December 21, 2012 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper") is pleased to announce that Senator Harry Reid and Senator Dean Heller have introduced the Lyon County Economic Development and Conservation Act into the U.S. Senate.
This legislation incorporates the Yerington Land Conveyance and Sustainable Development Act, in its original form that was introduced in both the U.S. House of Representatives and the U.S. Senate earlier this year. That bill was passed by the House in June 2012 and the Senate bill was pending a hearing.
Timothy M. Dyhr, Vice President, Environment and External Relations, commented, "We are very pleased that this revised bill has now been introduced and can be acted upon at any time. There are several critical bills being considered in the lame duck session of Congress, and high priority actions like this are often combined for passage before Congress adjourns."
The primary difference between this bill and the previous bill was the inclusion of a wilderness component, referred to as Wovoka, approximately 20 miles from Pumpkin Hollow. Local wilderness advocates, with support from state and national wilderness groups, and from Senator Reid, have sought wilderness designation here for over five years. This time Senator Reid asked local stakeholders, including Lyon County and City of Yerington, to develop a compromise proposal with local input and support so that this matter could finally be resolved.
Lyon County, the City of Yerington and Nevada Copper have worked intensely over the past three months to develop a compromise that designates a compromise wilderness area, yet protected existing grazing, public access, mining uses as well as priority needs for the area.
Senator Reid and Heller have issued a joint press release in support of the combined bill:
Senator Harry Reid stated: "My father was a miner. I've worked in the mines. I know how important mining has always been for the state of Nevada, and for the first time in a long time Yerington is going to benefit from mining, I am very happy to be part of this legislation which will create lots of jobs in Lyon county, which are so desperately needed. This bill also designates the Wovoka wilderness area, a place with special cultural and natural resources that are worthy of a high level of protection so future generations can continue enjoying them. It's a bill that's going to meet the needs of modern day Nevada."
Senator Dean Heller stated; "Lyon County has the highest unemployment rate in the state and this legislation will bring more than 800 jobs to the area. Mining is a critical component of Nevada's economy and we are fortunate to have resources in our own backyard for economic development. This legislation is the result of the hard work of Lyon County, Yerington, and all the local residents who came together to get the deal done. There is no doubt that this bill will provide some much-needed relief at a time when Nevadans are desperate for jobs.".
Nevada Copper looks forward to passage of this bill. However, as previously stated, the company continues to work toward receipt of State permits by the end of the first quarter of 2013. Nevada permit applications were submitted in July 2012 for both a Stand-Alone High Grade Underground mine and mill located entirely on private land; and, Integrated Operation and single process facility. Nevada Division of Environmental Protection recently met with Nevada Copper to review the proposed project and has provided its technical comments on the Water Pollution Control Permit. Responses to those comments will be submitted in mid-January 2013.
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, 2012. 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., MBA|
Executive Vice President & CFO