2012. These applications would modify our existing permits to provide for future mine operations at Pumpkin Hollow. The operations contemplated could be either of:
- A first Phase 6,000 to 7,500 ton per day underground mine operation developed on the high grade Eastern deposits. This would be located entirely on patented claims and, with State-only permits, would not rely on a successful land conveyance.
- A large 67,500 tons per day integrated open pit and underground operation, as described in the January 2012 Feasibility Study. At the present time, this operation would require Federal permits since some of the required land is on our mining claims on federal land. However with a successful land conveyance, all permits would be received from the State and no Federal permits would be required.
"Submission of permitting documents in June will put us on track to receive all necessary state and local permits in the first quarter of 2013", stated Timothy M. Dyhr, Vice President of Environment and External Relations."Regardless of the permitting process, Nevada Copper would build and operate the mine to the same environmental standards. We continue to work closely with government officials and local stakeholders to address all aspects of environmental protection for the mine."
Land Conveyance Bill
Nevada Copper is very pleased with the progress of the Bill in the House and Senate. Nevada Copper continues to support the City of Yerington proposal, as outlined in the land conveyance bill, to acquire Federal land in and around Pumpkin Hollow. The City and Nevada Copper are in regular communication with the Nevada Congressional delegation to meet all technical and procedural aspects of the legislative process to assure its passage.
As previously mentioned, the Bill has been introduced in both the U.S. House of Representatives and U.S. Senate of Congress. A hearing has already been held in the relevant House subcommittee, and the City understands that the Nevada Congressional Delegation is preparing sufficient information to schedule a similar hearing in the Senate this summer. It continues to be high priority for passage to expedite economic recovery in Lyon County, a county with the highest unemployment rate in the country, with little effect to federal lands or natural resources. The 10,300 acres proposed for transfer represents 1% of the 845,000 acres of federal land held in Lyon County.
Congressman Mark Amodei of Nevada recently stated in an April 17 press release (attached) that: "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"
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