June 25, 2013 - Nevada Copper Corp. (TSX: NCU) ("Nevada Copper" or "Company") is extremely pleased to announce receipt of its Special Use Permit from Lyon County on June 11, 2013. We also provide an update on the permits and Lyon County Economic Development and Conservation Act ("Land Bill") for its 100% owned Pumpkin Hollow Property located near Yerington, Nevada.
Status of State and Local Permits
On June 20, 2013, the Lyon County Commission unanimously approved the County Special Use Permit for the Stage 1 underground project, also referred to as the Private Land Underground Mine ("PLUM"). This was following a unanimous, 7-0 vote, by the Lyon County Planning Commission on June 11, 2013 recommending approval.
Approval of the Special Use Permit is considered an extremely critical milestone and confirms that there is overwhelming local support for the project. It also assists Nevada state regulators to complete their review in a timely manner. In many cases, local opposition requires the state regulators to take much longer to adequately address local concerns. Nevada Copper believes that the local support has and will continue to expedite completion of the Water Pollution Control and Air Pollution Control permits.
The Nevada Division of Environmental Protection ("NDEP") previously issued the reclamation permit for the project (see June 10, 2013 New Release) without receipt of any comments. NDEP is now in the process of finalizing the Water Pollution Control Permit and Class II (minor source) Air Pollution Control Permit. Both these permits are being finalized and will begin their 30-day public notice period shortly with both permits expected by early August 2013.
Giulio Bonifacio, President & CEO stated: "We are extremely pleased with the nature in which we continue to advance the project with significant developments on the state permitting front which will allow us to commence construction and achieve commercial production in 2015 of our Stage 1 underground operation. We are also very pleased with the developments on the Land Bill which will allow us to then move forward with a much larger Stage 2 open pit operation."
The Senate Committee on Energy and Natural Resources passed the Lyon County Economic Development and Conservation Act (S. 159 or "Land Bill") on June 18, 2013. It passed amongst 11 other bills that were voted on "en bloc" that were designated as non-controversial with no objections or debate.
The Land Bill would convey approximately 10,400 acres of land to the City of Yerington, placing the entire Pumpkin Hollow project under local and Nevada state oversight. Combined with Nevada Copper's 1,500 acres of private land, the bill would provide approximately 11,900 acres total for mine development; power, water and road infrastructure that in turn would provide the City with lands for ancillary commercial and industrial development; and, it would facilitate development of a nationally marketable recreational complex envisioned by the City and Lyon County.
When asked about the Special Use Permit and Land Bill, Lyon County Commissioner Virgil Arellano, stated: "The County Commission has done its part to move this project forward. Our County is desperate and hurting. We just laid off eleven more people last week -- friends and neighbors. Though the underground project is welcomed, the larger open pit project is critical and necessary for Lyon County to survive. We have 52,000 residents looking at Pumpkin Hollow hoping, praying and waiting for passage of the bill. Congress needs to pass this bill."
The full, integrated underground and open pit operation that would be facilitated by the Land Bill will triple the size of the project in terms of capital investment from $330 million to over $1 billion, more than doubles the long term workforce from 430 to over 900, and increases local property and other tax revenues from $6-8 million to approximately $20 million per year. No other land bill in Congress can claim those types of economic benefits over approximately a 20year period.
Tim Dyhr, Vice-President of Environment and External Relations for Nevada Copper, stated: "This bill reflects the level of effort by local leaders and by Majority Leader Reid (D-Nev.) and Senator Heller (R-Nev.) to craft a comprehensive and balanced U.S. Senate bill that has bi-partisan support. It would facilitate one of the most compelling sustainable development opportunities for a mine project in the world. We continue to be encouraged by progress on the land bill. We want to thank the Nevada Congressional delegation for working so hard on this bill."
The Land Bill now must be passed by the full Senate. In the House, the identical companion bill, H.R. 696, must be passed by the House Natural Resources Committee, and by the full House. With passage in both Houses of Congress, the President can then sign the Land Bill into law. Senator Reid has stated that this can be done by September 2013.
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, 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